TRANSMITTAL LETTER FOR BOARD MEETING OF DECEMBER 19, 2019
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authority to Advertise Contract 20-RFP-03 Financial Advisory Services Related to the District Financing Program, estimated cost $160,000.00, Account 101-11000-612430, Requisition 1534258
Body
Dear Sir:
Request for Proposal (“RFP”) 20-RFP-03 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 $160,000.00. The estimated 2020, 2021, 2022, 2023, 2024, and 2025 expenditures are $15,200.00, $32,000.00, $32,000.00, $32,000.00, $32,000.00 and $16,800.00, respectively. Funds for 2020 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 for up to one (1) additional year by mutual consent of both parties via Board of Commissioners 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 for a period of up to one (1) year at the conclusion of the five-year period. 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.
A bid deposit is not required for this RFP.
The District will use its best effort to award financial advisory services related to its bond sales to a minimum of 30% Minority-owned Business Enterprises (MBE) and/or Women-owned Business Enterprises (WBE), and 3% 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.
The tentative schedule for this contract is as follows:
Advertise January 8, 2020
Proposals Received February 7, 2020
Award June 4, 2020
Completion Five years from agreement execution
In view of the foregoing, it is recommended that the Director of Procurement and Materials Management be authorized to advertise Contract 20-RFP-03.
Requested, Mary Ann Boyle, Treasurer, MAB:WS:st
Recommended, Darlene A LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Barbara J. McGowan, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the Official Regular Board Meeting Minutes of the Board of Commissioners for December 19, 2019