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San Antonio Water System policies for underwriters on Series 2002A bonds

San Antonio Water System policies for underwriters on Series 2002A bonds

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Published by Texas Watchdog

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Published by: Texas Watchdog on Jul 14, 2010
Copyright:Attribution Non-commercial


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February 22, 2002Art MoralesMorgan StanleyChase Tower600 Travis, Suite 3700Houston, Texas 77002RE:San Antonio Water SystemApproximately $138,925,000 Water System Revenue Bonds, Series 2002 A
The following are the policies for the underwriting of the Series 2002 A bonds.1.Allocation of underwriter liabilities:Senior manager:45%Co-Senior manager:20%Co-Managers (4):8.75%2.Priority of Orders:
Texas Retail Orders
Individuals in State of Texas – no limit
Trust Departments on behalf of Individuals - $250,000limit
 Net Designated Orders
Member Orders3.Designation Policy:On designated orders, at least 3 firms must be designated, with no firm receivingmore than 45%. Small and Minority firms (SMBE) must be designated at least20% on all Net Designated orders. SAWS will provide a list of SMBE firms.
Art MoralesPage 2Morgan StanleyFebruary 21, 2002
4.Retention Policy:In the final term (based on 2 terms in the current structure; if additional terms areadded, this will apply to no more than 2 terms) retention will be as follows:
Senior Manager - $1,000,000
Co-Senior Manager - $750,000
Co-Manager - $500,000Term in 28 and 32. For a total of $__ million.4.Takedown:$3.75 per maturity 2006 - 2008$5.00 per maturity from 2013-2028.5.Underwriters Discount:Underwriters Discount:Average Takedown $ 5.00Management Fee 0.50 (1)Underwriter's Risk -Expenses.59Total $ 6.091
Manaement fee will rane
Breakdown of Expenses: $ 138,925,000$/BondCostUnderwriter's Counsel 0.252 $35,000 (1)Travel/Communication 0.130 18,000 (2)CUSIP 0.002 307Day Loan 0.028 3,859MSRB Filing Fee 0.000 12BMA 0.030 4167.75Dalnet 0.060 8,335Dalnet EOE 0.002 210Closing Costs 0.014 2,000.00DTC 0.002 339 (3)
Art MoralesPage 3Morgan StanleyFebruary 21, 2002
Texas MAC 0.072 10,000Total 0.592 245,047.16
(1) Fee is set and not based on a per bond basis.(2) Will be paid based on verified and actual expenses that commenced after the selection of MS as senior manager.(3) Will be based on actual, and is to be utilized only for mementos.
.Alex HinojosaDirector of Financial ServicesCc:Eugene Habiger, General, USAF (Ret.)President/Chief Executive Officer Raul Villaseñor, First Southwest CompanyAnne Berger, First Southwest CompanyDon Gonzales, Estrada Hinojosa

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