这是由两部分组成的系列文章的第二篇,you canview the first post here.

我们在本系列的第一篇文章研究了市政证券发行人和使用货架登记的渠道借款人的监管和合同考虑。现在,我们检查实施过程中同样重要的考虑因素。

Implementation Considerations

  1. Extended Offering Period Underwriting Agreement or Arrangements with a Financial Advisor
    1. The parties to the transaction (including hospitals and 必威官网bethealth care systems) should consider establishing the terms of the program at its onset pursuant to an"延长发行期承销,购买和配售协议。”Under this agreement,the investment banker would agree to underwrite various series of bonds during the extended offering period pursuant to a separate bond purchase agreement for each series (or for various series to be issued simultaneously),with customary conditions,赔款,各债券购买协议中包含的陈述、保证和文件交付要求。本协议可能规定,投资银行在延长发行期内承销(或配售)债券的义务受某些条件的约束。
    2. 作为在延长发行期内与投资银行建立关系的替代方案,发行人和借款人可考虑在延长发行期内与金融咨询公司达成协议,在上面描述的许多相同的条款上(消除那些明显针对承销过程的条款)。在延长发行期内发行和出售的每一系列收益债券都可以与同一投资银行或银行协商购买。或者通过竞争性招标出售,由财务顾问监督和管理。投资银行需要考虑这种安排是否会触发任何额外的净资本要求。
  2. Due Diligence
    1. 在程序A开始时”base due diligence review"should be planned and implemented,along with procedures to update that review periodically during the extended offering period.The review of facility use contracts by bond counsel will be completed during the base review for each facility or project that is described in the TEFRA notice.尽职调查更新应在向投资者分发每份后续发行文件的日期之前进行。Each due diligence update will entail,at a minimum,与高级管理层面谈,以及审查自紧接着的尽职调查审查之后进行的公司会议记录,amendments to organizational documents,amendments to existing material contracts (including facility use contracts),新材料合同(包括与TEFRA通知中所述设施相关的合同);内部财务报表和信息,such as budgets,以及当事人能够认定的其他重要事实。
  3. 会计师的作用
    1. The process for independent accountant review,同意并向承保人交付约定程序的信函应是有效的,yet recognize the necessity of the accounting firm's internal review processes.Consents should be broad enough to include consent to using the audit opinion in not only the preliminary offering document,but in each supplement to it,or each offering document that is a component of the plan of finance to be entered into during the portion of the extended offering period before new audited financials are issued.为了提供清晰和确定性,应起草同意书,以包括更广泛的同意。应考虑使用分叉的程序信函概念,in which the external auditors perform the"第一部分“与借款人的首席财务官签署的证明tie"between financial data in"附录Ato internal financial statements and schedules.Additionally,应考虑编制和向EMMA提交全面的未经审计的季度财务报表,包括与财务信息的季度性质相适应的脚注,符合相关和现行会计行业规则和标准。
  4. Legal Opinions
    1. 新意见或”日期变更在延长发行期内,每次发行都需要。融资团队面临的挑战是简化意见发布流程。Consideration should be given to the use of an"evergreen"corporate (borrower counsel) opinion,with the delivery of confirming opinions on corporate and regulatory matters when each series of bonds is issued during the extended offering period.Corporate counsel will be required to identify the scope of its review to support the 10b-5 opinion.每次发行都需要新的无保留意见的债券律师意见。
  5. "存根期财务信息;"“熄灭”Period
    1. 作为一个一般命题,根据联邦证券法,财务信息被认为是最新的,前提是在财务报告期最后一天(季度或年度)的135天内购买证券。所有其他信息必须是最新的,并符合10B-5标准。应考虑在停电期间,"从135号开始day following the end of the third fiscal quarter and the date on which the annual audited financial statements become available.

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