- (a) All proposals submitted by underwriters, whether they are responses to an RFP or related to a special project, should list the proposed team of comanagers, if any, and describe the proposed division of the bonds among the team.
(b)
- (1) The Arkansas Development Finance Authority reserves the right to appoint comanagers or change the proposed list of comanagers and at the authority’s discretion, require the use of a selling group for the transaction with emphasis on retail sales or require the use of a financial advisor or pricing advisor.
- (2) All proposed team members are subject to the approval of the authority.
(c)
- (1) As a general rule, the management fee will be distributed to the lead underwriter.
- (2) It will be at the lead underwriter’s discretion as to whether or not the management fee would be shared with comanagers.
- (d) The allocation of the underwriters’ liability between the senior and comanager will be negotiated on an issue-by-issue basis with the final approval by the authority.