Generally, Underwriters acting as Senior Manager or Co-Manager will be expected to: a. Remain current and knowledgeable with respect to the Department’s goals and efforts to provide financing assistance to low- and moderate-income first-time homebuyers. b. Remain knowledgeable of financing structures being used by HFAs across the country to provide financing assistance to low- and moderate-income first-time homebuyers and convey this knowledge to assist the Department in developing programs to meet the needs of these homebuyers. c. Analyze financing options for new money origination and refunding bond issues and work with Staff and the Department’s financial advisor to determine the relative merits of proposed structures. d. Coordinate with the working group (Staff, financial advisor, bond counsel, disclosure counsel, and others as necessary) to discuss various financing options and the pros and cons of each structure. When serving as Senior Manager for a transaction, the Senior Manager will act on behalf of the Underwriters assigned to the transaction (the “Underwriting Syndicate”) and will: a. Coordinate with the financing team for each transaction; generate and/or give input on the transaction schedule and distribution list. b. Depending on the transaction, the Senior Manager may be required to run numbers (cash flows), in tandem with the Department’s Financial Advisor. c. Provide a breakout of the proposed fees (including takedown) and expenses for the transaction and negotiate fees and expenses on behalf of the Underwriting Syndicate. d. Provide a proposed breakout of liabilities among the Underwriting Syndicate. e. Provide a proposed designation policy. f. Provide the Department with a draft Agreement Among Underwriters (electronic); distribute final to comanagers for electronic execution prior to pricing. g. Keep Co-Managers for the transaction engaged and fully informed as to financing and structure details and transaction timing. h. Review all preliminary, pricing, and final wires with Staff and the Department’s financial advisor prior to release. i. Provide Staff and the Department’s financial advisor with access to real-time pricing information on an orderby-order basis through IPREO or a similar platform. j. Execute the Bond Purchase Agreement on behalf of the Underwriting Syndicate. k. Provide Staff with a preliminary allotments report, on an order-by-order basis. l. Review and consult with Staff and the Department’s financial advisor regarding the allotment of bonds to ensure that Department goals are being met, that Co-Managers are being treated fairly, and that investors/accounts are being treated in a manner that encourages interest and participation in future Department transactions. m. Provide Staff and the Department’s Financial Advisor with a final allotments report, on an order-by-order basis. n. Provide Staff with a preliminary, updated, and final (when available) designations report on an order-by-order basis. o. Generate a closing memorandum to track the flow of funds and outline the events that need to occur for a successful bond closing. p. Provide a final pricing book to the Department, the form and timing of which will be agreed upon with Staff at the time of bond pricing.
