A company that provides ratings to indicate the relative credit quality or liquidity characteristics of an issuer or specific bond issue. For more information on bond ratings, see Measuring Bond Risk .

A company that prints and distributes the official statement and other legal documents.

The financial institution that holds the government securities and makes payments to the paying agent for the outstanding bonds.

The entity responsible for transmitting interest and principal payments from an issuer to the bondholders. The paying agent is usually a bank or trust company, but may be the treasurer or some other officer of the issuer.

A financial institution that acts in a fiduciary capacity to enforce the terms of the trust indenture for the benefit of the bondholders.

An attorney or law firm retained by the issuer to prepare the official statement and continuing disclosure agreement, provide advice on issuer disclosure obligations, and report any changes which would materially affect bondholders.

An attorney or law firm, typically retained by the issuer, to give a legal opinion that the issuer is authorized to issue municipal securities.

FAQs | NHA Advisors

Q: Municipal Advisor (with respect to municipal securities)

A consultant who advises the issuer on matters, such as: structure, timing, marketing, fairness of pricing, terms, and bond ratings. A municipal advisor may also provide advice on cash flow and investment matters.