1. DASNY Process and Program Changes

Scope of services may include but not be limited to:

• Analyzing ways in which to streamline the Authority’s approval process for private client financings and the pros and cons of such streamlining.
• Assessing the competitiveness of DASNY in the municipal market, particularly in relation to local IDA’s and determining ways in which DASNY could change its processes and programs to enhance its competitive advantage.
• Reviewing the Authority’s Security Guidelines to determine whether the Authority should undertake unenhanced investment grade financings (Baa/BBB category) other than on an exception basis and if so, whether the bonds should be sold publicly or through private placement.
• Reviewing the covenants that the Authority includes in its financing documents for private clients and assessing whether the use of covenants should further reflect the financial strength of the institution and to what extent the Authority should defer to the providers of credit enhancement
• Analyzing other business practices of the Authority including requirements such as agreed upon procedures letters and good faith deposits.
• Analyzing how the Authority should prioritize the use of its resources for surveillance and monitoring of financings to best serve our clients.
• Reviewing the Authority’s Investment Policy and Guidelines including investment agreements, float agreements, pricing for agency securities and Collateralized Mortgage Obligations (CMO’s), financing process and fee schedule; recommending modifications to these guidelines that would better serve the Authority and its clients; and helping to execute investments on behalf of the Authority.
• Determining other ways that the Authority could change its processes and programs to add value to our clients.

2. Pricing and Marketing Initiatives

Scope of services may include but not be limited to:

• Reviewing how the Authority markets and sells its bonds and whether that process can be improved.
• Reviewing the Authority’s investor base and assessing new ways for the Authority to market to investors and to expand its investor base in ways which would benefit the Authority.
• Determining under what circumstances the Authority would be best served by competitive and negotiated sales respectively and identifying aspects of a financing that lend themselves to competitive versus negotiated sale.
• Assisting the Authority during the competitive process including providing advice on structuring, number running capabilities, bidding logistics, verification, duplicating cash flows of the winning bidder, credit enhancement solicitations, rating agency presentations and investor meetings.
• Assisting in negotiated financings for the Authority’s public programs, including consultation on market conditions, negotiation of terms with managing underwriters and pricing strategy.
• Examining other methods of selling bonds, including Dutch auction rate securities and other methods that minimize the role of the underwriter.
• Providing advice on financing plans for the Authority’s public programs, including portfolio refunding analysis, structure, timing and terms.
• Assisting the Authority in considering different vehicles to market bonds, such as commercial paper and private placement.
• Determining other ways that the Authority could ensure the best execution of financings for its clients.

3. Services Provided by Intermediaries to DASNY

Scope of services may include but not be limited to:

• Reviewing ways to maximize the services provided to DASNY by its Senior Managing Underwriters, Co-Managing Underwriters and Selling Group Members, including more competitive pricing.
• Evaluating historically the competitiveness of pricing for DASNY financings as compared to other similar financings that occurred in the same time period.
• Recommending ways in which to evaluate underwriter performance.
• Reviewing ways for the Authority to achieve better pricing by credit enhancers.
• Reviewing the cost of Bond Counsel for Authority financings as compared to the costs paid by other comparable public authorities.
• Providing comparables of recently priced transactions.
• Analyzing the role and responsibilities of the Trustee under different scenarios with respect to pledges and covenants under the Authority’s bond programs.
• Reviewing any other services provided by intermediaries to enhance value for the Authority.

4. New Initiatives and New Programs

Scope of services may include but not be limited to:

• Providing any ideas or strategies regarding ways in which the Authority could undertake Green financings to retrofit buildings with energy saving improvements including how financings could be structured to use the savings associated with the energy efficient improvements to pay off the bonds.
• Providing any ideas or strategies regarding ways in which proposals to fund the liabilities of the Workers’ Compensation Special Disability Fund should be assessed.
• Providing any ideas or strategies regarding ways that Student Loans could be financed by the Authority.
• Providing any ideas or strategies regarding the structuring of health care financings to better serve the institutions including: layering new debt on top of existing debt and the effect on ratings, interest rates and reimbursement; and the amortization of new money transactions and the effect on the institution’s cash flow and reimbursement.
• Providing any ideas or strategies regarding pooled programs for public libraries, nursing homes, 853/4201 schools and diagnostic treatment programs, including challenges associated with timing issues with SEQRA, tax questionnaire and borrower’s Board resolution.
• Providing any ideas or strategies regarding providing technical assistance services to the Authority’s municipal lease clients who undertake private placements under the Tax-Exempt Lease Program (TELP) including: recommending alternative structures; preparing term sheet and conditions of the financing; developing a list of bidders based on market conditions and the criteria of the financing; preparing utilization, financial and statistical information for bidders; and identifying terms and conditions and negotiating them on behalf of the borrower.
• Providing any other ideas for programs for which the Authority currently issues debt or could potentially issue debt, which would expand the Authority’s service to its current or potential clients.