Rural Water Financing Agency (“RWFA”) is a public agency headquartered in Bowling Green, Kentucky and its primary function is to mobilize financial resources for governmental projects. Raymond James serves as Bond Underwriter for the RWFA Interim Program and as Municipal Advisor for the RWFA Flex Term Program. RWFA's and its predecessor (Kentucky Rural Water Finance Corporation) have loaned more than $1.8 billion to over 800 projects since 1995. RWFA and Raymond James are committed to providing borrowers with quick access to affordable infrastructure financing throughout the country. RWFA plays a pivotal role in mobilizing financial resources from various channels, including the municipal bond market, to offer funds that can be strategically deployed for a variety of projects, including water and wastewater. The RWFA funding is available through its two financing programs to governmental borrowers throughout the country. The RWFA Flex Term Program has been particularly active recently as communities have determined that financing their projects quickly and without some of the federal regulations (BABA Act, American Iron and Steel, etc.) is most beneficial to them. Just in 2025 the RWFA Flex Term Program issued over $220,000,000 to fund 46 projects in 12 states. These RWFA Flex Term loans have been secured by revenues, general obligation pledges, special obligation pledges or other tax revenues. This flexibility ensures that the unique challenges faced by different communities are addressed and fostered by a more effective, efficient and consistent financing approach.