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Underwriter services should be solicited through a Request for Proposal (RFP) forevery bond issue, or by developing a pool of pre-qualified underwriters from which to select. 574. Trustee/Fiscal Agent/Paying Agent: • Establishes and holds the funds and accounts relating to the bond issue • Maintains the list of names and addresses of all registered owners of the bonds and recordings of transfers and exchanges of the bonds • Acts as the authenticating agent • Acts as the paying agent • Protects the interests of the bondholders by monitoring compliance with covenants and acts on behalf of the bondholders in the event of default • As the escrow agent holds the investments acquired with the proceeds of an advance refunding and uses those funds for payments on those investments to pay debt service on the refunding bonds • As a dissemination agent acts on behalf of the issuer or other obligated person to disseminate annual reports and event notices to repositories under SEC Rule 15c2-12 RFP's for Trustee services should be done on a periodic basis if the recurring Trustee fees increase excessively(in excess of the prevailing Bay Area inflation rate). L Z TYPE`S O DEBT ate. There arc a number of market factors that • . -- --- :_-- . . __ - - - - :-- each should be earefully considered before selecting a method of sale. Thcsc factors quality, 2) interest rate volatility, 3) size of the proposed issue, 4) complexity of the - 9• -- = • • - - - • - - -- - = •- • - - •- • e • • - e - . .. existing laws? 2) Arc there formal policies with respect to the method of sale? 3) Docs the Only after review and acceptance by the City Manager, will the proposed new bond issuance be presented tot - _' :_ - ==:_ 6.1.New Money Bonds: service, convert from or to a variable or fixed interest rate, change or modify the sourcc(s)