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