Specifications include, but are not limited to: The scope of the services to be provided by arbitrage rebate consultant shall include at least the following: 1. Verify that the issue is subject to the rebate requirement as set forth in the legal documentation for the specific bond issue; 2. Calculate and/or recalculate the bond yield, as appropriate; 3. Identify, and separately account for, all “Gross Proceeds” (as that term is defined in the Internal Revenue Code of 1986, as amended (the Code)) of the bond issue, including those requiring allocation analyses due to “transferred proceeds” and/or “commingled funds” circumstances; 4. Determine what general and/or elective exceptions to the bond issue are applicable; 3. Calculate the bond issue’s excess investment earnings (cumulative rebate liability), if any; 6. Deliver appropriate documentation to support all calculations; 7. Provide an executive summary identifying the methodology employed, major assumptions, conclusions, and any recommendations for changes in record keeping and investment policies; 8. Render a legal opinion stating that rebate liability was determined in accordance with applicable federal tax law; 9. Provide all Internal Revenue Service (IRS) filing documentation and instructions, should a rebate payment be required; 10. Attend Authority meetings as requested; and 11. Provide other services and advice as required by the Authority from time to time.
