TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 6, 2025
COMMITTEE ON PROCUREMENT
Brian A. Perkovich, Executive Director
Title
Authority to advertise Contract 25-RFP-04 Financial Advisory Services Related to the District Financing Program, estimated cost $180,000.00, Account 101-11000-612430, Requisition 1633042 (As Revised)
Body
Dear Sir:
Request for Proposal (“RFP”) 25-RFP-04 documents have been prepared for Financial Advisory Services Related to the District Financing Program, at the request of the Treasury Department. The purpose of this RFP is to identify qualified financial advisory firms as eligible to provide financial advisory services related to the District’s financing program for the next five years.
In accordance with the Securities and Exchange Commission’s (“SEC”) 2014 ruling which requires each bond issuer to have an Independent Registered Municipal Advisor (“IRMA”) to review all advice and solicitation for business presented to the issuer, the District will select one firm from the qualified respondents to this RFP to provide IRMA services and other financial consulting services as directed by the Treasurer. The estimated cost for these services is $180,000.00. The estimated 2025, 2026, 2027, 2028, 2029 and 2030 expenditures are $10,400.00, $36,000.00, $36,000.00, $36,000.00, $36,000.00 and $25,600.00, respectively. Funds for 2025 are available in Account 101-11000-612430; funding for subsequent years is subject to the Board’s budgetary approval for those years.
The agreement for IRMA services and other ongoing financial consulting services shall expire five years from the date of agreement execution. The agreement may be renewed by an additional two-year period, in one-year increments, subject to Board approval.
Additionally, the District intends to maintain a list of eligible firms from the qualified respondents to serve as financial advisors in any bond sale transactions during the five-year period; such financial advisors will be appointed at the time of each bond sale. The District may extend the life of the eligible list by an additional two-year period, in one-year increments, subject to Board approval. The cost of such services is determined based upon each bond sale amount and is paid directly from bond sale proceeds; therefore, no cost estimate is available, and no purchase order will be executed for these services.
The District will use its best effort to award financial advisory services related to its bond sales to a minimum of 33% Minority-owned Business Enterprises (MBE), Women-owned Business Enterprises (WBE), and/or Veteran-owned Business Enterprises (VBE). Appendix A does not apply as there are no subcontracting opportunities. Work is awarded directly by the District to each financial advisory firm appointed to participate in the bond sale. The scope of work for IRMA and other ongoing financial consulting services does not provide a practical or cost-effective opportunity for direct or indirect subcontracting; therefore, no goals are included for these services.
A bid deposit is not required for this RFP.
The tentative schedule for this contract is as follows:
Advertise February 26, 2025
Proposals Received March 14, 2025
Award June 26, 2025
Completion Five years from agreement execution
The estimated cost for these services is $180,000.00. The estimated 2025, 2026, 2027, 2028, 2029 and 2030 expenditures are $10,400.00, $36,000.00, $36,000.00, $36,000.00, $36,000.00 and $25,600.00, respectively. Funds for 2025 are available in Account 101-11000-612430; funding for subsequent years is subject to the Board’s budgetary approval for those years.
In view of the foregoing, it is recommended that the Director of Procurement and Materials Management be authorized to advertise Contract 25-RFP-04.
Requested, Steven J. Lux, Treasurer, SJL:WS:vb
Recommended, Darlene A LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Precious Brady-Davis, Chairperson Committee on Procurement
Disposition of this agenda item will be documented in the Official Regular Board Meeting Minutes of the Board of Commissioners for February 6, 2025
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