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<br /> 2 <br /> while the larger banking institutions prefer the Standard and Poor's <br /> rating. <br /> A bond rating applies to the new issue being offered and any <br /> bond issue the political subdivision may have outstanding at the time <br /> of the new offering. Each time a local government issues new bonds, <br /> a new rating, independent from previous ,ratings must be secured. <br /> The Bond Rating Meeting <br /> Normally the meeting with rating agency analysts is on an <br /> informal basis, conducted around a conference table. The preferred <br /> process is for the issuer and its financial advisor to generally <br /> review the specific issue being considered, the policies, manage- <br /> ment, and finances of the local governmental unit, the future plans <br /> and programs, and the economy of the area in which the issuer is <br /> located. After the review is completed, there is usually a discus- <br /> sion period in which the analysts ask additional questions.or re- <br /> quest further explanation of specific items reviewed in the presen- <br /> tation. <br /> Roles of the Participants <br /> It is recommended that the issuer be represented at the <br /> meetings by the Financial Advisor, the chief elected officials <br /> (Mayor or Board President), the chief administrator (City Manager, <br /> School Superintendent or general manager), and the chief financial <br /> officer (if any) of the governmental body. A suggested role of <br /> each participant is set out below. These roles are flexible and <br /> should be altered to meet any circumstances that may arise. <br />