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HFA Initiative WebinarSettlement Process Monday, December 7, 2009 11 a.m. – 12 noon
Agenda • Special Advisor Role • Pre-Settlement Requirements • HFA Bond Settlement (12/21) • GSE Bond Settlement (12/23) • Contact Information • Questions
Special Advisor Role • In order to ensure the successful settlement of the Program Bonds and the GSE Securities, HFA Special Advisors must: • do all things necessary to register the Program Bonds with DTC so they can be settled, released and credited to the Closing Agent on the pre-settlement day, and • provide the GSEs with a 10b-5 opinion with respect to the Official Statement issued for the Program Bonds. • The Special Advisor may be any experienced party able to successfully perform the duties detailed in the Placement and Settlement Agreements with regard to properly setting up and processing bonds through DTC. • Despite the fact that an HFA’s Program Bonds will not be traditionally underwritten or placed by an investment bank, an investment bank is generally skilled and experienced in performing the duties required of the Special Advisor under this Program. • Similarly, a qualified Financial Advisor may routinely and customarily perform the duties required of the Special Advisor within this Program. • The Special Advisor will provide a UW Source spreadsheet to US Bank instead of providing the Eligibility Questionnaire to DTC. • US Bank will register the program bonds with DTC and US Bank will be listed as the ‘Lead Underwriter’ on the DTC System.
Contact Information USBank • Email the Official Statement and the UW Source spreadsheet to US Bank at firstname.lastname@example.org to facilitate loading bonds onto DTC. For questions related to the spreadsheet please contact: • David MassaNY Corporate Trust ManagerU.S. Bank Corporate Trust Services100 Wall Street, Suite 1600New York, NY 10005Phone (212) 361-4386Fax (212) 809-4993Email: email@example.com • Fannie Mae & Freddie MacPlease contact your assigned Deal Manager