Underwriting Services

The Vendor is required to provide underwriting services to support issuance of public offering and the private placement of tax differential revenue bonds and special assessment bonds.
- Underwriters will work closely with the authority finance team, municipal advisor, and other members of the financing team (e.g., bond counsel, etc.) To plan and execute issuance of bonds or in obtaining other capital resources for authority and its project areas.
- Underwriters will analyze, make financing recommendations, and support both authority and districts within authority project areas.
- Develop a comprehensive marketing and pricing plan for bonds secured by special assessment, levies, and tax increment funds to achieve the lowest cost of capital, greatest long-term financial benefits, and maximize leverage.
- The underwriter will participate in document review sessions and coordinate closely with the authority finance team, municipal advisor, and bond counsel.
- Requirement:
• Underwriting team, manage the transaction schedule, and led the marketing plan (including digital roadshows and investor calls).
• Generate proposed bond structures (such as fixed-rate or variable structures) and run parity and cash flow models for review.
• Breakout of proposed fees (takedowns), allocate liabilities among the team, and establish a clear bond designation policy.
• Real-time pricing tracking on an order-by-order basis and consult with authority on final allotments to ensure fair distribution and long-term investor interest.
• Execute the definitive bond purchase agreement and generate a closing memorandum to track the flow of funds
• Maintain and update cash flow models, debt service coverage schedules, and parity projections based on shifting third-party market assessment projections.
• Regular quantitative updates to the authority CFO and authority municipal advisor regarding high-yield municipal market conditions, institutional investor cross-over demand, and credit spread trends.
• Develop investor presentations, organize roadshows, and spearhead target outreach to institutional high-yield funds familiar with non-rated state development structures
• Formulate a comprehensive marketing plan and recommend optimal timing for entering the market.
• Provide a clear post-sale evaluation report detailing all orders, allocations, and final takedowns by firm.
• Perform such other duties as are normally and customarily required of underwriters.