SEC Municipal Advisor Rule (posted September 8, 2014)
Introduction The Securities Exchange Committee’s (SEC) Municipal Advisor Rule was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule governs the definition, registration, and regulation of municipal advisors. The notice below represents that Frederick County Government (the “County”) is aware of the rule and that the county utilizes a registered municipal advisor that will, among other things, assist in evaluating recommendations from investment banking firms.
Notice By publicly posting the following written disclosure, the County intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule. The County utilizes an independent registered municipal advisor. The County is represented by and will rely on its independent municipal advisor, Davenport and Company, LLC (“Davenport”), to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial products (including the investments of bond proceeds and escrow investments). The contact at Davenport is Joe Mason, who can be reached at 571-223-5893. The County’s relationship with Davenport is ongoing. Accordingly, this notice may be relied upon until its withdrawal (notice of which will be posted on this website). If a proposal received will be seriously considered by the County, the County will share the proposal with its municipal advisor. Please note that, aside from any correspondence between an underwriter and municipal advisor mandated by a regulatory authority, no underwriter should speak directly with or send documents directly to the municipal advisor unless specifically directed to do so by the County.
The mission of the Debt & Benefit Trust Department is to strengthen the County’s financial position in the management of the debt portfolio and the benefit trust assets associated with the Pension, Other Post-Employment Benefits (OPEB) and Length of Service Award Program (LOSAP) benefit plans. This is achieved by:
Monitoring and adhering to financial policies and best practices to maintain our AAA credit rating
Obtaining the lowest available cost of borrowing to finance capital projects to meet the needs of our citizens.
Maintaining compliance with regulatory requirements
Safeguarding trust assets to provide the greatest return on investment to fund our promises to beneficiaries