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Using and Evaluating Expert Work Products in Municipal Offerings: Risk Assessments  

Author:  Gilbert Southwell III.; Heidi Schrader.; Jim Miller.; Lisa Greer Quateman.

Source: Volume 38, Number 04, Winter 2018 , pp.1-14(14)

Municipal Finance Journal

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This article addresses three topics: (1) the existence of professional standards for expert reports, (2) the regulatory and legal aspects of using expert reports in municipal bond offerings, and (3) buy-side expectations regarding expert reports in municipal bond offerings. Although there is a wide variety of expert reports used in municipal bond offerings (appraisals, projections, market studies, etc.), there is no well-developed set of industry guidelines for due diligence and presentation requirements for many of these expert reports. This panel provides insights into the challenges in sell-side use and buy-side evaluation of various types of expert reports, including vetting of experts, expert report preparation, and expert opinion standards and content.

Keywords: Municipal bond offerings, feasibility reports, evaluating expert reports, municipal industry guidelines, buy-side expectations

Affiliations:  1: Wells Capital Management; 2: California Eastern Municipal Water District; 3: San Diego Association of Governments; 4: Polsinelli.

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