1) Assist with Required Authorizations The firm chosen will be expected to assist the Authority’s General Counsel, Bond Counsel and the Deputy Treasurer for Debt Management with the preparation of all required authorizations and approvals that must be obtained prior to the issuance and delivery of the proposed Series 2025 Bonds. The financial advisor will review all drafts of such documents and provide advice on how terms and conditions included therein can be structured to permit maximum financing flexibility for the Authority. 2) Assist with Evaluation of Refunding Options The financial advisor will work with the financing team to develop a plan that ensures the timely and efficient refunding of the Refunded Bonds. The financing plan will consider (i) the net present value savings to be realized from each alternative; (ii) the potential costs and benefits of each financing alternative, including interest rate risk and exposure to negative arbitrage; and (iii) the costs associated with multiple transactions. 3) Prepare a Financing Schedule The financial advisor is to develop a detailed timetable for completion of all activities leading up to the sizing, structuring, marketing, sale and delivery of the Series 2025 Bonds. The schedule should describe each activity and identify the individual or individuals responsible for completion of that activity. 4) Provide Advice Concerning Ratings and/or Credit Enhancement The financial advisor will assist the Authority with documents to be used in soliciting ratings on the proposed Series 2025 Bonds. Additionally, the financial advisor will provide an evaluation of the potential value of bond insurance if necessary or appropriate. The analysis will include a discussion of the benefits of both insured and uninsured structure in marketing the proposed Series 2025 Bonds. If bond insurance is recommended, the financial advisor will document (on a net present value basis) the benefits of that approach to the Authority. 5) Assist with Development of Disclosure Materials The Authority is committed to the development of disclosure materials that satisfy all applicable requirements and are consistent with industry practices. The financial advisor chosen will work closely with the Authority and all other members of the financing team in the preparation of the disclosure materials. In addition, the financial advisor will assist the Authority and its Bond Counsel in efforts to comply with securities law and regulatory compliance. The Authority expects disclosure documents to be in compliance with guidelines promulgated by the Government Finance Officers Association, the National Federation of Municipal Analysts and the Municipal Securities Rulemaking Board. 6) Develop Requests for Ratings and/or Credit Enhancement Working with the Authority, the financial advisor will take the lead in the development of requests for ratings and/or credit enhancements. The financial advisor will prepare presentation materials for meetings with these entities that include the following: (i) a detailed description of the structure, security, redemption provisions and other relevant characteristics of the Series 2025 Bonds; (ii) a summary of the Authority’s financial condition, including specific trend analyses (historic and projected) for pledged revenues; (iii) economic data that demonstrates the strength and stability of the pledged revenues; and (iv) any other information concerning the Authority’s creditworthiness. 7) Negotiate the Pricing with Senior Managing Underwriter The financial advisor will assist the Authority and the Deputy Treasurer for Debt Management in its negotiations with the Senior Managing Underwriter to establish an original offering price. The financial advisor will monitor order activity and market conditions and make recommendations concerning any re-pricing of the securities. The financial advisor will make a recommendation to the Authority and the Deputy Treasurer for Debt Management concerning the acceptance or rejection of any offer by the Senior Managing Underwriter to purchase the issue. 8) Assist with Closing Arrangements The financial advisor will provide whatever assistance is requested by the Authority and its Bond Counsel to ensure the timely delivery of the Series 2025 Bonds to the Senior Managing Underwriter at closing 9) Provide Investment Advice In the event investment of proceeds prior to the optional redemption date of the Refunded Bonds is required, the financial advisor will be asked to provide advice concerning the use of SLGs or open market securities. The financial advisor will coordinate the bidding of open market securities and will assist the Authority with the competitive selection of the escrow securities bidding agent and an escrow verification agent.
