(a)

1. (1) It is the goal of the Arkansas Development Finance Authority to establish and support a professional selection policy to address the procedures for engaging the services of professionals in carrying out the primary business of the authority, which is the issuance of debt instruments.
2. (2) These same procedures may be followed, as appropriate, in other settings where the services of professionals are engaged, but the focus of the procedures covered in this policy statement concerns the selection of underwriters, legal counsel, and trustees typically engaged by the authority in its bond and other finance projects.

(b) The primary objectives of the professional selection policy are to:

1. (1) Select the most qualified firms, relative to the size and complexity of each deal, at a fair and reasonable price;
2. (2) Identify optimal, efficient, legal, and profitable financing structures;
3. (3) Clearly indicate, by transaction type, when requests for proposals (RFPs) are used by the authority; and
4. (4) Clearly identify the distribution process for the issuance of RFPs.

(c)

1. (1) The professional selection process is structured to encourage professionals to bring new and innovative ideas to the authority, which result in new product development and opportunities for professionals.
2. (2) Through increased opportunities, professionals should be encouraged to use the authority as issuer on future bond issues.

(e)

1. (1) The President of the Arkansas Development Finance Authority is authorized to waive provisions set out in this RFP policy if there is a benefit to the authority or the State of Arkansas to waive certain provisions.

2. (2) Any waivers approved by the president shall be:

   1. (A) Reviewed by the Board of Directors of the Arkansas Development Finance Authority; and
   2. (B) Documented by the authority.