1) Assessment of Financing Alternatives The firm chosen to work with the Authority as Senior Managing Underwriter will be expected to provide a detailed assessment of the financing alternatives available related to the funding of the proposed capital expenditures and refinancing of the Refunded Bonds. Emphasis will be on the structure that provides for a refunding in the most cost-effective manner possible as well as the fee structure offered by the respondent. 2) Structuring of Proposed Issue The Senior Managing Underwriter will be called upon to work with the Authority’s staff to recommend an issue structure that is consistent with the Authority's financing objectives. The firm selected will assist with the evaluation of a variety of structural options and will be expected to describe the advantages and disadvantages of each approach. Consideration of structuring alternatives will include assessment of credit enhancements, surety policies, and other creative approaches that do not expose the Authority to unacceptable market or rate risk. 3) Assist with Development of Legal Documentation The underwriters will be expected to work with Bond Counsel and the Authority's General Counsel to develop all required legal documentation. Emphasis will be on development of a framework for issuance that offers the Authority favorable terms and conditions and preserves future financing flexibility. 4) 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 underwriters chosen will work closely with the Authority and its Bond Counsel in the preparation of all disclosure materials. Underwriter’s Counsel will prepare the preliminary and final official statements, as applicable. 5) Participate in the Acquisition of Ratings and/or Credit Enhancement, as requested The Senior Managing Underwriter may be called upon to participate in the solicitation of ratings and/or credit enhancements. The role of the Senior Managing Underwriter in this process will be determined by the Authority and may be limited to the development of supporting materials. 6) Preparation of Pre-Pricing Information The firm selected as Senior Managing Underwriter will be required to provide certain market information prior to the pricing of the proposed Series 2025 Bonds. Such information is to include: (i) a description of general market conditions leading up to the scheduled pricing date; (ii) detailed sales results for recent comparable issues; (iii) suggested coupon rates and reoffering yields for the proposed refunding issue; (iv) a schedule of other offerings expected to be in the market on the scheduled pricing date (including U.S. Treasury offerings and refinancings); (v) a calendar of financial and economic reports that may affect market conditions at the time the proposed refunding issue is to be priced (e.g., Consumer Price Index, Producer Price Index, employment reports, etc.); and (v) other information that may affect the marketing of the Authority's obligations. 7) Negotiate Pricing of the Offering The Senior Managing Underwriter will negotiate the pricing of the proposed Series 2025 Bonds with the Authority and its financial advisor and the Deputy Treasurer for Debt Management. The Senior Managing Underwriter will be required to provide justification for the proposed pricing and any proposed re-pricings. 8) Negotiate Pricing of a Tender for the Series 2021B Bonds The Senior Managing Underwriter may be called upon to assist the Authority in the execution of a tender for its Series 2021B Bonds through its serving as Dealer Manager for such tender. As Dealer Manager, the selected firm will assist the Authority in all aspects of the execution of a tender for its Series 2021B Bonds. The Dealer Manager will be required to provide justification for the proposed tender pricing and any proposed revisions to the tender pricing. 9) Assist with Development of a Plan for Marketing the Obligations The Authority is committed to the development of a marketing plan that will result in the most favorable interest rates on the obligations. Additionally, the Authority expects the sale process to fairly compensate members of the financing team for their sales efforts. The Senior Managing Underwriter will be expected to assist the Authority with the development of rules that clearly describe designations and priority of orders. During the order period, the Senior Managing Underwriter will be required to provide regular reports on order activity, with such information broken down by firm, priority of order, size and maturity. 10) Work with Authority on Bond Allotment The Authority is committed to the equitable treatment of all members of its underwriting team. Allotment of bonds will be coordinated with the Authority, its financial advisor, and the Deputy Treasurer for Debt Management, and is subject to their approval. 11) Prepare a Post-Sale Analysis The Senior Managing Underwriter will be expected to prepare a post-sale analysis that includes the following: (i) a debt schedule for the issue that includes principal and interest requirements, as well as the true interest cost; (ii) a comparison of orders and allotments by year and by firm; (iii) a comparison of the coupon rates and reoffering yields with issues of similar term and credit quality marketed at or about the same time; and (iv) a discussion of any circumstances relating to the market or the Authority's offering that may have impacted the sale results.
