Sale of Bonds

Competitive vs. Negotiated Sale Issuance
Our initial approach is to consider every proposed transaction for a competitively bid sale and we are very proud of our success in this area; however, if upon greater understanding of the project it is determined a negotiated sale is the appropriate method, we are equally capable of serving as your advocate in the selection of the underwriter, the review of and recommendations in the pricing of the bonds in addition to completing the other tasks in the scope of services.

Marketing Competitive Issue
We will put your Official Statement on our web site (www.crowenorene.com), distribute your Official Statements to a broad list of market participants (we have developed a proprietary list of underwriters/final investor types and will mail over 500 copies of your Official Statement).  We will insert your Official Statement on the Bloomberg network of in excess of 20,000 screens.  In addition, we will notice the sale in the Bond Buyer, send press releases to local newspapers and place a notice of the bond sale in the Wall Street Journal.

Competitive Rates on Negotiated Issues
As financial advisor on a negotiated issue we will take the following steps to ensure you are receiving the lowest borrowing costs:

• Review the underwriter's fee proposal, scope of services, and their ability to successfully market the bonds;
  
  
• Advise you as to whether an underwriting syndicate (co-managers) would be appropriate and how to best select the syndicate participants;
  
  
• Review the overall bond financing plan and offer comments/suggestions for improvement; 
  
  
• Review the Official Statement;
  
  
• Monitor the interest rate environment and work closely with the underwriters to determine the best date to price the bonds;
  
  
• On the "shadow" pricing date and the day the bonds are priced, review the underwriting fee and takedown and provide written recommendation whether to accept the bond pricing;
  
  
• After the final pricing, provide a comparison of interest rates and underwriter's spread on comparable financings priced on or near the date of your bond issue; and
  
  
• Attended all meetings including meetings with the underwriter, governing body, and the rating agencies.