Before the earlier of the public distribution of a preliminary official statement or submission of a preliminary official statement to any rating agency for review, the Board shall review and make recommendations to the Department regarding the issuance of bonds, notes, or other securities by the Department or any of its agencies. The recommendation shall consider the following: The amount of bonds to be issued; The timing of the sale or issuance of the bonds; and Whether the sale should be undertaken on a competitive or negotiated basis. The Board shall review annually the process and procedures the Department and its agencies use for the issuance of revenue bonds, including any recommendations to the Secretary with respect to the role and responsibilities of Department staff, the underwriters, and the financial advisor in each of the following areas: Cash flow analysis, both consolidated and series specific, for determining the adequacy of debt service coverage; Cash flow and financial analysis for determining projected compliance of each issue with federal arbitrage restrictions; Federal arbitrage compliance and rebate calculations; Official statement preparation; Rating agency contact; Data base maintenance; and Bond proceeds investment decisions. Unless expressly requested by the Secretary, the Board is not responsible for reviewing or determining the adequacy of financial analysis, for compliance with federal arbitrage provisions, or for reviewing or determining the adequacy of official statements or other disclosures in connection with the Department's bonds. The Board shall review and make recommendations to the Secretary on the criteria for the selection of financial advisors and underwriters who provide advice or services to the Department in connection with its bond issuance activities. The Board shall annually, or more frequently as may be desirable, review and report to the Secretary regarding the performance of the financial advisors and underwriters, as well as the performance of the housing finance staff of the Department. Following the issuance of every series of revenue bonds, the Board shall review the sale of the revenue bonds, including the bond rates achieved compared to bonds issued by comparable agencies from other states, and the costs of issuance of the revenue bonds. The Board shall report regularly to the Secretary on the results of these post bond sale analyses. The Board shall review and make recommendations on other plans, programs, policies, procedures, or practices of the Department and its agencies related to the issuance of revenue bonds as the Secretary may request.