BKC Group — Rethinking Municipal Bond Infrastructure: An Issuer Survey

Module A

Issuer Profile

Organizational context — used only for benchmark segmentation

Q1What type of governmental entity do you represent?*

Please select one option.

Q2What is the approximate total par value of your currently outstanding bond debt?*

Less than $50 million
$50 million – $249 million
$250 million – $499 million
$500 million – $999 million
$1 billion – $4.9 billion
$5 billion or more

Please select one option.

Q3How many separate bond issues does your entity currently administer?*

Provide your best estimate — include all active issues regardless of maturity.

Please provide an estimate.

Q4How many FTE staff equivalents are primarily responsible for debt administration at your organization?*

Include staff whose primary duties involve bond or debt management.

1 person
2 people
3 – 4 people
5 or more people

Please select one option.

Q5What is your primary role?*

CFO / Finance Director
Debt Manager / Debt Administrator
Treasury Officer
Controller / Comptroller
Staff Analyst
Consultant / Financial Advisor (completing on behalf of issuer)
Other

Please select one option.

Module A — Issuer Profile

Module B

Transaction Infrastructure Costs

Paying agent, trustee, wire, and administrative fees — estimates are welcome throughout

Q6For a typical bond issue, approximately how much is paid per year in paying agent or disbursement agent fees?*

Think of a representative issue — not your portfolio total. Exclude trustee fees if billed separately.

Less than $500 per issue per year
$500 – $1,499
$1,500 – $2,999
$3,000 – $4,999
$5,000 – $9,999
$10,000 – $14,999
$15,000 – $19,999
$20,000 – $24,999
$25,000 or more per issue per year

Please select one option.

Q7For that same typical bond issue, approximately how much is paid per year in trustee and/or corporate trust administrative fees?*

Include annual acceptance fees, administration fees, and recurring trust account charges for a single representative issue.

Less than $1,000 per issue per year
$1,000 – $2,499
$2,500 – $4,999
$5,000 – $9,999
$10,000 – $19,999
$20,000 or more per issue per year

Please select one option.

Q8Approximately how much does your organization spend annually on wire transfer and bank fees directly associated with debt service payments per issue?*

Include per-wire or ACH fees charged by your bank for debt service funding or disbursement.

Less than $1,000
$1,000 – $4,999
$5,000 – $14,999
$15,000 or more
We do not track wire fees separately

Please select one option.

Q9What is your best estimate of your organization's combined annual spend on trustee fees, paying agent fees, and wire/ACH banking fees across your entire bond portfolio?*

Exclude arbitrage, disclosure, post-issuance compliance, legal counsel, and other costs.

Less than $25,000
$25,000 – $74,999
$75,000 – $149,999
$150,000 – $299,999
$300,000 – $499,999
$500,000 or more
We have not aggregated this figure

Please select one option.

Module B — Transaction Costs

Module C

Payment & Settlement Workflows

How debt service payments are initiated, verified, and processed

Q10How does your organization currently initiate debt service payments?*

Select all that apply.

Manual wire transfer initiated by finance or treasury staff
ACH transfer initiated manually through your bank's online portal
Automated/scheduled wire or ACH (no manual action required each cycle)
Payment request submitted to a separate accounting or AP department for processing
Direct debit initiated by trustee or paying agent from a reserve or payment account
Other

Please select at least one option.

Q11How is the payment amount verified before each debt service payment is sent?*

Select all that apply.

Staff manually compares the amount against an internal spreadsheet or amortization schedule
Staff contacts the trustee or paying agent to confirm the required amount
Staff reviews a statement or invoice received from the trustee / paying agent
The amount is pulled automatically from a connected system — no manual check required
We rely on the trustee / paying agent to debit the correct amount without pre-verification
Other

Please select at least one option.

Q12Please briefly describe your organization's typical debt service payment workflow.

From identifying the amount due through confirming payment was received. A few sentences is fine — we're interested in the actual mechanics, not an idealized process.

Q13How many people at your organization are typically involved in executing a single debt service payment cycle?*

From initiation through confirmation for a single issue.

1 person
2 people
3 – 4 people
5 or more people

Please select one option.

Module C — Payment Workflows

Module D

Visibility & Payment Confirmation

How issuers know a payment was made — and how long it takes to find out

Q14After your organization sends a debt service payment, how do you typically confirm that it was received?*

Select all that apply.

We call the trustee or paying agent to confirm receipt
We wait for a written confirmation or statement (days or weeks later)
We check a trustee portal or online account
We review our own bank records and assume receipt if the wire cleared
We receive an automated notification or confirmation
We do not typically confirm receipt — we assume payment was processed
Other

Please select at least one option.

Q15In a typical payment cycle, how long does it take to obtain confirmation that payment was received and properly applied?*

Same day — within hours of sending payment
1 – 2 business days
3 – 5 business days
More than 5 business days or at next statement
We do not typically seek confirmation

Please select one option.

Q16Without contacting a trustee, paying agent, or bank, how easy is it to determine the current status of a debt service payment?*

Very easy — real-time status is available in a system we control
Somewhat easy — we can check within a few hours using our own records
Difficult — we typically need to contact an external party to verify status
Very difficult — transaction history and status require significant effort to reconstruct

Please select one option.

Q17How often does your team need to contact a trustee, paying agent, or bank to verify the status or history of a payment?*

Never or rarely — our own records are sufficient
Occasionally — a few times per year
Regularly — at most or all payment dates
Frequently — on an ongoing, ad hoc basis throughout the year

Please select one option.

Module D — Visibility

Module E

Infrastructure Fragmentation & Reconciliation

Counterparty complexity, separate records, and coordination overhead

Q18How frequently does your organization encounter discrepancies when reconciling debt service payment records?*

Across trustee statements, bank records, and internal systems.

Rarely or never — records consistently agree
Occasionally — a few times per year, resolved without significant effort
Regularly — discrepancies are a routine part of each payment cycle
We do not reconcile across sources — we accept amounts as received

Please select one option.

Q19What are the most frustrating or time-consuming aspects of your debt service reconciliation process?

Specific examples are especially helpful. Open response — optional.

Q20How many distinct trustee or paying agent relationships does your organization currently maintain?*

1
2 – 3
4 – 6
7 or more

Please select one option.

Module E — Reconciliation

Module F

Future Infrastructure & Modernization Value

What improvements would matter most — not specific to any platform or vendor

Q21How valuable would each of the following infrastructure improvements be to your organization?*

Select one answer per row.

Capability	Not valuable	Somewhat valuable	Very valuable	Extremely valuable
Automated debt service payment execution — no manual wire initiation required
Real-time confirmation that payment was received and properly applied
Automated reconciliation between your records and trustee / bank records
A single platform providing full transaction history across all bond issues
Reduction in paying agent and trustee fees through operational efficiency
Fewer intermediaries involved in a standard payment event

Please rate each capability.

Q22How interested would your organization be in adopting a modernized digital platform for bond payment administration?*

One that automates payment execution, provides real-time verification, and reduces reliance on manual processes and multiple intermediaries.

Very interested — this addresses real pain points and we would evaluate seriously
Interested — we would want to learn more before committing
Not currently interested — we are not in a position to evaluate new platforms
Not interested — satisfied with current infrastructure

Please select one option.

Q23In your view, what single change to the current municipal bond payment and administration infrastructure would have the greatest positive impact for issuers?

Open response — optional.

Q24Is there anything else you would like to share about the operational costs, workflow challenges, or visibility gaps your organization experiences?

Your candid perspective is invaluable. Open response — optional.

Optional — Participant Contact Information

Entirely optional. Used only to send your advance copy of the findings and follow up if clarification would be helpful. Contact information will not be shared with third parties. Questions? Email megan@bkc-group.com

Name

Title

Organization

Email

Phone (optional)

Module F — Modernization

Thank you for your response.