NIGP 94933: Interest on State Bonds

NIGP 94933 Interest On State Bonds is an Item code capturing legal counsel services related to municipal debt issuance and disclosure, though recent state and local solicitations actually show demand for bond counsel and disclosure counsel representation in connection with debt authorization, structuring, documentation, and post-issuance compliance—services that sit upstream of the code's nominal focus on interest accrual. State and local governments procure these services to navigate the legal and regulatory requirements of issuing municipal bonds, competitive and negotiated sales, bank loans, and other debt instruments, with counsel preparing ordinances, resolutions, legal opinions, validation pleadings, preliminary and official statements, and continuing disclosure agreements under Securities Exchange Act Section 15c2-12. The issuing bodies soliciting under this code are municipalities and counties managing capital improvement programs and debt portfolios; recent activity shows Florida local governments (City of Winter Park and Brevard County) as repeat buyers of bond and disclosure counsel services on fixed-term contracts with tiered fee structures scaled to debt-issuance size.

The code sees recent activity concentrated in Florida, where the City of Winter Park (RFP 26-5, Response Date February 24, 2026) solicited bond counsel and disclosure counsel services for debt in the $25,000,000 to $50,000,000 range for undergrounding power lines, with evaluation weighted toward experience, personnel qualifications, technical approach, and cost-effectiveness, and Brevard County (RFP 1-26-04, Response Date January 15, 2026) solicited disclosure counsel services with tiered fee structures based on bond issue size and professional liability insurance requirements up to $2,000,000 per claim with four-year tail coverage. Both procurements require firms to demonstrate municipal bond law expertise, provide three to five prior governmental client references, and submit separate proposals for bond counsel versus disclosure counsel when applying for multiple roles. The contracting term is typically five years with optional renewal periods, and both jurisdictions apply standard compliance requirements including E-Verify verification and anti-human trafficking attestations.