Financial Advisory Services

The Vendor is required to provide financial planning and policy development and services related to debt issuance.
- Services related to the financial planning and policy development:
•    Assist the board in the formulation of financial and debt policies and administrative procedures.
•    Review current debt structure, identifying strengths and weaknesses of structure so that future debt issues can be designed to maximize ability to finance future capital needs. 
•    This will include, but not be limited to, reviewing existing debt for the possibility of refunding that debt to provide the board with savings.
•    Analyze future debt capacity to determine the board ability to raise future debt capital.
•    Assist the board in the development of the board capital improvement program by identifying sources of capital funding for infrastructure needs. 
•    Assist the board with the development of the board financial plan by assessing capital needs, identifying potential revenue sources, analyze financing alternatives such as pay-as-you-go, lease and purchasing, short-term vs. long-term financings, assessments, user fees, impact fees, developer contributions, public and private projects, and grants and provide analysis of each alternative as required as to the budgetary and financial impact.
•    Review the reports of accountants, independent engineers and other project feasibility consultants to ensure that such studies adequately address technical, economic, and financial risk factors affecting the marketability of any proposed revenue debt issues; provide bond market assumptions necessary for financial projections included in these studies; attend all relevant working sessions regarding the preparations, review and completion of such independent studies; and provide written comments and recommendations regarding assumptions, analytic methods, and conclusions contained therein.
•    Manage and maintain computer models for long-term capital planning which provide for inputs regarding growth rates by operating revenue and expenditure item, timing, magnitude and cost of debt issuance, and project operating and capital balances, selected operating and debt ratios and other financial performance measures as may be determined by the board.
•    Provide debt services schedules reflecting varying interest rates, issue sizes, and maturity structures as these are needed for feasibility consultants or for related board fiscal planning; and
•    Attend meetings with board staff, consultants and other professionals.
•    Review underwriter's proposals and submit a written analysis of same to the board.
•    Undertake all other financial planning and policy development assignments made by the board regarding bond and other financings.
•    Interface with board and other governmental agencies, advising the board or making formal presentations. 
•    Assist the board in preparing financial presentations for public hearings.
•    Assist and advise the board in satisfying rating agency surveillance requirements and maintaining current credit ratings.
- Services related to debt transactions
•    Analyze financial and economic factors to determine if the issuance of bonds is appropriate.
•    Develop a financing plan in concert with board staff which would include recommendations as to the timing and number of series of bonds to be issued.
•    Assist the board by recommending the best method of sale, either as a negotiated sale, private placement or a public sale. 
•    In a public sale, make recommendation as to the determination of the best bid. 
•    In the event of a negotiated sale, assist in the solicitation, review and evaluation of any investment banking proposals, and provide advice and information necessary to aid in such selection.
•    Advise as to the various financing alternatives available to the board.
•    Develop alternatives related to debt transaction including evaluation of revenues available, maturity schedule and cash flow requirements.
•    Evaluate benefits of bond insurance and security insurance for debt reserve fund.
•    If appropriate, develop credit rating presentation and coordinate with the board the overall presentation to rating agencies.
•    Assist the board in the procurement of other services relating to debt issuance such as printing, paying agent, registrar, etc.
•    Identify key bond covenant features and advise as to the financial consequences of provisions to be included in bond resolutions regarding security, creation of reserve funds, flow of funds, redemption provisions, additional parity debt tests, etc., review and comment on successive drafts of bond resolutions.
•    Review the requirements and submit analysis to bond insurers, rating agencies and other professionals as they pertain to the obligation.
•    Review the terms, conditions and structure of any proposed debt offering undertaken by the board and provide suggestions, modifications and enhancements where appropriate and necessary to reflect the constraints or current financial policy and fiscal capability.
•    Coordinate with board staff and other advisors as to the furnishing of data for offering documents, it being specifically understood that financial advisor is not responsible for the inclusion or omission of any material in published offering documents.
•    Provide regular updates of tax-exempt bond market conditions and advise the board as to the most advantageous timing for issuing its debt.
•    Advise the board on the condition of the bond market at the time of sale, including volume, timing considerations, competing offerings, and general economic considerations.
•    Assist and advise the board in negotiations with investment banking groups regarding fees, pricing of the bonds and final terms of any security offering and make in writing definitive
•    Recommendations regarding a proposed offering to obtain the most favorable financial terms based on existing market conditions.
•    Arrange for the closing of the transaction including, but not limited to bond printing, signing and final delivery of the bonds.