STATE DEBT MANAGEMENT ADVISER 23122

01/01/92 B

This first-level class in the State Treasury series performs professional advisory and analytical work related to the planning, issuance, and administration of debt of the Commonwealth, its agencies, boards, and authorities. Incumbents provide technical advice to the State Treasurer, the Secretary of Finance, the Secretary of Education, and members of debt-issuing boards, authorities, and institutions. Positions in this class serve as project leaders for studies prerequisite to the debt issuance process and perform financial analyses and policy development for bonded debt issued by the Commonwealth. This class is distinguished from the State Debt Management Director class by the latter's responsibility for the administration of the entire debt management division and the management of staff service to six boards and authorities.

Complexity of Work: Performs work of considerable difficulty in providing advice, guidance, and direction on a day-to-day basis for the planning and issuance of bonded debt of the Commonwealth, its agencies, and certain state authorities staffed by the Department of the Treasury. Structures bond issues and conducts the marketing and sale of bonds through underwriters and dealers. This process involves conducting financial feasibility reviews for revenue bonds; determining principal maturities, type of bonds to be issued, redemption provisions, draw schedule and cash flow, number and amount of bonds to be issued, and registration provisions; developing a marketing plan; drafting an official statement; retaining legal counsel and financial advisory services; consulting with the Attorney General's Office on the legality and constitutionality of the bond issue; obtaining credit ratings from rating agencies; obtaining tax-exempt status opinions from bond counsel; preparing, verifying, and soliciting underwriter bids; and recommending final award to an underwriter. Recommendations normally are acted upon without change by the boards and authorities. Serves as project leader for task force studies and financial analyses required of and for state agencies, institutions, authorities, and boards. Task force members include finance or policy staff from the Department of the Treasury, the Department of Planning and Budget, and the Department of Education. Reviews proposed legislation, prepares legislative impact statements, and advises supervisor and the State Treasurer of the implications of debt-related legislative proposals. Serves as project leader for the approval, issuance, and management of debt by state authorities, boards, and commissions. Provides technical advice regarding the issuance of debt to local governments, state agencies, educational institutions, and other debt-issuing boards and authorities. Issues normally encountered include bond issuance practices, bond sizing, types of bonds to be issued, refunding analysis, compliance with federal and state laws and regulations, review of bond documents, and credit and bond rating questions. Prepares and monitors budgets for the boards and authorities staffed by Treasury, which include normal operating expenses, as well as debt service payments, legal fees, financial advisory fees, and printing costs. Develops and implements debt issuance policies and procedures for boards and authorities.

Supervision Given: Supervises professional analysts performing debt analysis and policy development.

Supervision Received: Works under the general direction of the State Debt Management Director, sometimes with guidance from the State Treasurer and Cabinet Secretaries. Exercises considerable judgment and discretion in the accomplishment of duties.

Scope: Work involves planning and implementing the issuance of state debt to finance the construction of state buildings, facilities, highways, bridges, and equipment.

Impact of Actions: Prudent recommendations and sound management of the issuance process minimize costs to taxpayers and maximize effective use of public monies through higher credit ratings and lower interest rates. Error may be costly in terms of monetary loss to the Commonwealth. Poor management of the debt process may result in lower credit ratings and higher interest rates on Commonwealth debt.

Personal Contacts: Frequent internal and external contact with the Office of the Attorney General to request legal advice on state law and constitutional issues; State Treasurer to advise on matters relating to debt management; the investment banking community to obtain information on trends in the municipal bond industry, tax law changes, new financing mechanisms, credit concerns, and bond structuring issues; Cabinet Secretaries, central agencies, and Commonwealth boards and authorities concerning financing proposals or status of bond issuance. Occasional internal and external contact with the General Assembly to answer questions of a technical nature for staff of the Senate Finance Committee, House Appropriations Committee, and Legislative Services; other state agencies and local governments to answer questions and provide advice on bond proposals and investing bond proceeds.

Knowledges: Considerable knowledge of legal and financial arrangements, bond transactions, and agreements; the municipal bond industry, federal law, federal regulations, and trends in the bond market. Working knowledge of state government operations.

Skills: None.

Abilities: Demonstrated ability to plan and direct financial projects; supervise the work of staff; communicate effectively, orally and in writing, with diverse groups and high-level officials; interpret complex rules and regulations; apply laws, regulations, and legal precedents relating to the issuance of bonded debt in the Commonwealth; analyze problems and develop logical recommendations; and use automated office equipment and spreadsheet, database, and financial analysis software.

QUALIFICATIONS GUIDE*

Licensees or Certification: None.

Education or Training: Graduation from college or university with major course work in public finance, public administration, business administration, economics, public accounting/auditing, banking, or credit markets, or a related field.

Level and Type of Experience: Professional experience in the municipal finance field. Experience with general obligation, revenue bond, and lease revenue bond issuance.

An equivalent combination of training and experience indicating possession of the preceding knowledges and abilities may substitute for this education and experience.

This class was developed to replace the Treasury Bond Services Manager and Treasury Debt Manager classes, effective January 1992.