NIGP 94902: Arbitrage

NIGP 94902 Arbitrage, an Item code, encompasses municipal arbitrage rebate computation, compliance reporting, and related tax-exempt bond services that state and local governments procure to satisfy Internal Revenue Code Section 148 and Treasury Department regulatory requirements. State and local issuing bodies—including special districts, counties, cities, and state authorities—buy annual arbitrage yield calculations, federal tax-form preparation (Form 8038-T), continuing disclosure reporting under Securities and Exchange Commission Rule 15c2-12, compliance documentation, and advisory services around IRS audit defense and potential rebate payment obligations. The work requires expertise in municipal finance, tax-exempt bond mechanics, and post-issuance compliance workflows. Issuing bodies range from municipalities and county governments to special-purpose districts and state finance authorities; Recent solicitations show repeat activity from special districts (Events DC), county governments (Okaloosa County, Florida), state agencies (Texas Water Development Board), and city governments (Little Rock, Arkansas).

Recent opportunities span Texas, Florida, Arkansas, and Washington, D.C. Events DC posted RFQ 25-S-063 on August 13, 2026, with a due date of August 26, 2026, seeking arbitrage rebate computation and continuing disclosure report services on an ongoing annual basis. Okaloosa County, Florida, posted an ITQ on July 31, 2026, with quotes due July 15, 2026, for annual arbitrage rebate calculations and compliance opinions with optional services including Form 8038-T preparation and IRS audit support, structured as a one-year initial term with four one-year renewal options. The Texas Water Development Board issued RFQ 580-26-RFQ-0016 on May 28, 2026, with a response deadline of May 28, 2026, for arbitrage compliance management across 39 outstanding bond issues, with a three-year initial term through August 31, 2029, and a maximum project cost of $363,000. The City of Little Rock, Arkansas, posted RFSQ 234121 on May 8, 2026, due May 29, 2026, requiring five years of prior municipal arbitrage experience and a three-year contract term with two one-year renewal options. Respondents to these solicitations must satisfy detailed compliance filing requirements, provide sample calculations demonstrating prior experience, and comply with state tax certifications and federal debarment, E-Verify, and lobbying attestations.