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Roles of Players in a Bond Sale <br />4 <br />Bond Counsel Underwriter(s)Paying Agent / Registrar <br />•Does issuer have authority to issue <br />bonds? <br />•Did they follow the process <br />outlined in statutes? <br />•Are the bonds tax-exempt? <br />•Purchases bonds from issuer and <br />resells to bondholders. <br />•Collects payments from <br />issuers/borrowers and transmits to <br />bondholders. <br />Credit Rating Agency Municipal Advisor Depository Trust Corporation <br />•Provides a neutral, third-party <br />credit assessment of issuer. <br />•Fiduciary of the Issuer <br />•Advise on feasibility, structure, <br />terms and manage issuance <br />process through closing <br />•Debt Management and <br />Compliance <br />•Serves as clearing house for debt <br />service payments. <br />Issuer Paying <br />Agent DTC Bond- <br />holder