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83  Surface transportation issuers are responsible for making many decisions throughout the lifecycle of debt, as indicated in Figure 23. An issuerâs responsibility begins with identifying and defining a debt strategy, which should align with surface transportation priorities and be in harmony with governing statutes and regulations. Issuers are also responsible for preparing individual transactions, including timing and amount of issuance, along with the method of sale. Issuers must then market and place the transactions by attracting investors with the help of outside professionals and by leveraging tools like investor webpages. Issuers are always responsible for meeting post-issuance compliance requirements, including tax law require- ments and disclosure requirements, until the bonds reach maturity. Throughout this process, issuers must navigate federal and state regulations as well as a shifting surface transportation financing landscape as traditional revenue sources, such as motor fuel taxes, become less reliable and uncertainty surrounds federal funding streams. Given these many factors, debt issuance and management can be a challenging and complex process. Issuers can successfully navigate the phases of debt issuance and management and respond appropriately to the changing municipal finance landscape by adopting effective practices appro- priate for their program and needs. Issuers differ based on the frequency of issuance, policies that govern debt issuance and management, and available resources that practitioners have to manage debt and meet requirements, among many other factors. By adopting an issuer-oriented and phase-by-phase approach, this guidebook helps issuers navigate the various decisions they must make and the alternatives available to them throughout the process by prompting them to reflect on which tools and approaches will help them meet their goals. This research offers diverse and nuanced guidance on what practices add value in a given context. Nevertheless, several practices appear to be effective in each phase of the debt issuance and management process for most issuers: ⢠Communicating within and among relevant agencies, ⢠Utilizing outside professionals at key decision-points, ⢠Aligning debt issuances and strategy with state surface transportation priorities, ⢠Establishing clear policies and procedures that support consistent approaches to key debt management responsibilities and tasks, and ⢠Allocating resources appropriately for debt issuances and post-issuance compliance. This list is not exhaustive of the effective practices but exemplary of the types of effective practices that issuers can leverage to successfully meet their program goals. C H A P T E R 7 Conclusion
84 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt In conclusion, this guidebook helps surface transportation debt issuers to do the following: ⢠Understand the roles and responsibilities of the various national institutions with jurisdiction over municipal finance, and ⢠Reflect on the diversity of debt issuance programs and identify how their specific program fits within this diverse landscape. Through this guidebook, readers should be able to glean which approaches, including tools, means of leveraging outside professionals, and methods of communication and coordination, are most effective for them and how to apply the lessons learned from this material. Individual Transaction Preparation and Development Marketing and Placement of Individual Transactions Post-Issuance Compliance Strategy The Decision ProcessâPlanning for Debt Issuance Figure 23. Phases of debt issuance and management.
