67-21.0045. Determination of Method of Bond Sale

(1) The Corporation may sell Bonds for the purpose of financing a proposed Development through a negotiated sale, competitively bid sale or Private Placement. Prior to a competitively bid sale, the Board of Directors shall authorize a resolution specifying the method of sale. (2) Following receipt of the Credit Underwriting Report, staff shall provide the Corporation’s IRMA copies of such report for review and preparation of a written recommendation for the method of Bond sale. (3) In preparing a recommendation for the method of sale to the Board of Directors, the IRMA shall consider the following: (a) The anticipated credit and security structure of the transaction; (b) The proposed financing structure of the transaction; (c) The Corporation’s programmatic objectives; and, (d) Other factors identified by staff, counsel, or the Applicant. (4) The written recommendation shall include an identification of the Development, the recommended method of sale, and a summary statement as to why the particular method of sale is being recommended. (5) For those transactions that the Corporation’s IRMA recommends as candidates for a competitive sale, the Corporation shall engage a structuring agent. The Applicant may, at its sole expense, engage a financial advisor for the transaction. Any cost to the Applicant for the financial advisor engaged by the Applicant in excess of $18,000 must be paid out of the Developer Fee. (6) For those transactions that the Corporation’s IRMA recommends for a negotiated sale, the Corporation shall appoint an underwriter or placement agent.