Bond Financing Team Overview
Type Entity/ Responsibility Notes/ Required Qualifications Proposed Selection/ Engagement Process
Firms Used for Prior
Debt Issuance
Proposed
Timing
Municipal Advisor
(MA)/ Financial
Advisor
Professional consultant that works directly with the
City and assists City staff with all aspects of
issuance, including with selection of other financing
team members
Acts as a fiduciary; must prioritize client’s
interests
• Must be registered with the Securities and
Exchange Commission (SEC) and Municipal
Securities Rulemaking Board (MSRB)
• Must give fiduciary care in advising the
Issuer by putting the Issuer’s interests above
their own financial interests in a transaction.
• Request for Information
• City staff selects and
recommends for
Council approval
• Kosmont
Transaction
Services (KTS)
Early 2025
Bond Counsel An attorney (or team of attorneys), typically with specialized experience in municipal financings, that
generally issues two legal opinions in conjunction
with the offering:
1. An opinion as to whether the financing is a valid
legal, binding obligation of the Issuer, and,
2. An opinion of the nature of the taxability of the
interest the investor earns on the financing.
May also assist with the due diligence process
leading up to the issuance of the bonds including a
review of past compliance with continuing disclosure
agreements and may review the issuer’s Annual
Comprehensive Financial Report, website, and
other information to ensure consistency and
appropriateness of information provided to the
market.
Works closely with the Issuer (City) to
understand the nature and structure of the issue.
Should be knowledgeable in local, state and
federal laws and regulations related to municipal
financings and any special requirements for
public agencies.
Bond counsel may also assist with post-issuance
compliance policies and procedures, audits or
inquiries from the IRS or SEC, corrective actions
if necessary, and annual filings or material event
filings.
• To be identified with
Municipal Advisor &
City Attorney’s Office
input
• Norton Rose
Fulbright LLP
Early 2025
Disclosure Counsel Assists with the preparation of the official statement and the continuing disclosure agreement, and will
help facilitate preparation of the final (closing)
documentation.
Disclosure Counsel may be retained for periods
following issuance of bonds to coordinate annual
filings with the issuer and to confirm that the content and timeliness of the filings satisfy the requirements
of the CDAs.
Disclosure counsel may assist with other material
event filings and may assist issuers in any
Bond counsel may provide these services;
however, Issuer may choose to hire a separate
disclosure counsel in situations where:
• their bond counsel firm lacks the
necessary securities law expertise
• situations where there are unique and/
or complex disclosure issues to navigate
in the bond transaction.
• To be identified with
Municipal Advisor &
City Attorney’s Office
input
• Richards Watson
& Gershon
Early 2025
Bond Financing Team Overview
Type Entity/ Responsibility Notes/ Required Qualifications Proposed Selection/ Engagement Process
Firms Used for Prior
Debt Issuance
Proposed
Timing
enforcement proceedings with the SEC, IRS, or
other regulatory bodies.
Disclosure counsel may also review or draft policies
and/or procedures related to post-issuance
compliance.
Rating Agencies Provides an independent opinion of a particular agency on the credit worthiness of the issuer to
make timely payments of principal and interest on
the debt.
Assigns rating to the bond issue
Updates ratings periodically while debt is
outstanding
Obtaining one or more credit ratings may provide
a material benefit to an issuer’s cost of borrowing
Issuers should consider the market credibility of
the rating agency, published rating
methodologies, and the time investment and cost
of each rating.
• City to reach out to
rating agencies
requesting review prior
to estimated issuance
• Select rating agency in
coordination with
Municipal Advisor
• Standard &
Poor’s
• Moody’s
Spring 2025
Underwriter/
Investment Banks
Key conduit between the Issuer and Investor.
Via the bond sale, agrees to buy the bonds and
resell them to investors.
Ultimately work for the Investors - underwriter
and MA roles are separate, adversarial roles and
cannot be provided by the same party
Experience underwriting the type of bonds being
proposed
Strongest marketing/ distribution capabilities
• Request for
Qualifications
• City staff recommends
finalists for interviews
(with Municipal Advisor
input/ advice)
• Input from Budget &
Finance Commission
• Staff/ Municipal
Advisor/ Budget &
Finance Commission
rep. interview and
recommend for Council
approval
• Stifel
• Ramirez & Co.,
Inc
Summer 2025
.
Administrator/
Trustee
Receives debt service payments from the City and
makes principal and interest payments to
bondholders/ investors/ lenders.
Acts as custodian and safekeeper for the bond
proceeds and the administration of the funds and
accounts established under the indenture.
Should consider experience, professionalism,
resources
• Legal knowledge, Understanding of
investment & settlement process
• Systems & resources
• Ability to attract/ retain staff
• US Bank Summer 2025