It is the purpose of the Revenue Bond Advisory Board to provide independent advice and expertise to the Department of Housing and Community Development on the issuance of revenue bonds by the Department, or any of its agencies, and the policies and procedures related to the issuance of those revenue bonds. In this chapter, the following terms have the meanings indicated. Terms Defined. “Board” means the Revenue Bond Advisory Board. “Department” means the Department of Housing and Community Development. “Deputy Secretary” means the Deputy Secretary of the Department. “Revenue bonds” or “bonds” means bonds, notes, or other securities issued by the Department or any of its agencies. “Secretary” means the Secretary of Housing and Community Development. 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. The Secretary shall appoint seven persons to serve as the Board. The Board shall be composed of: Two representatives from the Department; Two executive branch representatives, with one from an executive agency of State government which issues revenue bonds; One representative from the Office of the Treasurer; One public member experienced in investment banking and the issuance of securities; and One public member experienced as an attorney in the issuance of revenue bonds. The public members of the Board shall serve for a term of 4 years or until their successors are appointed, with the first terms beginning on July 1, 1995, and subsequent terms in each 4-year succeeding period. A member appointed to fill a vacancy in an unexpired term, or to succeed a member who is holding over, serves for the remainder of the term only. The members serve without compensation, but the public members are entitled to reimbursement for expenses under the standard State travel regulations. The Deputy Secretary shall serve as the Chairman of the Board. The Chairman is responsible for preparing and distributing the agenda for the Board meetings. Board meetings generally shall be held monthly at the time and place set by the Chairman. Meetings may be held by conference telephone call or in person at the election of the Chairman. The minutes of the meetings of the Board shall be maintained by the Office of the Secretary. Four members of the Board constitute a quorum. A vote by the majority of a quorum of the Committee members present, in person or by telephonic connection, shall constitute an official recommendation of the Board. Instead of a meeting, action of the Board may be set forth in a written determination signed by each member of the Board. Except as set forth in §B of this regulation, the Secretary, or a designee of the Secretary, shall approve in writing the amount, time, and type of revenue bonds to be issued after receipt of the recommendation of the Board. The Secretary may determine to approve the issuance of revenue bonds without receiving the recommendation of the Board or to vary the amount, type, or timing of the revenue bond issue without further review or recommendation by the Board if the Secretary determines, in the sole discretion of the Secretary, that urgent action is required. A written determination of urgent action by the Secretary is final and may not be appealed. Housing and Community Development Article, §§2-202 and 4-213, Annotated Code of Maryland Effective date: July 29, 1996 (23:15 Md. R. 1086) Regulation .03 amended effective April 5, 1999 (26:7 Md. R. 536) Regulation .05D amended effective April 5, 1999 (26:7 Md. R. 536)