Specifications include, but are not limited to: 1. Review of all existing TAK debt issues as listed on Attachment A. Please note that TAK is an active debt issuing authority and that there will be additional notes and bonds issued throughout the term of the contract. 2. Evaluate and make recommendations on current investment and record keeping practices for those funds and accounts subject to arbitrage. 3. Keep TAK apprised of any changes in arbitrage compliance regulations that may occur during the term of the contract. 4. Calculate and opine on the debt yields and excess earnings as defined by U.S. Treasury Department (U.S. Treasury) regulations including: a. Data collection, review, and analysis. The bond proceeds are held in individual fund accounts within enhanced Management Administrative and Reporting System (eMARS). TAK will provide all records within the Capital Projects Fund. The contractor will be expected to gain a basic understanding of eMARS fields and codes. The contractor will identify appropriate accounts and track activity. TAK will also provide investment earnings data. The contractor may, in some instances, need to allocate earnings to accounts and bond issues. b. Compute the amount of excess earnings, if any, relatable to the U.S. Treasury on fifth year anniversary dates for each issue. Prepare annual calculations for issues with material unspent proceeds. Prepare summary status report at least annually of all arbitrage liability for TAK. c. Compute/verify the amount of spend-down penalties payable to the U.S. Treasury under issues applying such provisions. d. Prepare all necessary Internal Revenue Service (IRS) forms relating to services provided. e. Submit final reports to TAK showing the calculation method used, assumptions, conclusions, and any recommendations for changes in record keeping for the services provided. f. Legally opine as to the liability due to the U.S. Treasury under any of the arbitrage regulations. The opinion must include a statement that the calculation methodology used is consistent with current tax laws and regulations and may be relied upon by TAK in determining its liability payments to the U.S. Treasury. 5. Assist TAK as necessary in the event of an IRS inquiry, both during and subsequent to the contract period. 6. All other tasks necessary to meet the primary objective of this RFP.