HomeMy WebLinkAbout19- RFP - Underwriting the Issuance of General Obligation Debt for the Bozeman Public Safety CenterRequest for Proposals
FOR UNDERWRITING THE ISSUANCE OF GENERAL
OBLIGATION DEBT
Proposals must be received no later than:
Friday, May 10, 2019 at 5:00 pm MST
Deliver hard copies of the proposal to: Robin Crough, City Clerk PO Box 1230 121 North Rouse Ave, Suite 200 Bozeman, MT 59771
NOTICE IS HEREBY given that the City of Bozeman (“City”) is requesting proposals for
underwriting services. All proposals must be in the format specified, enclosed in a sealed
envelope and clearly identified with RFP title, company name and due date.
Deliver proposals by Friday, May 10, 2019 at 5:00 p.m. MST. It is the sole responsibility of the
proposing firm to ensure that proposals are received prior to the closing time as late submittals
will not be accepted and will be returned.
The physical address is:
City Clerk’s Office, Suite 200, (upstairs) City Hall, 121 N. Rouse Avenue, Bozeman, Montana.
The mailing address is:
City Clerk’s Office, City Hall, P.O. Box 1230, Bozeman, Montana, 59771
(USPS only, if using a shipping company please send to the physical address)
DISCRIMINATION
The City of Bozeman is an Equal Opportunity Employer.
Discrimination in the performance of any agreement awarded under this RFP on the basis of
race, color, religion, creed, sex, age, marital status, national origin, or actual or perceived sexual
orientation, gender identity or disability is prohibited. This prohibition shall apply to the hiring
and treatment of the awarded entity’s employees and to all subcontracts.
As such, each entity submitting under this notice shall include a provision wherein the
submitting entity, or entities, affirms in writing it will not discriminate on the basis of race, color,
religion, creed, sex, age, marital status, national origin, or because of actual or perceived sexual
orientation, gender identity or disability and which also recognizes the eventual contract will
contain a provision prohibiting discrimination as described above and that this prohibition on
discrimination shall apply to the hiring and treatment of the submitting entity’s employees and
to all subcontracts.
Failure to comply with the above shall be cause for the City to deem the submittal non-
responsive.
For additional information on this RFP, contact Kristin Donald, Finance Director, 406-582-2318,
kdonald@bozeman.net.
DATED at Bozeman, Montana, this 24th day of April, 2019.
Robin Crough
City Clerk
City of Bozeman
For publication on:
Sunday, April 28, 2019
Sunday May 5, 2019
REQUEST FOR PROPOSALS FOR UNDERWRITING THE ISSUANCE OF GENERAL OBLIGATION DEBT FOR THE CITY OF BOZEMAN, MONTANA
NAME OF SOLICITING GOVERNMENT:
City of Bozeman
P O Box 1230
Bozeman, MT 59771-1230
Phone (406) 582-2325
Location:
121 N Rouse Avenue
Bozeman, MT 59771
PURPOSE OF REQUEST:
The City of Bozeman (City) is requesting proposals for underwriting services related to the issuance of up
to $36,965,000 million General Obligation bonds to facilitate the funding of the Bozeman Public Safety
Center. The total cost of the project is $40,115,000 and the funding is from cash, sale of property and GO
Bonds.
The successful firm will be required to coordinate work with the City’s Bond Counsel, Dorsey & Whitney,
LLP, Missoula, MT.
INSTRUCTIONS TO PROPOSERS:
1. All firms must include an original executed copy of Addendum A, found on the last page of this
Request. No proposals will be considered without this document.
2. Deadline: Proposals must be RECEIVED, at the address below, no later than 5:00 pm, Friday, May
10, 2019.
3. All proposals should be submitted to:
City of Bozeman
Attn: City Clerk
P O Box 1230
Bozeman, MT 59771-1230
4. Any questions must be directed to: Kristin Donald, Finance Director, P.O. Box 1230, Bozeman,
MT. 59771-1230, kdonald@bozeman.net with a subject line of: “UNDERWRITING RFP
QUESTION”
SELECTION CRITERIA:
The City will select the proposal from the lowest most responsible bidder. This will be determined by the
following factors:
1. Experience in Municipal Bond Underwritings in Montana or Rocky Mountain Region, and
2. Experience in Underwriting General Obligation Bonds, and
3. Estimated Net Present Value Savings, and
4. Any other factors necessary to establish the “lowest most responsible bidder.”
SUBMITTAL REQUIREMENTS:
Firms submitting proposals shall respond to the following items.
1. Provide a description of your firm’s experience in providing underwriting services to local
governments for comparably sized issues in the past three years. Please provide names,
addresses, and phone numbers of contact persons and names and statements of experience of
all persons who will participate in the underwriting services and descriptions of the role each will
play. Include evidence of required licenses. Briefly describe the work performed, including the
dollar amount of the issues represented or other financing.
a. List your most recent underwritings within the State of Montana.
b. List your most recent underwritings outside Montana, within the Rocky Mountain Region
(Colorado, Idaho, Nevada, Utah, Washington, & Wyoming).
2. Outline your firm’s experience during the past two years with the major rating agencies. Discuss
this experience and its applicability to the City, in the context of this underwriting.
3. Provide a listing of the Sources and Uses of Funds for the anticipated underwriting, including the
proposed underwriters discount.
4. Provide financing schedules that show Proposed Bond Structure, Interest Rates, Estimated Costs
of Issuance, and Resulting Net Present Value Savings.
a. The Net Present Value Savings should assume level debt service and be expressed both
as a dollar amount and as a percent of the Bonds.
b. For the Present Value analysis, use the bond yield as the discount factor.
5. Describe ability to help in preparation of offering statements and if there is a need for the City to
provide disclosure counsel to ensure state specific requirements.
6. Provide a proposed timeline for completion of this underwriting.
7. Describe any relevant terms and conditions for the proposal.
TERMS AND CONDITIONS:
1. ANTICIPATED PROFESSIONAL SERVICES AGREEMENT- Attached is the anticipated Professional
Services Agreement that the City will seek to enter into upon successful selection and negotiation
with a vendor. If there are any objections to the terms contained in the agreement, those
objections must be noted and submitted with your Proposal packet. All vendors responding with
a proposal should be prepared to execute the anticipated Professional Services Agreement.
2. RESERVATION OF RIGHTS; LIABILITY WAIVER -All proposals submitted in response to this RFP
become the property of the City and public records and, as such, may be subject to public review.
The City reserves the right to accept or reject any and all proposals; to add or delete items and/or
quantities; to amend the RFP; to waive any minor irregularities, informalities, or failure to conform
to the RFP; to extend the deadline for submitting proposals; to postpone award for up to 30 days;
to award one or more contracts, by item or task, or groups of items or tasks, if so provided in the
RFP and if multiple awards or phases are determined by the City to be in the public interest; and
to reject, without liability therefore, any and all proposals upon finding that doing so is in the public
interest.
The City of Bozeman reserves the right to reject the proposal of any person/firm who previously
failed to perform properly to the satisfaction of the City of Bozeman, or complete on time
agreements of similar nature, or to reject the proposal of any person/firm who is not in a position
to perform such an agreement satisfactorily as determined by the City of Bozeman.
The City of Bozeman reserves the right to determine the best qualified consultant and negotiate a
final scope of service and cost, negotiate a contract with another consultant if an agreement
cannot be reached with the first selected consultant, or reject all proposals. The professional
services contract between the City of Bozeman and the successful consultant will incorporate the
consultant’s scope of service and work schedule as part of the agreement (see Attachment 2 for
form of professional services agreement).
This RFP does not commit the City to award a contract. The City assumes no liability or
responsibility for costs incurred by firms in responding to this request for proposals or request for
interviews, additional data, or other information with respect to the selection process, prior to the
issuance of an agreement, contract or purchase order. The proposer, by submitting a response to
this RFP, waives all right to protest or seek any legal remedies whatsoever regarding any aspect of
this RFP.
The City reserves the right to cancel, in part or in its entirety, this RFP including, but not limited to:
selection procedures, submittal date, and submittal requirements. If the City cancels or revises
this RFP, all proposers who submitted proposals will be notified using email.
This project is subject to the availability of funds.
3. CONFIDENTIALITY AND DISCLOSURE OF INFORMATION - Upon completion of negotiations or a
determination that no proposals will be pursued, one copy of each submitted proposal shall be
retained for the official files of the City and will be considered a public record.
4. NO PARTNERSHIP/BUSINESS ORGANIZATION - Nothing in this RFP or in any subsequent
agreement, or any other contract entered into as a result of this RFP, shall constitute, create, give
rise to or otherwise be recognized as a partnership or formal business organization of any kind
between or among the City and respondent proposer.
5. EMPLOYMENT RESTRICTION AND INDEMNITY - No person who is an owner, officer, employee,
contractor, or consultant of a proposer shall be an officer or employee of the City. No rights of the
City’s retirement or personnel rules accrue to a proposer, its officers, employees, contractors, or
consultants. Proposers shall have the responsibility of all salaries, wages, bonuses, retirement,
withholdings, worker’s compensation and occupational disease compensation, insurance,
unemployment compensation other benefits and taxes and premiums appurtenant thereto
concerning its officers, employees, contractors, and consultants. Each proposer shall save and hold
the City harmless with respect to any and all claims for payment, compensation, salary, wages,
bonuses, retirement, withholdings, worker’s compensation and occupational disease
compensation, insurance, unemployment compensation other benefits and taxes and premiums
in any way related to each proposer’s officers, employees, contractors and consultants.
6. ACCESSIBILITY - Upon reasonable notice, the City will provide assistance for those persons with
sensory impairments. For further information please contact the ADA Coordinator Mike Gray at
406-582-3232 or the City’s TTY line at 406-582-2301
7. GOVERNING LAW - This RFP and any disputes arising hereunder or under any future agreement
for the sale and purchase of shares, interests, or rights shall be governed hereafter and construed
and enforced in accordance with the laws of the State of Montana, without reference to principles
of choice or conflicts of laws.
8. MISCELLANEOUS - No conversations or agreements with any officer, employee, or agent of the City
shall affect or modify any term of this RFP. Oral communications or any written/email
communication between any person and the designated contact City staff shall not be considered
binding.
Statement of Non-discrimination – Attachment 1
__________________________________(name of entity submitting) hereby affirms it will not discriminate on the basis of race, color, religion, creed, sex, age, marital status, national origin, or because of actual or perceived sexual orientation, gender identity or disability and acknowledges and understands the eventual contract will contain a provision prohibiting discrimination as described above and this prohibition on
discrimination shall apply to the hiring and treatments or proposer’s employees and to all subcontracts. ______________________________________
Name and title of person authorized to sign on behalf of submitter