The Bonds of Debt

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By Joy Wiltermuth Markets reporter.


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Bonds - Using Debt to Invest

Through careful matching of investment maturity dates, a state issuer can maximize its return while ensuring the necessary cash flow. Investments will be consistent with those authorized by existing state law and by the issuer's investment policies. Policy Competitive Sale Bids should be awarded on a true interest cost basis TIC , providing other bidding requirements are satisfied. In such instances where the Issuer deems all bids received unsatisfactory, it may, at the election of the issuer, subsequently sell through a negotiated sale in accordance with its standard procedures.

Policy Negotiated Sale Negotiated sales of debt should be considered in the following circumstances: 1 when the complexity of the issue requires specialized expertise; 2 , when the negotiated sale would result in substantial savings in time or money; or 3 when market conditions are unusually volatile or uncertain. Policy Underwriters For all negotiated sales, underwriters should be required to demonstrate sufficient capitalization and experience related to the debt issuance and should be able to show minority and women participation within their firms.

Issuers should also encourage underwriters to make similar good faith efforts with including HUB participation in syndicates for competitive sales.


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Policy Bond Counsel State issuers should retain outside bond counsel for all bond transactions where necessary to market the bonds. Bonds issued by the state issuers should include a written opinion by bond counsel affirming that the state issuer is authorized to issue the debt, stating that the State Issuer has met all state constitutional and statutory requirements necessary for issuance, and the issue is tax-exempt, if applicable. Policy Financial Advisor State Issuers should consider retaining an external financial advisor if the Issuer does not possess the expertise for the transaction being considered.

The utilization of a financial advisor for a particular bond sale should be at the discretion of the Issuer on a case by case basis. Policy Compensation for Services Compensation for bond counsel, underwriters' counsel, financial advisors, and other services should be reasonable based on the level of services rendered, desired qualifications, expertise, industry standards, and complexity of the issue. The determination will be made following an independent review of responses to requests for proposals RFPs or requests for qualifications RFQs.

The RFP and RFQs should be reviewed by at least the issuer's financial professional charged with debt oversight and or the agency's financial advisor.

Debt Issue

Policy Arbitrage Compliance State Issuers shall maintain a system of record keeping and reporting to meet the arbitrage rebate compliance requirements of federal tax code. Policy Intergenerational Housing Housing developments that comingle age-restricted units and family units must meet the definition of intergenerational housing and abide by the Board's policy. Policy Property Tax Exemption The Bond Review Board will approve applications for the issuance of bonds to finance multifamily housing revenue developments for which the organization is designated a Community Housing Development CHDO and qualifies for percent property exemption under Section Search BRB.

State of Texas Debt Issuance Guidelines Introduction The 77th Legislature passed HB Junell requiring the Texas Bond Review Board to develop and adopt debt issuance guidelines and policies for state issuers and to ensure that state debt is prudently managed. Agency Rules.

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