Once the bond or loan closing has been completed there are a myriad of tasks that require the development of policies and procedures to complete successfully. Members of the Rockfleet team have extensive experience in developing and implementing these policies and procedures.
Rockfleet will ensure that the investment of the bond or loan proceeds conforms to the construction schedule, will set up a drawdown process for disbursing funds for vendor payments, and will assist in developing a reporting system to monitor project costs.
We will work with your accounting staff to ensure that the transaction is accurately recorded and budgeted.
Loan documents include numerous covenants that must be met on an ongoing basis. These include financial tests and reporting requirements and, in the case of tax-exempt bonds, federal requirements. We will assist in developing a system to ensure that these requirements are met on an ongoing basis.
In addition to reporting requirements to lenders and/or investors, in the case of tax-exempt bonds, there is a requirement to provide ongoing disclosure to a central data repository of operational and financial data and major events that impact the security of the bonds.
It is important to keep lenders and investors informed about your institution’s financial condition and future plans. This allows for an ongoing dialogue about future capital needs or approval in relation to various covenants. Rockfleet will develop a system for an ongoing dialogue with lenders and investors.