HomeMy WebLinkAboutREQUEST FOR PROPOSALS (2).pdfREQUEST FOR PROPOSALS
FOR UNDERWRITING THE REFUNDING OF
GENERAL OBLIGATION DEBT
FOR THE CITY OF BOZEMAN, MONTANA
Dated: April 5, 2012
NAME OF SOLICITING GOVERNMENT:
City of Bozeman
121 N. Rouse Avenue
P O Box 1230
Bozeman, MT 59771-1230
Phone (406) 582-2325
PURPOSE OF REQUEST:
The City of Bozeman (City) is considering the refunding of the City’s Series 2001A and Series
2003A Library G.O. Bond Issues, as well as its 2003B Transportation G.O. Bond Issue if terms
are advantageous. The City currently has an "Aa3" rating by Moody's on these outstanding
General Obligation Bonds.
Outstanding Bonds:
Under the original issues, there is an Optional Redemption provision stating that the Bonds with
maturities on or after July 1, 2013 will be subject to redemption on July 1, 2012, at the option of
the City, in whole or in part.
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.
Maturity
Series 2001A
Principal
Series
2001A
Rate
Series 2003A
Principal
Series
2003A
Rate
Series 2003B
Principal
Series
2003B
Rate
7/1/2013 120,000$ 4.30% 95,000$ 3.65% 395,000$ 3.60%
7/1/2014 125,000$ 4.40% 100,000$ 3.75% 415,000$ 3.75%
7/1/2015 135,000$ 4.50% 95,000$ 4.00%
7/1/2016 140,000$ 4.60% 105,000$ 4.00%
7/1/2017 145,000$ 4.75% 110,000$ 4.20%
7/1/2018 150,000$ 4.80% 115,000$ 4.25%
7/1/2019 160,000$ 4.90% 120,000$ 4.30%
7/1/2020 170,000$ 4.95% 120,000$ 4.35%
7/1/2021 175,000$ 5.00% 130,000$ 4.40%GRAND TOTAL
1,320,000$ 990,000$ 810,000$ 3,120,000$
RFP for G.O. Underwriting, Bozeman MT Page 1 of 5
2. Deadline: Proposals must be RECEIVED, at the address below, no later than 5:00 pm,
Friday, April 13th, 2012.
3. All proposals should be submitted to:
Anna Rosenberry, Finance Director
City of Bozeman, Finance Department
121 N. Rouse Avenue
P O Box 1230
Bozeman, MT 59771-1230
(406) 582-2325
4. All proposals must be made in writing, in a sealed envelope, and clearly marked: “Sealed
Proposal—Underwriting Services.” 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.
5. Any questions must be directed to: Anna Rosenberry, Finance Director, P.O. Box 1230,
Bozeman, MT. 59771-1230, arosenberry@bozeman.net with a subject line of:
“UNDERWRITING RFP QUESTION”
Written questions posed, and responses provided to any applicant will be published on
the City’s webpage at: http://www.bozeman.net/Departments-
(1)/Administration/Commission/BID---RFP---RFQ
SELECTION CRITERIA:
1. The City will select the proposal from the lowest most responsible bidder. This will be
determined by the following factors:
Factor Point Range
1. Experience in Montana or Rocky Mountain Region 0 to 5
2. Experience in financing and refinancing General Obligation Bonds 0 to 20
3. Estimated Net Present Value Savings 0 to 50
Maximum points 75 points
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. Briefly describe the work
performed, including the dollar amount of the issues represented or other financing.
a. List your three (3) most recent underwritings within the State of Montana.
RFP for G.O. Underwriting, Bozeman MT Page 2 of 5
b. List your three (3) 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 Refunding.
4. Provide financing schedules that show Proposed Bond Structure, Interest Rates, 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 Refunded Bonds.
b. For the Present Value analysis use the bond yield as the discount factor.
5. Provide a proposed timeline for completion of this Refunding.
6. Describe any relevant terms and conditions for the Refunding proposal.
TERMS AND CONDITIONS:
1. The City reserves the right to cancel this request for proposals at any time, reject any or all
proposals, or to award the contract to the next lowest most responsible bidder, if the successful
underwriter does not execute a contract within fifteen (15) days after notice of award of the
proposal.
a. Submittal of terms, condition and/or agreements may result in rejection if such terms,
conditions, or agreements are deemed unacceptable by the City in its sole discretion.
b. The City reserves the right to disqualify any Firm who fails to provide information or
data specifically requested herein or who provides materially inaccurate or misleading
information or data or who attempts to influence the selection process outside the
procedures established herein.
c. The City reserves the right to disqualify any team on the basis of any real or apparent
conflict of interest. This disqualification is at the sole discretion of the City.
2. The issuance of this RFP and the acceptance of a submittal do not constitute an agreement by the
City that any contract will actually be entered into by the City. Any costs incurred by submitting
firms in preparation of a response to this RFP or future RFP are completely the responsibility of
the submitting firms. Any or all disputes arising under this RFP and any contract negotiated as a
result of this RFP shall be governed by the laws of the State of Montana.
a. The City reserves the right to issue written notice of any changes in the submittal
process should the City determine, in its sole and absolute discretion, that such
changes are necessary or desirable.
b. In addition and notwithstanding any other provision of the RFP, the City reserves the
right to:
o Waive any immaterial defect or informality in a submittal;
o Extend or otherwise revise the submittal date;
RFP for G.O. Underwriting, Bozeman MT Page 3 of 5
o Reject any or all submissions or portions thereof;
o Reissue a new or revised RFP; and
o Request additional information or one or more teams to submit a more detailed submittal.
3. Any proposal may be withdrawn up until the date and time set above for the opening of the
proposals. Any proposals not so withdrawn shall constitute an irrevocable offer, for a period of 90
days, to sell to the City the services set forth in the attached specifications, or until one or more of
the proposals have been approved by the City Commission.
4. The RFP and bidder’s response, including all promises, warranties, commitments, and
representations made in the successful proposal, except as altered by the City, shall be binding and
incorporated by reference in the City’s contract with the proposer, unless specifically excluded by
the State.
5. If, through any cause, the selected firm shall fail to fulfill in a timely and proper manner the
obligation agreed to, the City shall have the right to terminate its contract by specifying the date of
termination in a written notice to the firm at least thirty (30) working days before the termination
date. In this event, the firm shall be entitled to just and equitable compensation for any
satisfactory work completed.
6. Any agreement or contract resulting from the acceptance of a proposal shall be in a contract
supplied by the City and shall contain, as a minimum, applicable provisions of the request for
proposal. The City reserves the right to refuse to enter into an agreement that does not conform to
the request for proposal and any City requirements for agreements and contracts.
7. The firm shall not assign any interest in the contract and shall not transfer any interest in the same
without prior written consent of the City.
8. No reports, information, or data given to or prepared by the firm under the resulting contract shall
be made available to any individual or organization by the firm without the prior written approval
of the city. The City reserves the right to retain all proposals submitted and use any information in
a proposal regardless of whether that proposal is selected.
9. No person who is an officer, employee, contractor or consultant of a submitting firm shall be an
officer or employee of the City. No rights of the City’s, retirement or personnel rules accrue to the
submitting firm, its officers, employees, contractors, or consultants. The successful firm shall have
the total 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 submitting firm 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
submitting team’s officers, employees, contractors and consultants.
10. All materials submitted in response to this RFP and submittals subsequent thereto, shall become
the property of the City upon delivery. By tendering a response to this RFP, every submitting team
waives any right of access to other submittals during the review period. Any entity tendering a
submittal in response to this RFP further acknowledges and understands that the City is a public
entity required to abide by public record laws and shall not be liable for disclosures required by
law.
RFP for G.O. Underwriting, Bozeman MT Page 4 of 5
REQUEST FOR PROPOSALS TO SERVE AS UNDERWRITER FOR THE CITY OF BOZEMAN,
MONTANA, APRIL 2012
Addendum A
Anti-Discrimination Clause
Required by Commission Resolution 4250.
Each entity submitting under this RFP shall include this Addendum affirming in writing
it will not discriminate in a contract let to it if chosen to provide services under this RFP
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. The
submitting firm recognizes this prohibition on discrimination shall apply to the hiring and
treatment of the submitting entity’s employees and to all subcontracts if selected to
provide services under this RFP.
Failure to sign this Addendum shall be cause for the City to deem the submittal non-
responsive.
________________________________________
Submitting Firm Name
________________________________________
Signature
________________________________________
Title
RFP for G.O. Underwriting, Bozeman MT Page 5 of 5