SECTION 90:10-3-5. State Bond Advisor review of request for proposals and approval of fees

(a)   State and Local Governmental Entities subject to the provisions of Section 695.7(C) of the Act, must submit request for proposals to the State Bond Advisor for review and comment. The State Bond Advisor shall have seven days from the date requests for proposals are submitted to provide written or oral comment to the applicant, State or Local Government Entity, prior to an applicant's use of a request for proposals. Requests for proposals shall make provision for the submission of cost information in a format approved by the State Bond Advisor. Applicants shall also provide to the State Bond Advisor copies of final Requests for Proposals. One copy of each response to a request for proposals shall be provided to the State Bond Advisor within seven days of its receipt. State or Local Governmental Entities subject to Section 695.7(C) of the Act shall prepare a written statement indicating the basis for selections, and make such statement available on request to the Council.

(b)   State or Local Governmental Entities subject to the provisions of Section 695.7(C) of the Act, must submit fee approval requests in such form as the State Bond Advisor may require at any time. The State Bond Advisor shall approve or disapprove the fees and expenses for goods and services requisite or deemed desirable in the issuance of obligations, including, but not limited to the following:

(1)   Underwriter's Discount:

(A)   Management Fee

(B)   Expenses

(C)   Underwriting

(D)   Average Takedown

(2)   Bond Counsel or Tax Counsel

(3)   Trustee/Paying Agent (new money and escrow agent)

(4)   Financial Advisor

(5)   Financial Printer

(6)   Credit Enhancement

(7)   Cash Flow Validation

(8)   Bond Pricing

(9)   Investment Contracts

(10)   Remarketing Agent

(11)   Escrow Verification Agent

(c)   Unless otherwise provided by law, the provisions of (a) and (b) of this section shall be applicable to an applicant, regardless of whether or not the applicant directly engages such services or such services are engaged by another party to a financing transaction.

(d)   State and Local Governmental Entities subject to the Act may request proposals for services in connection with multiple issuances if the services will be performed and completed in a 12 month period and where each issue is part of a single program or related plan of financing as determined by the State Bond Advisor. The 12 month period will begin at the date of first issuance. The State Bond Advisor may extend any engagement under this section if he determines that a change in the financing team would result in unnecessary delays and/or additional cost.

[Source: Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 16 Ok Reg 1735, eff 6-11-99; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03]