Planning and Structuring

Crowe Norene will immediately familiarize ourselves with the project(s) through meetings with your staff, your other consultants and your attorneys and based thereon establish the necessary tentative financing timetable(s) so that close coordination will be ensured in the legal and financial aspects of each financing.  There are certain policy considerations that must be addressed by the issuer regarding the type of debt to be used and its impact on your residents and we will immediately present those to the governing body for its consideration and direction.  We will review the fiscal condition of the issuer.  We will review the existing reports of your other consultants and, where applicable, make recommendations regarding changes therein to ensure financial feasibility.  We will review with staff the financing ramifications of the Internal Revenue Code of 1986 and amendments thereto (particular emphasis on arbitrage rebate "opportunities" and selling bonds on a "bank qualified basis") and will advise the issuer of any changes during the term of our employment as they would affect any of their proposed financing vehicles.  We will annually review the issuer's outstanding issues for refunding opportunities. We will attend meetings with the governing body, applicable committees thereof, and Staff.  We will examine all funding sources including grants and state/federal loans and pay-as-you-go.  For those financings to be supported from user fees/revenues we will recommend the required level of revenue and, if applicable, the necessary rate increases.

As your financial advisor, our responsibility will be to coordinate the activities of (all participants) the financing including:  (1) the issuer's advisors/consultants/attorneys/vendors/staff; (2) obtaining of a bond rating and, if appropriate, municipal bond insurance; (3) interfacing with prospective bidders and final investor types; (4) preparation and distribution of the Official Statement; (5) coordination of all details leading up to the bond sale and the closing of the bond sale; and (6) during the 12 months succeeding the bond sale (or, if applicable, the last bond sale) we will assist the issuer in its Continuing Disclosure requirements for secondary market purposes in compliance with S.E.C. Rule 15c2-12(b)(5) promulgated under the Securities Act of 1993 including the providing of the City's Annual Financial Report to each Nationally Recognized Municipal Securities Information Repository (NRMSIR).