Alaska Administrative Code › Title 20 - Miscellaneous Boards and Commissions › Chapter 14 - Alaska Student Loan Corporation › Article 1 - Bond Issues, Selection of Underwriters, Interest Rates, and Late Fees › 20 AAC 14.035 - Underwriter selection process

Current through May 31, 2024
(a) The executive
				officer must select each firm from the QUL on the basis of a request for
				financing proposal as described in this section. A request for financing proposal
				must contain the date, time, and place for delivering proposals; a specific
				description of the services to be provided; the minimum qualifications required;
				any information required to evaluate the qualifications of respondents in
				accordance with this section; and the evaluation criteria specified in this
				section.
(b) Firms currently on the
				QUL shall be sent the request for financing proposal at least 21 days before
				delivery deadline specified for responses in the request for financing proposal.
(c) A firm must timely respond by
				submitting a proposal if the firm wishes to be considered. The firm must
				designate at time of the submission if it requests any trade secrets or
				proprietary data contained in the proposal to be considered as confidential under
				(h) of this section. The executive officer may only consider a response if a
				respondent has a business license valid in this state at the time designated as
				the delivery deadline in the request for financing proposal.
(d) A respondent may correct, modify, or
				withdraw its proposal by written request received by the executive officer before
				the time and date set for receipt of proposals. Unless excused by the executive
				officer for good cause, a request in this subsection must be delivered in a
				sealed envelope with the request for financing proposal number printed on the
				outside of the envelope. The request must be accompanied by written authorization
				by the respondent for the correction, modification, or withdrawal of its
				response. The corporation staff shall include all documents relating to the
				correction, modification, or withdrawal of a proposal in the file for the
				request.
(e) The executive officer
				may not accept proposals after the time and date set for receipt of proposals,
				and may not accept corrections, modifications, or withdrawals after the time and
				date set for opening of proposals, unless the executive officer determines that
				the delay was attributable to an error by the corporation staff.
(f) Corporation staff shall open proposals and
				proposal corrections and modifications at the time, date, and place designated in
				the request for financing proposal. The corporation staff shall tabulate the name
				of each respondent and other pertinent information.
(g) The executive officer shall designate an
				evaluation committee to evaluate the proposals received in response to the
				request for financing proposal. The evaluation committee must consist of three
				members of the corporation staff and the chair of the corporation, or one board
				member appointed by the chair. The corporation staff may consult with the
				corporation's financial advisor in reviewing proposals. The evaluation committee
				shall provide a recommendation to the executive officer on the selection of the
				underwriting firm to lead manage the proposed bond issuance and any other firms
				to co-manage the transaction. The executive officer shall consider the
				recommendations and make the final agency decision on the selection. The
				following criteria shall be used in evaluating the proposals and determining the
				underwriters' group:
(1) the firm's experience
				and knowledge in the following areas:
(A)
				education loan revenue bond financings;
(B) relevant economic issues and concerns
				within this state and the education loan industry;
(C) the programs and financings of the
				corporation;