Municipal Advisor’s Responsibilities

The municipal advisor plays a key role in an initial offering. Its responsibilities and obligations include the following:

• • Fiduciary to the municipality
• • Acts as a consultant, which may include bringing the following parties into the transaction: underwriters, bond and disclosure counsel, credit enhancement facilities, and dealers of investment products
• • Helps to develop the structure and timing of the issuance
• • Advises on the specifics of the sale and considers market conditions and future activity in the municipal market
• • Aids in the preparation and presentation of information to rating agencies
• • Consults on underwriter compensation, as well as the structure and details of the syndicate
• • Provides advice about negotiated sales, including