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Page 89
Suggested Citation:"Appendix A - Additional Resources." National Academies of Sciences, Engineering, and Medicine. 2022. Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt. Washington, DC: The National Academies Press. doi: 10.17226/26422.
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Page 89
Page 90
Suggested Citation:"Appendix A - Additional Resources." National Academies of Sciences, Engineering, and Medicine. 2022. Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt. Washington, DC: The National Academies Press. doi: 10.17226/26422.
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Page 90
Page 91
Suggested Citation:"Appendix A - Additional Resources." National Academies of Sciences, Engineering, and Medicine. 2022. Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt. Washington, DC: The National Academies Press. doi: 10.17226/26422.
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Page 91
Page 92
Suggested Citation:"Appendix A - Additional Resources." National Academies of Sciences, Engineering, and Medicine. 2022. Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt. Washington, DC: The National Academies Press. doi: 10.17226/26422.
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Page 92

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A-1   This appendix provides practitioners with an additional set of resources to further explore the steps detailed in this guidebook. The resources are organized by the key topics described for each debt issuance phase. Phase 1: The Decision Process—Planning for Debt Issuance • Debt affordability studies: – Huh, Kil, Saira Farooqui, Stephen Fehr, Adam Levin, Frances McGaffey, Mary Murphy, and Robert Zahradnik. 2017. “Strategies for Managing State Debt: Affordability Studies Can Help States Decide How Much to Borrow.” The Pew Charitable Trust http://www.pewtrusts. org/-/media/assets/2017/06/sfh_strategies_for_managing_state_debt_final.pdf • Types of debt finance: – Municipal Securities Rulemaking Board, Education Center. “About Municipal Securities.” http://www.msrb.org/EducationCenter/Municipal-Market/About.aspx – Municipal Securities Rulemaking Board, Education Center. “Lifecycle of a Bond.” http:// www.msrb.org/EducationCenter/Municipal-Market/Lifecycle.aspx • Credit rating methodologies: – Evaluating the need for a credit rating and selecting and managing CRAs: ◾ Government Finance Officers Association. 2015. “Using Credit Rating Agencies.” https:// www.gfoa.org/materials/using-credit-rating-agencies • Market analysis: – Municipal Securities Rulemaking Board’s Market Data Publications. http://www.msrb.org/ Market-Transparency/Market-Data-Publications.aspx ◾ Municipal Securities Rulemaking Board. “MSRB Fact Book.” http://www.msrb.org/ Market-Transparency/Market-Data-Publications/MSRB-Fact-Book.aspx ◾ Municipal Securities Rulemaking Board. “MSRB Quarterly Statistical Summaries.” http:// www.msrb.org/Market-Transparency/Market-Data-Publications/MSRB-Quarterly- Statistical-Summaries.aspx ◾ Municipal Securities Rulemaking Board. “Monthly Market Statistics.” http://www.msrb. org/Market-Transparency/Market-Data-Publications/Monthly-Market-Statistics.aspx ◾ Municipal Securities Rulemaking Board. “Periodical Statistical Reports.” http://www. msrb.org/Market-Transparency/Market-Data-Publications/Periodic-Statistical-Reports. aspx ◾ Municipal Securities Rulemaking Board. “White Papers and Reports.” http://www. msrb.org/Market-Topics/Reports.aspx A P P E N D I X A Additional Resources

A-2 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt Phase 2: Individual Transaction Preparation and Development • Using Electronic Municipal Market Access (EMMA): – Municipal Securities Rulemaking Board, Education Center. “Educational Videos.” http:// www.msrb.org/sitecore/content/Home/EducationCenter/video-player.aspx?section= 0&video=3&hash=aa6c0fe532 – Municipal Securities Rulemaking Board. 2018. “Getting to Know EMMA: An Introductory Guide for Issuers.” http://www.msrb.org/msrb1/EMMA/pdfs/EMMA-Guide-for-Issuers.pdf – Municipal Securities Rulemaking Board. 2017. “Municipal New Issue Calendar.” http:// www.msrb.org/msrb1/EMMA/pdfs/New-Issue-Calendar.pdf – Municipal Securities Rulemaking Board. 2018. “Six Ways to Use EMMA.” http://msrb.org/ msrb1/EMMA/pdfs/SixWaystoUseEMMA.pdf – Municipal Securities Rulemaking Board. 2017. “Discover the EMMA Website.” http://www. msrb.org/msrb1/EMMA/pdfs/EMMAFactSheet.pdf • Issuer Considerations: – Municipal Securities Rulemaking Board. 2016. “Issuer Considerations for Selecting the Underwriting Team and Understanding the Pre-Marketing Process.” http://www.msrb.org/ msrb1/pdfs/Selecting-Underwriting-Team.pdf – Municipal Securities Rulemaking Board. 2016. “Issuer Considerations for Distributing Bonds: Establishing Priority of Orders.” http://www.msrb.org/msrb1/pdfs/Establishing- Priority-of-Orders.pdf – Municipal Securities Rulemaking Board. 2016. “Issuer Considerations for Reaching the Retail Investor.” http://www.msrb.org/msrb1/pdfs/Reaching-Retail-Investor.pdf – Municipal Securities Rulemaking Board. 2013. “Financial Considerations for Hiring Municipal Advisors.” http://www.msrb.org/msrb1/pdfs/Compensating-Your-Municipal- Advisor.pdf – Municipal Securities Rulemaking Board. 2013. “Costs Associated with Issuing Municipal Securities.” http://msrb.org/msrb1/pdfs/Understanding-Gross-Spread.pdf • The MSRB Education Center on Issuing (MSRB Education Center). “Issuing Municipal Secu- rities.” http://www.msrb.org/EducationCenter/Issuers/Issuing.aspx – Municipal Securities Rulemaking Board, Education Center. 2017. “Municipal Market 101.” https://www.msrb.org/-/media/Files/Education/Municipal-Market-101-Online.ashx? – Municipal Securities Rulemaking Board. 2018. “Six Things to Know When Issuing Municipal Bonds.” http://msrb.org/msrb1/pdfs/MSRBSixThingstoKnow.pdf – Municipal Securities Rulemaking Board. 2018. “Duties and Obligations of Dealers and Municipal Advisors to Issuers of Municipal Securities.” http://msrb.org/msrb1/pdfs/ MSRB-Rules-For-Issuers.pdf – Municipal Securities Rulemaking Board. 2018. “Roles and Responsibilities: The Financing Team in an Initial Municipal Bond Offering.” http://msrb.org/msrb1/pdfs/Financing- Team.pdf – Municipal Securities Rulemaking Board, Education Center. “Working with Financial Professionals.” http://www.msrb.org/EducationCenter/Issuers/Issuing/Overview/Selecting- Financial-Professional.aspx – Municipal Securities Rulemaking Board. 2016. “What to Expect from Your Municipal Advisor.” http://www.msrb.org/msrb1/pdfs/What-to-Expect-from-Your-Municipal- Advisor.pdf – Municipal Securities Rulemaking Board. 2012. “What to Expect from Your Underwriter.” http://msrb.org/msrb1/pdfs/MSRB-Rule-G-17-For-Issuers.pdf – Municipal Securities Rulemaking Board. “Professionals Involved in a Negotiated Transac- tion.” http://msrb.org/msrb1/pdfs/Professionals-In-Negotiated-Transaction.pdf – Municipal Securities Rulemaking Board. “Professionals Involved in a Competitive Transac- tion.” http://msrb.org/msrb1/pdfs/Professionals-In-Competitive-Transaction.pdf

Additional Resources A-3   Phase 3: Marketing and Placement of Individual Transactions • Bond Buyer: https://www.bondbuyer.com/video/taking-the-complexity-out-of-selling- municipal-bonds • Government Finance Officers Association. 2010. “Pricing Bonds in a Negotiated Sale.” https:// www.gfoa.org/materials/pricing-bonds-in-a-negotiated-sale • Municipal Securities Rulemaking Board. 2016. “Issuer Considerations for Distributing Bonds: Establishing Priority of Orders.” http://www.msrb.org/msrb1/pdfs/Establishing-Priority-of- Orders.pdf • Municipal Securities Rulemaking Board. 2016. “Issuer Considerations for Reaching the Retail Investor.” http://www.msrb.org/msrb1/pdfs/Reaching-Retail-Investor.pdf • Listing Bond Offerings: – NetRoadShow: https://www.netroadshow.com/nrs/home/#!/login – Ipreo: https://ipreo.com/press-releases/ipreo-launches-roadshowaccess-virtual-roadshow- platform/ – MuniOS: https://www.munios.com/ Phase 4: Post-Issuance Compliance Strategy • Disclosure Framework: – Municipal Securities Rulemaking Board. 2016. “SEC Rule 15c2-12.” http://www.msrb.org/ msrb1/pdfs/SECRule15c2-12.pdf – Municipal Securities Rulemaking Board. 2014. “Making Financial Disclosures: A Guide for Issuers.” http://www.msrb.org/msrb1/pdfs/Issuer-Guide-to-Making-Financial-Disclosures.pdf – Municipal Securities Rulemaking Board. 2018. “The Conduit Issuer’s Guide to Continuing Disclosures.” http://www.msrb.org/msrb1/pdfs/Conduit-Issuers-Guide-to-CD.pdf – Municipal Securities Rulemaking Board. 2013. “Financial Disclosures: Protecting Market Access for Issuers.” http://www.msrb.org/msrb1/pdfs/Financial-Disclosure-Protecting- Market-Access-for-Issuers.pdf – Municipal Securities Rulemaking Board, Education Center. “Voluntary Disclosure.” http:// www.msrb.org/EducationCenter/Municipal-Market/Lifecycle/Disclosure/Voluntary- Disclosure.aspx • Preparing to Submit Disclosures: – Municipal Securities Rulemaking Board, Education Center. “Resources for Developing Dis- closure Documents.” http://www.msrb.org/EducationCenter/Issuers/Disclosing/Preparing/ Resources-for-Developing-Disclosure.aspx – Municipal Securities Rulemaking Board. 2013. “Flowchart for Identifying Continuing Disclosure Requirements.” http://www.msrb.org/msrb1/pdfs/15c2%E2%80%9012_Chart_ SLG-toolkit.pdf – Municipal Securities Rulemaking Board. 2013. “MSRB Notice 2013-18: MSRB Market Trans- parency Advisory – Suggested Practices in Submitting Financial Disclosures to EMMA.” http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2013/2013-18.aspx – Municipal Securities Rulemaking Board. 2013. “Financial Disclosure: Preparing to Submit.” http://www.msrb.org/msrb1/pdfs/Financial-Disclosure-Preparing-to-Submit.pdf – Municipal Securities Rulemaking Board. 2018. “How to Set Up an Organization Account.” http://msrb.org/msrb1/pdfs/Organization-Account-Set-Up-Instructions.pdf • EMMA Disclosure Resources: – Municipal Securities Rulemaking Board. 2016. “Email Reminders for Recurring Financial Disclosures.” http://www.msrb.org/msrb1/pdfs/Financial-Disclosure-Email-Reminders- Fact-Sheet.pdf

A-4 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt – Municipal Securities Rulemaking Board. 2016. “Scheduling and Managing Email Reminders for Recurring Financial Disclosures.” http://www.msrb.org/msrb1/pdfs/Financial- Disclosure-Email-Reminders-Instructions.pdf – Municipal Securities Rulemaking Board. 2018. “Customizing an EMMA Issuer Homepage.” http://www.msrb.org/msrb1/EMMA/pdfs/EMMA-Issuer-Homepage-Fact-Sheet-for- Issuers.pdf – Municipal Securities Rulemaking Board. “MSRB Online Training – Submitting Financial Disclosures.” http://www.msrb.org/msrb1/Training-Tutorials.aspx?section=1&video=0 – Municipal Securities Rulemaking Board. “MSRB Online Training – Submitting Event-Based Disclosures.” http://www.msrb.org/msrb1/Training-Tutorials.aspx?section=1&video=1 – Municipal Securities Rulemaking Board. “MSRB Online Training – Creating and Controlling Groups of Securities.” http://www.msrb.org/msrb1/Training-Tutorials.aspx?section= 1&video=2 – Municipal Securities Rulemaking Board. 2016. “Posting Bank Loan Disclosures on EMMA.” http://msrb.org/msrb1/EMMA/pdfs/CDSubmissions.pdf – Municipal Securities Rulemaking Board. 2016. “Posting Preliminary Official Statements on EMMA.” http://msrb.org/msrb1/EMMA/pdfs/Posting-POS-to-EMMA.pdf – Municipal Securities Rulemaking Board. 2016. “Posting URL Links on the EMMA Website.” http://msrb.org/msrb1/EMMA/pdfs/Posting-Links-to-EMMA.pdf • Municipal Securities Rulemaking Board, Compliance Center. “Resources.” http://www.msrb. org/Regulated-Entities/Resources.aspx • Municipal Securities Rulemaking Board, Education Center. “Disclosing Information to Investors.” http://www.msrb.org/EducationCenter/Issuers/Disclosing.aspx • Municipal Securities Rulemaking Board, also offers a page to “Submit Disclosures and Data”: Municipal Securities Rulemaking Board. “Submit Disclosure Data.” http://www.msrb.org/ Market-Transparency/Submit-Disclosures-and-Data.aspx, including information on the following topics (each of them has their own webpage): – Municipal Securities Rulemaking Board. “Primary Market Disclosure.” http://www.msrb. org/Market-Transparency/Primary-Market.aspx – Municipal Securities Rulemaking Board. “Continuing Disclosures.” http://www.msrb.org/ Market-Transparency/Continuing-Disclosure.aspx – Municipal Securities Rulemaking Board. “Trade Data.” http://www.msrb.org/Market- Transparency/Trade-Data.aspx – Municipal Securities Rulemaking Board. “Variable Rate Securities.” http://www.msrb.org/ Market-Transparency/Variable-Rate-Securities.aspx • MSRB EMMA Trade Monitor: – Municipal Securities Rulemaking Board. 2016. “Using EMMA Trade Monitor to Evaluate your Municipal Market Activity.” http://www.msrb.org/msrb1/EMMA/pdfs/Using-Trade- Monitor.pdf – Municipal Securities Rulemaking Board. 2016. “EMMA Trade Monitor.” http://msrb.org/ msrb1/pdfs/EMMA-Trade-Monitor-Fact-Sheet.pdf – Municipal Securities Rulemaking Board. 2016. “Using EMMA Trade Monitor Instructional Guide.” http://msrb.org/msrb1/pdfs/EMMA-Trade-Monitor-Instructions.pdf

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The passage of Dodd-Frank and the COVID-19 pandemic are among the factors that have made the environment for tax-exempt debt issuers increasingly challenging and complex.

The TRB National Cooperative Highway Research Program's NCHRP Research Report 990: Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt is designed to help surface transportation agencies improve the development and execution of debt management policies, procedures, and practices.

Supplemental to the report are Case Studies, a Guidebook Presentation, and a Technical Memorandum on Implementation of Research Findings and Products.

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