1-66-RFP-25 Financial Advisory Services.pdf

Request for Proposals

66-RFP-25

Financial Advisory Services

Proposal Release Date:

August 5, 2025

Deadline for Questions

August 19, 2025 @ 5:00 PM

Proposal Due Date:

September 9, 2025 @ 9:00 AM

Proposal Open Date:

September 9, 2025 @ 11:00 AM

Contact Information

Susan Ziegler, Procurement Agent III 120 Malabar Road SE

Palm Bay, FL 32907-3009 321-952-3424

Financial Advisory Services 66-RFP-25

TABLE OF CONTENTS

TABLE OF CONTENTS ___________________________________________________________ 2

CHECK LIST OF MINIMUM REQUIRED SUBMITTALS _______________________________ 3

NOTICE TO PROPOSERS ________________________________________________________ 5

STANDARD TERMS & CONDITIONS_______________________________________________ 6

AGENCY OVERVIEW ___________________________________________________________ 12

GENERAL DESCRIPTION _______________________________________________________ 12

SCOPE OF SERVICES __________________________________________________________ 13

EVALUATION PROCEDURE _____________________________________________________ 16

SELECTION & AWARD PROCESS _______________________________________________ 19

ADDITIONAL FORMS ___________________________________________________________ 20

PROPOSAL FORM ______________________________________________________________ 21

REFERENCE FORM _____________________________________________________________ 23

NON-COLLUSION AFFIDAVIT____________________________________________________ 24

DRUG FREE WORKPLACE PROGRAM ___________________________________________ 25

INSURANCE REQUIREMENTS ___________________________________________________ 26

HUMAN TRAFFICKING AFFIDAVIT _______________________________________________ 28

DRAFT AGREEMENT ___________________________________________________________ 29

CHECK LIST OF MINIMUM REQUIRED SUBMITTALS

This “Standardized Check List” has been provided to assist the Firm with the submission of their proposal package. This Check List cannot be construed as identifying all required submittal documents for this project. Firms remain responsible for reading the entire proposal document to ensure that they are in compliance.

The City, in its sole discretion, reserves the right to reject any and all proposals, to waive any and all formalities and reserves the right to disregard all nonconforming, non-responsive or incomplete proposals.

The City specifically reserves the absolute right to determine the seriousness of any Firm’s failure to specifically conform to the requirements of the proposal document. Firms cannot utilize the City’s determination of the seriousness of any specific non-conformance as a basis to protest the award of any proposal. Proposals may be considered subject to rejection if in the sole opinion of the City: there is a serious omission, unauthorized alteration of form, an unauthorized alternate proposal, incomplete or unbalanced unit price, or irregularities of any kind. The City may reject, as non-responsive, any or all Proposals where Firm fail to acknowledge receipt of Addenda as prescribed.

Proposal packages shall be submitted via the City of Palm Bay’s Bonfire website. Receipt of proposals will be officially closed after time and date identified herein. Proposals received after the specified time and date will not be accepted. The City will not be responsible for technical difficulties, internet connectivity issues, email server issues or any other delivery issues or delays.

Electronic copies will be considered late if the received day/date/time in the City of Palm Bay’s Bonfire website is after the time and date identified herein.

Checklist YES NO

Electronic Proposal Submittal (sent via Bonfire)

Bid Table completion in Bonfire

REQUIRED FORMAT:

Title Page

Tab 1: Table of Contents

Tab 2: Introduction / Letter of Response

Tab 3: Professional Competence of Team Assigned to this Contract

Tab 4: Firms’ Technical Experience with Local Governments of Similar Size

Tab 5: Approach to Market Monitoring and Proactive Communication

Tab 6: Proposed Fees (Also complete Bid Table in Bonfire)

Tab 7: Additional Forms

Proof of Registration with the SEC and MSRB

Acknowledge Addendum

Reference Form

Non-Collusion Affidavit

Drug Free Workplace

Insurance Requirements

Human Trafficking

Company Name:

DBA, if applicable

FEIN:

Street Address:

City, State, Zip Code:

Phone Number:

Email Address:

Authorized Signature:

Printed Name:

Title:

Date:

NOTICE TO PROPOSERS

Notice is hereby given that sealed Proposals in the form of an electronic PDF submittal for furnishing all labor, materials, and equipment for the following:

FINANCIAL ADVISORY SERVICES

66-RFP-25

will be received electronically via the City of Palm Bay’s Bonfire website, no later than Tuesday, September 9, 2025, at 9:00 AM. Proposals received after the above time and date will not be accepted. Any uncertainty regarding the time a Proposal is received will be resolved against the Firm.

DEADLINE FOR QUESTIONS

Questions are due to the procurement official via the City’s Bonfire platform no later than Tuesday, August 19, 2025, at 5:00 PM. Any questions submitted after will be answered at the discretion of the City

PROPOSAL OPENING

Only the NAME of the firms who submitted a response to this Request for Proposals will be read aloud which will be conducted on Tuesday, September 9, 2025, at 11:00 AM. The location of the opening and reading will be the Procurement Department, Conference Room, 120 Malabar Road, SE, Suite 200, Palm Bay, FL 32907 or via Microsoft Teams. Interested parties may attend virtually via Microsoft Teams or telephonically by:

In Microsoft Teams: Meeting ID: 270 186 302 236 1

Passcode: w7Rf2eL7

By Phone: Phone Number: 347-378-4680

Conference ID: 704 449 354#

The public record of the preliminary proposal results as read at the public opening can also be requested by calling 321-952-3424 or emailing procurement@palmbayfl.gov. To attend in person, interested parties should check in at the Information Desk in Building A to be escorted to this meeting.

Proposals will be received for the project as set forth in the requirements herein, and the award, if made, will be made to the highest-ranked Firm whose proposals indicate the award will be in the best interest of the City of Palm Bay.

STANDARD TERMS & CONDITIONS

ACCEPTANCE AND REJECTION - The City reserves the right to accept or reject any and all Proposal submittals, and to accept the Submittal which best serves the interest of the City of Palm Bay.

ADDENDUM AND AMENDMENTS TO REQUEST FOR PROPOSALS - If it becomes necessary to revise or amend any part of this Request for Proposals, the City’s Procurement Department will furnish the revision by written Addendum through the City’s solicitation hosting software linked on the City’s website. Addenda information will be posted online at the City of Palm Bay’s Procurement website:

http://www.palmbayfl.gov/procurement. Firms are responsible to ensure they have received all addenda before submitting their proposal.

AWARD - Award will be made to the best responsive and responsible offeror(s) whose Proposal is determined by the City to be in the best interest of the City.

COMMITTEE MEETINGS & INFORMATION - The Notice of Committee Meetings will be posted within a reasonable time period (generally 72-hours) in advance of such meetings. Firms are responsible to check on the City’s Web Page http://www.palmbayfl.gov/procurement.

Any portion of a meeting at which a negotiation with a vendor is conducted pursuant to a competitive solicitation, at which a vendor makes an oral presentation, or answers questions as part of a competitive solicitation is exempt from the Public Meeting requirements in Chapter 286.011 and s. 24(b) Art. I of the State Constitution.

CONFLICT OF INTEREST – The Firm certifies that this Proposal has not been arrived at collusively or otherwise in violation of federal, state, or local laws. The award of any Contract hereunder is subject to the provision of Chapter 112, Florida Statutes. Firms must disclose with their Submittal the name of any officer, director, partner, proprietor, associate, or agent which is also an officer or employees of the City or of its agencies. Firms must disclose the name of any officer or employee of City who owns, directly or indirectly, an interest of five percent (5%) or more in the Firm’s firm or any of its branches or affiliate companies.

DEVIATIONS - Any deviation from specifications must be clearly stated, explained in detail and accepted by the City in writing. Otherwise, items offered are expected to be in strict compliance with specifications and the successful Firm shall be held accordingly.

DISCRIMINATORY VENDOR LIST - An entity or affiliate placed on the Discriminatory Vendor List shall not submit a Proposal for a contract to provide goods or services to a public entity, shall not submit a Proposal on a contract with a public entity for the construction or repair of a public building or perform any public work, shall not submit Proposals for leases of real property to a public entity, shall not award or perform work as a Construction Manager, supplier, Subcontractor, or consultant under any contract with any public entity, and shall not transact business with any public entity (Section 287.134(3)(d), Florida Statute).

ECONOMY OF PREPARATION - The Proposal submittals should be prepared simply and economically, providing a straightforward, concise description of the Firm’s ability to fulfill the requirements of the RFP.

E-VERIFY - The awarded Proposer becomes obligated to comply with the provisions of Section 448.095, Fla. Stat., "Employment Eligibility," as amended from time to time. Beginning July 1, 2023, private employers with 25 or more employees are required to use the E-Verify system for new employees. The public agency must verify, utilizing the E-Verify system, that the Proposer, and any Subcontractors have work authorization status of all new employees of the Proposer or Subcontractor. The public agency MAY NOT ENTER INTO A CONTRACT unless each party to the contract registers with and used the E-Verify system. The proposer must maintain affidavits from subcontractors as well. If a public agency, Proposer, or Subcontractor who has a good faith belief that a person or entity with which it is contracting has knowingly violated this requirement shall terminate the contract, and if a Subcontractor is the violator, the Firm must be ordered to terminate the Agreement. Proposer is liable for any additional costs incurred by a public agency as a result of the termination of a contract, and the Proposer may not be awarded a public contract for at least 1 year from the date of termination. Public Agency, Proposer or Subcontractor may file a cause of action with the court to challenge the suspension and requirement to pay costs within 20 calendar days after the date of contract termination.

EX PARTE COMMUNICATION - Ex Parte Communication means any oral or written communication relative to a solicitation, evaluation, award or contract controversy that occurs outside of an advertised public meeting or occurs with someone other than the Chief Procurement Officer, subject to the exclusions identified in Section 38.20 of the City of Palm Bay Code of Ordinance.

(A) Adherence to procedures which ensure fairness is essential to the maintenance of public confidence in the value and soundness of the important process of public procurement.

Therefore, any ex parte communication between a bidder, proposer, Firm or protestant (or its employees, agents or representatives) and the City (its members, employees, agents, legal counsel, Firm s, or representatives) during the selection process and award is strictly prohibited.

Ex Parte Communication is prohibited during the following periods:

(1) From the date of advertising of the solicitation through award of a contract; and

(2) From initiation of a protest of an award or contract through resolution for the parties involved in the protest.

(B) Exclusions: This requirement shall not prohibit:

(1) Pre-Bid and Pre-Proposal Meetings: Meetings called or requested by the Chief Procurement Officer and attended by bidders or proposers for the purpose of discussing a solicitation, evaluation or selection process including, but not limited to, substantive aspects of the solicitation document. Such meetings may include, but are not limited to, pre-bid or pre-proposal meetings, site visits to the City’s facilities or property, site visits to bidders’ or proposers’ facilities, interviews/negotiation sessions as part of the selection process, and presentations by proposers or submitting Firms. Such authorized meetings shall be limited to topics specified by the Chief Procurement Officer.

(2) Solicitation documents may provide for communications from bidders or proposers to designated Procurement Department staff or discussion at meetings called or requested by the City pursuant to this subsection.

(3) Addressing the City Council regarding non-procurement topics at public meetings.

(4) The filing and processing of a written protest to any proposed award to be made pursuant to the solicitation, evaluation, and selection process. Protest proceedings shall be limited to open public meetings, with no ex parte communications outside those meetings.

(5) Contacts by the City’s current firms but only in regard to:

a. any work being performed on City projects unrelated to the solicitation, or

b. any City projects under the prohibited ex parte communications for which the current Firms do not intend to submit a response or have not submitted a response to any solicitation documents for those projects.

(6) Communications between the Chief Procurement Officer or other City representatives and the bidder or Firm for routine matters arising from ongoing projects or contracts previously awarded.

(7) Contacts by bidders and proposers (actual or potential) and the City regarding other projects unrelated to the purchase for which the bidders or proposers (actual or potential) may intend to submit a response or have submitted a response to any competitive solicitation;

(8) Communications between the Chief Procurement Officer and bidders and/or proposers (actual or potential) for matters regarding pending purchases. Written questions shall be made to the named contact person.

(9) Addressing the City Council during the designated agenda item public comment portion of a meeting where the Council is considering award or permission to negotiate on solicitation that a bidder or proposer submitted on.

(10) Violation of this provision shall be grounds to: disqualify the violator from the award of the purchase, void any award to or contract with the violator, and/or temporarily suspend or permanently debar the violator from future contracts with the City.

INFORMALITIES - The City of Palm Bay reserves the right to both waive any informality in Proposals and to determine, in its sole discretion, whether or not informality is minor.

INFORMATION AND LITERATURE - Firms are to furnish all information and literature requested. Failure to do so may be cause for rejection.

INTERPRETATIONS - Any questions concerning conditions and specifications shall be directed to the designated Contract Administrator. Interpretations that may affect the eventual outcome of this Proposal will be furnished in writing to all prospective Firms. No interpretation shall be considered binding unless provided in writing by the City of Palm Bay.

FIRMS’ EXPENSES - No out of scope services shall be provided in the absence of prior, written authorization in the form of a written supplemental agreement and issuance of an appropriate amendment to the contract. The City will not pay a retainer or similar fee. The City is not responsible for any expenses that Firm may incur in preparing and submitting Proposals called for in this request. The City will not pay for any out-of-pocket expenses, such as word processing; photocopying; postage; per diem; travel expenses; and the like, incurred by the Firm. The City will not be liable for any costs incurred by the Firm in connection with any interviews/presentations (i.e., travel, accommodations, etc.).

PAYMENT - Upon acceptance of work by using department of the City, employees and others, the City shall make payment to the Consultant in accordance with the Local Government Prompt Payment Act, Chapter 218, Florida Statutes.

The City reserves the right, with justification, to partially pay any invoice submitted by the Consultant when requested to do so by the using City department. All invoices shall be directed to the Accounts Payable Section, City of Palm Bay, 120 Malabar Road, SE, Palm Bay, FL 32907.

PUBLIC ENTITY CRIMES – By submission of response to the City’s Request for Proposal on this project, Firm acknowledges and agrees to the following: A person or affiliate who has been placed on the Convicted Vendor List following a conviction for a public entity crime may not submit a proposal on a contract to provide any goods or services to a public entity, may not submit a proposal on a contract with a public entity for the construction or repair of a public building or public work, may not submit proposals for leases of real property to a public entity, may not be awarded or perform work as a Successful Firm, supplier, Subcontractor , or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017 Florida Statutes, for CATEGORY TWO for a period of 36 months from the date of being placed on the Convicted Vendor List (Section 287.133, Florida Statutes).

PROHIBITION AGAINST CONSIDERING SOCIAL, POLITICAL, OR IDEOLOGICAL INTERESTS IN

GOVERNMENT CONTRACTING - Proposers are hereby notified of the provisions of section 287.05701, Florida Statutes, as amended, that the City will not request documentation of or consider a Proposer's social, political, or ideological interests when determining if the Proposer is a responsible Proposer.

Proposers are further notified that the City's governing body may not give preference to a Proposer based on the Proposer’s social, political, or ideological interests.

PUBLIC RECORDS - Sealed bids, proposals or replies received by an agency pursuant to a competitive solicitation are exempt from Section 119.07(1) and 24(a) Article I of the State constitution until such time as the agency provides a notice of an intended decision or until 30-days after opening the bids, proposals, or final replies, whichever is earlier.

Certain exemptions to the public records law are statutorily provided for in Section 119.07, Florida Statutes.

If the Firm believes any of the information contained in his or her response is exempt from disclosure, then the Firm, must in his or her response, specifically identify the material which is deemed to be exempt and cite the legal authority for the exemption, otherwise, the City will treat all materials received as public records once that information is determined to be available.

If an agency rejects all bids, proposals, or replies submitted in response to a competitive solicitation and the agency concurrently provides notice of its intent to reissue the competitive solicitation, the rejected bids, proposals, or replies remain exempt from Section 119.07(1) and Section 24(a) of the State Constitution until such time as the agency provides notice of an intended decision concerning the reissued competitive solicitation, or until the agency withdraws the reissued competitive solicitation. A bid, proposal, or reply is not exempt for longer than 12-months after the initial agency notice rejecting all bids, proposals or replies.

The City is a public agency subject to Chapter 119, Florida Statutes. The CONSULTANT shall comply with Florida’s Public Records law. Specifically, the CONSULTANT shall:

1. Keep and maintain public records required by the public agency to perform the service.

2. Upon request from the public agency’s custodian of public records, provide the public agency with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law.

3. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if the Firm does not transfer the records to the public agency.

4. Upon completion of the contract, transfer, at no cost, to the public agency all public records in possession of the Firm or keep and maintain public records required by the public agency to perform the service. If the Firm transfers all public records to the public agency upon completion of the contract, the Firm shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If the Firm keeps and maintains public records upon completion of the contract, the Firm shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the public agency, upon request from the public agency’s custodian of public records, in a format that is compatible with the information technology systems of the public agency.

The failure of the CONSULTANT to comply with the provisions set forth in this section shall constitute a material breach of Agreement and shall be cause for immediate termination of the Agreement.

If the CONSULTANT has questions regarding the application of

Chapter 119 Florida Statutes, to the CONSULTANT duty to provide public records relating to this contract, contact the custodian of public records at the City of Palm Bay Procurement Department, 120 Malabar

Road SE, Palm Bay, Suite 200, Florida 32907; 321-952-3424 or procurement@palmbayfl.gov.

PROPOSAL ACKNOWLEDGE - By submitting a proposal, the proposer certifies that he/she has full knowledge of the scope, nature, and quality of work to be performed.

RECOMMENDATION OF AWARD INFORMATION - The Notice of Consideration for Award for Proposal will be posted at least five (5) business days in advance of such an award. Firms are responsible for checking the City’s Web Page http://www.palmbayfl.gov/procurement. Firms who do not have Internet access may request documentation by contacting the Procurement Department.

REQUEST FOR ADDITIONAL INFORMATION/CLARIFICATION - The Firm shall furnish such additional information/clarification as the City may reasonably require. This includes but is not limited to information that indicates financial resources as well as the ability to provide and maintain the services requested. The City reserves the right to make investigations of the proposer as it deems appropriate, including but not limited to, a background investigation of service personnel.

REQUEST FOR MODIFICATION - The City reserves the right to negotiate a final agreement with the top-ranked Firm to more fully meet the needs of the City. Should the City be unable to negotiate a satisfactory contract with any of the selected Firms, the City will select additional Firms in the order of their competence and qualification and continue negotiations in accordance with Section 287.055, Florida Statutes.

RESPONSIBLE FIRM - A Firm, business entity or individual who is fully capable to meet all of the requirements of the solicitation and subsequent contract. Must possess the full capability, including financial and technical, to perform as contractually required. Must be able to fully document the ability to provide good faith performance.

RESPONSIVE FIRM - A Firm, business entity or individual who has submitted a bid, proposal or submittal that fully conforms in all material respects to the IFB/RFP/RFQ and all of its requirements, including all form and substance.

SCRUTINIZED COMPANY LIST – STATE OF FLORIDA REQUIREMENT -Sections 287.135 and 215.473, Florida Statutes, prohibit Florida municipalities from contracting with companies, for goods or services over $1,000,000 that are on either the Scrutinized Companies with Activities in Sudan List or the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List, or to engage in any Business operations with Cuba or Syria. Sections 287.135 and 215.4725 also prohibit Florida municipalities from contracting with companies, for goods or services in any amount that are on the list of Scrutinized Companies that Boycott Israel.

The list of “Scrutinized Companies” is created pursuant to Section 215.473, Florida Statutes. A copy of the current list of “Scrutinized Companies” can be found at the following link:

https://www.sbafla.com/reporting/global-governance-mandates/.

The company representative authorized to sign on behalf of the bidder, hereby CERTIFIES that the company identified as the Respondent is not listed on either the Scrutinized Companies with Activities in Sudan List; or the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List; is not participating in a boycott of Israel; and does not have any business operations with Cuba or Syria.

Authorized representative understands that pursuant to Sections 287.135 and 215.473, Florida Statutes, the submission of a false certification may subject the Respondent company to civil penalties, attorney’s fees, and/or costs.

Bidder/proposer understands and agrees that the City may immediately terminate any contract resulting from this solicitation upon written notice if the company referenced above are found to have submitted a false certification or any of the following occur with respect to the company or a related entity: (i) for any contract for goods or services in any amount of monies, it has been placed on the Scrutinized Companies that Boycott Israel List, or is engaged in a boycott of Israel, or (ii) for any contract for goods or services of one million dollars ($1,000,000) or more, it has been placed on the Scrutinized Companies with Activities in Sudan List or the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List, or it is found to have been engaged in business operations in Cuba or Syria.

TAX EXEMPTIONS - The City of Palm Bay is tax-exempt. The City of Palm Bay’s tax-exempt number is 85-8012646361C-4.

TERM - The period of this Agreement shall be for 36 months. This Agreement may, by mutual written assent of the parties, be extended for two (2) additional 12-month periods or portions thereof, up to a cumulative total of 60 months.

TIME FOR CONSIDERATIONS – Proposals will be irrevocable after the time and date set for the opening of Proposals and for a period of ninety (90) days thereafter.

TRADE SECRETS - Respondents should not send trade secrets. If, however, trade secrets are claimed by any respondent they will not be considered as trade secrets until the City is presented with the alleged secrets together with proof that they are legally trade secrets. The City will then determine whether it agrees and consents that they are in fact trade secrets. If a respondent fails to submit a claim of trade secrets to the City before obtaining the City’s agreement, any subsequently claimed trade secrets will be treated as public records and will be provided to any person or entity making a public records request for the information (F.S. 119.01).

AGENCY OVERVIEW

The City of Palm Bay (“City”), incorporated January 16, 1960, is a political subdivision of the State of Florida. The City, with an estimated population of 146,000 residents, is the largest incorporated area in Brevard County. The City provides a full range of municipal services authorized by statute and charter, including water, sewer, recreation, police, and fire protection. The City has one CRA/TIF district.

The City is operated legislatively by a five-member Council, consisting of a Mayor and four other Council Members, who are elected at large to four-year terms. The City Manager, as chief executive officer, manages the operations of the City and reports directly to the City Council. Except for those in the City Attorney’s Office and the City Clerk’s Office, the City Manager shall be responsible for the execution of Council’s established and adopted policy.

Members of the Council and their terms are as follows:

Member Term

Rob Medina, Mayor 2024-2028

Mike Jaffe, Deputy Mayor 2024-2026

Kenny Johnson, Councilman 2022-2026

Chandler Langevin, Councilman 2024-2028

Mike Hammer, Councilman 2024-2028

The Council appoints the City Manager, who is the chief administrative officer of the City. The City Manager Matthew T Morton was selected by the City Council to be the City Manager in May 2025.

Larry Wojciechowski has been the Finance Director since May 2021, and Ruth Chapman has been the Assistant Finance Director since June 2012. Patricia Smith is the City Attorney, and the firm of Bryant, Miller, Olive serves as the City’s Disclosure Counsel.

(Please visit our official website, https://www.palmbayfl.gov.)

GENERAL DESCRIPTION

The City of Palm Bay, Florida invites financial advisory firms to submit proposals to serve as financial advisor on future bond and debt issuances. The advisor’s primary role will be facilitation of the sale of tax-exempt municipal bonds, coordination of bank loans and the review of outstanding debt for potential savings on refunding. The contract period will be for five years with no renewals if mutually agreed upon by the City and awarded Firm.

The City is currently under contract with Public Resources Advisory Group (PRAG). The City’s extended contract expires on September 30, 2025.

The City’s Annual Comprehensive Financial Reports, which includes an unmodified opinion and long term debt outstanding, is available at: https://www.palmbayflorida.org/government/city-departments-f-to-z/finance/financial-information.

The City will have potentially two debt issuances in the next three years.

SCOPE OF SERVICES

The City of Palm Bay is seeking proposals from qualified firms to provide comprehensive financial advisory services in support of the City’s bond and debt issuance activities. The selected firm will serve as the City’s primary Financial Advisor, offering expert guidance on tax-exempt municipal bonds, coordinating bank loan financing, and conducting a strategic evaluation of existing debt for potential refunding savings.

DEBT ISSUE DEVELOPMENT AND SALES SERVICES

The Financial Advisor shall perform the following services for debt offering (issue) when authorized by the City.

1. Planning and Development Phase

a. Prepare and distribute a timetable of events to all concerned leading to the successful sale and delivery of an offering.

b. Research and advise on aspects of tax exemption and arbitrage in cooperation with the City’s legal counsel and bond counsel. Assist in obtaining Internal Revenue Service rulings, if necessary.

c. Assist in the preparation and analysis of feasibility studies in cooperation with City Officials and administrative staff, bond attorneys, accountants, architects, engineers, and other professionals as requested by the City.

d. Carefully analyze financing options to determine the best methods of strengthening marketability consistent with current economic and capital market conditions and rating agency criteria.

e. Perform a comprehensive analysis to determine the best possible plan to finance, including evaluation of cash flows that may constitute security for obligations.

f. Consult with Moody’s, Standards & Poor’s and/or Fitch regarding proposed financings and assist in obtaining the most favorable rating possible. Prepare the City thoroughly for any necessary rating presentations and participate in those meetings.

g. Assist in the selection of the financing team, including underwriters, trustees, registrar, and printer.

h. Act as liaison with bond counsel and coordinate other professionals providing information in connection with the proposed financing.

i. Attend meetings with Council and testify at validation hearings as needed.

2. Marketing Phase

a. Advise on the appropriate terms and conditions of the sale, including maturity schedule, underwriter discount, redemption provisions, interest rate bidding requirements and basis for award.

b. Advise on the timing of the bond sale, taking into consideration such factors as changing economic conditions, current and projected market trends and convenience to the City.

c. With bond/disclosure counsel, coordinate the preparation of authorizing resolutions and other documents involved in the sale of bonds and other methods of financing.

Assist in publicizing the new bond issue with an Official Statement, Notice of Sale, Bid Forms, and such other means necessary and advisable to develop nationwide public and institutional interest.

d. Assist the City in meeting full disclosure requirements and conforming to guidelines in all Official Statements.

e. Distribute the Official Statement to potential purchasers of the City’s securities across the nation. Directly contact those lead underwriters most likely to be syndicate managers. Maximize efforts to market the City’s debt issuance most effectively.

f. Conduct informational meetings with the investment community, including investment bankers (dealers and dealer banks) and institutional investors (banks, bank holding companies, and insurance companies), if necessary, to establish bidding interest on this offering.

g. Advertise any competitive bid, bond sale in nationally prominent financial publications, in addition to coordinating local publication requirements.

h. In the event of a competitive solicitation, assist City with scope of work requirements, as well as the verification and evaluation of bids and recommendation of the most favorable bid for award. Awarded Advisor may be permitted to conduct competitive solicitations on behalf of the City, with City approval.

3. Bond Closing Phase

a. Direct bond-closing details, including coordination with bond counsel in order to ensure delivery in the shortest possible time frame.

b. Furnish prompt, complete reinvestment analysis so that the maximum earnings will result from investing bond proceeds, in addition to assisting staff and the architect/engineer with establishing schedule for drawdown of funds, if any.

c. Direct, coordinate and supervise preparation of the transcript and provide the City with bond and interest records showing required semi-annual payments and other information relevant to the completed financing.

REVIEW OF OUTSTANDING DEBT

As market conditions change, the Financial Advisor shall analyze and evaluate potential refunding for current debt and make recommendations to the City. Financial Advisors are expected to make at least annual contact with the Finance Director to advise whether market conditions appear to be changing in a way that could affect the city’s debt condition.

BOND RATINGS

The City of Palm Bay’s bond ratings are shown below. The Financial Advisor selected will be expected to work with the City to develop strategies to maintain and, where possible, enhance these bond ratings.

As of July 31, 2024

Moody's S&P Fitch

Long-Term Issuer Rating Aa3 AA- AA

General Obligation Bonds, Series 2019 --- AA AA

General Obligation Bonds, Series 2021 A+ AA

General Obligation Bonds, Series 2023 AA- AA

Taxable Special Obligation Refunding Bonds, Series 2019 --- A+ AA+

Sales Tax Revenue Refunding Bonds, Series 2015 --- AA- ---

Taxable Special Obligation Refunding Bonds, Series 2013 --- A+ AA+

Public Service Tax Revenue Bonds, Series 2010 (Taxable BABs) --- AA- AAA

Taxable Special Obligation Bonds, Series 2004 (Pension Funding Project) --- --- ---

GENERAL

The successful proposer must appoint a designated key contact, subject to City approval. The scope outlined above represents the full extent of services required. Any resulting agreement will incorporate these requirements in total.

It is the City’s belief that the service required is adequately described herein. Therefore, any negotiated contract, which may result from this RFP, will include the entire effort required of the proposer to provide the service described.

EVALUATION CRITERIA

EVALUATION PROCEDURE

All proposals will be subject to a review and evaluation process. It is the intent of the City that all proposers responding to this RFP, who meet the requirements, will be ranked in accordance with the criteria established in these documents. The City will consider all responsive and responsible proposals received in its evaluation and award process.

Proposals shall include all of the information solicited in this RFP which are pertinent to the understanding and evaluating of the proposal. Proposers will provide their best price and cost analysis and should not withhold any information from the written response in anticipation of presenting the information orally or in a demonstration, since oral presentations or demonstrations may not be solicited. Each proposer will be ranked based on the criteria herein addressed.

An adjective-based scoring system shall be applied to the non-price factors throughout the evaluation process for the evaluation of the written responses and the oral presentation/informal interviews (if requested). A score of 0 is the least favorable and a score of 5 is the most favorable in all sections. For evaluation purposes, the term “Responsible” means: A business entity or individual who is fully capable to meet all of the requirements of the solicitation and subsequent contract. Must possess the full capability, including financial and technical, to perform as contractually required and be able to fully document the ability to provide good faith performance.

The Firm’s response will be scored by Committee members in accordance with the following scale:

Description

0= No information provided for the specific criteria. Firm failed to address the criteria. No documentation was provided.

1= “Poor”: Proposal is lacking or inadequate in most basic requirements for the specific criteria.

2= “Below Average”: Proposals meets many of the basic requirements for the specific criteria but is lacking in some essential aspects.

3= “Average”: Proposal adequately meets the minimum requirements of the specific criteria and is generally capable of meeting the City’s needs.

4= “Above Average”: Proposal more than adequately meets the minimum requirements of the specific criteria and exceeds those requirements in some aspects.

5 = “Excellent”: Proposal exceeds the minimum requirements in most aspects of the specific criteria.

NOTE: The Committee member’s score times the “weighted value” assigned to the different sections listed here equals the total score for that section. (EXAMPLE: Maximum score of 5 X’s weighted value of 10 = Maximum of 50-Points).

Proposers submitting the required criteria will have their proposals evaluated by an evaluation committee and scored for the non-price factors to include technical response, qualifications, and experience.

Weights for cost will not be assigned by the evaluation committee.

During the evaluation process and at the sole discretion of the City, requests for clarification of one or more proposer submittals may be conducted. This request for clarification may be performed by the City in a written format, or through scheduled oral interviews. Such clarification request will provide proposers with an opportunity to answer any questions the City may have on a proposer’s submittal. After written clarification is completed, the Committee members will have an opportunity to revise their individual scores for the non-price factors.

PROPOSAL SUBMITTALS & CRITERIA

Firms shall include the following information in their written response document.

Submit packages in the format outlined below.

Submittals should be concise and provide only the information requested. Additional data will not be considered.

Title Page: (Non-scored) The Table of Contents shall provide listing of all major topics, their associated section number, and starting page.

Tab 1 – Table of Contents: (Non-scored) The response shall contain a cover letter signed in blue ink by a person who is authorized to commit the offeror to perform the work included in the proposal and should identify all materials and enclosures being forwarded in response to the RFP.

Tab 2 – Introduction / Letter of Response: (Non-scored) The response shall contain a cover letter by a person who is authorized to commit the Contractor to perform the work included in the Proposal submittal and shall identify all materials and enclosures being forwarded in response to the RFP. The letter shall also provide a brief description of the Contractor’s ability to meet the requirements of the RFP, to include a statement that they are financially capable to perform the scope of work required for this project and provide a brief discussion about Contractor’s business history in the marketplace.

Tab 3 - Professional Competence of Team Assigned to this Contract: (maximum 5 x 7 = maximum 35 points)

Depth of experience of key personnel with municipal financial advisory services, including tax-exempt bond issuances, refunding analysis, and rating agency coordination.

Demonstrated knowledge of Florida statutes and local government debt financing regulations.

Specific examples of innovative financing solutions or approaches developed by the team for public sector clients.

Clarity and completeness of team bios, including MSRB Series 50 certifications, areas of specialization, and office locations.

Past performance evaluations, if available, will be considered as part of this section.

Tab 4 - Firms' Technical Experience in Dealing with Local Governments of a Similar Size to Palm Bay: (maximum 5 x 7 = maximum 35 points)

Demonstrated history providing comprehensive financial advisory services to cities of similar size and debt portfolio complexity.

Scope and diversity of advisory engagements within the last five years, including type of issuances supported (e.g., GO, revenue bonds, refundings).

Experience working directly with major rating agencies to secure favorable ratings or rating upgrades.

Overview of firm structure, statewide presence, and ability to leverage resources to support City priorities efficiently.

Percentage of total firm revenue derived from financial advisory services to public sector clients, demonstrating stability and expertise focus.

Tab 5 – Approach to Market Monitoring and Proactive Communication (maximum 3 x 7 = maximum 15 points)

Proposed methodology for continuously monitoring market conditions to identify refunding or restructuring opportunities.

Strategy for ensuring proactive, at least annual, communication with the Finance Director regarding market changes impacting City debt.

Analytical tools or models proposed to support market assessments and recommendations.

Clarity of plan to maintain and enhance the City’s bond ratings through strategic advisory support

Tab 6 - Proposed Fees: (maximum 15 points)

Submit Proposal Pricing Form in this section. Entry of fees MUST also be entered into the Bid Table in Bonfire for the proposal to be responsive.

All fees associated with delivering the requested services shall be detailed in the format requested on page 19.

Tab 7 – Additional Forms: (non-scored)

Registration with the SEC and MSRB Reference Form Non-Collusion Affidavit Drug Free Workplace

Human Trafficking

SELECTION & AWARD PROCESS

The Evaluation Team (E-Team) will evaluate each written proposal based on the criteria in the RFP.

Evaluation Criteria Weight % of total points prior to

Short-list (out of 100)

Professional Competence 35 35%

Technical Experience 35 35%

Approach to Market Monitoring 15 15%

Proposed Fees 15 15%

Based on the initial evaluation, if requested by the E-Team, a short-list of at least three (3) responding firms will be developed.

In general, the City wishes to avoid the expense to the City and to proposers of unnecessary oral interviews. Therefore, the City will make every reasonable effort to achieve the ranking using written submittals alone. If no single top-ranked firm can be clearly identified by review of the written submittals alone, then the evaluator(s) will request the Procurement Department to schedule the top ranked firm(s) for oral presentations/interviews.

Formal Oral Presentations/Interviews (If requested) (maximum 5 X 2 = maximum 10 points)

The City may choose to conduct oral interviews with, or receive oral presentations from, one or more of the proposers. If the City chooses to allow oral interviews and/or presentations, such interviews or oral presentations are exempt from Public Meeting requirements (Section 286.011, Florida Statutes).

The City’s Procurement Department will establish the schedule and allot equal time for each proposer, and proposers will be notified within a reasonable time period (generally 7-calendar days) in advance of the date, time and place of the discussion. The specific format of each presentation will be provided to proposers with the notifications.

Oral interviews/presentations will provide an opportunity for the proposers to demonstrate their ability to use time efficiently, effectively and economically. The times allotted are maximums and no firm will be penalized for using less than the allotted time.

Final Ranking and Recommendation for Award

After Oral Presentations/Interviews, the Committee members will have the opportunity to score oral presentations/interviews for all selected proposers and determine a final ranking of proposers considered to be most capable of performing the required project in the best interest of the City.

The Committee’s final ranking will be provided to the Chief Procurement Officer (CPO). Additional clarification may be requested during this process. The CPO will work with the Department Director for the recommendation and award of contracts where the value is less than $100,000.00.

In the event of contract awards that are equal to or in excess of $100,000.00, the City will rank all complete written proposals received and/or formal presentations/interviews in order of preference and submit this ranking to the CPO. The CPO will make a recommendation for further action, if required by Ordinance, to the City Manager for review and placement on the Agenda for consideration by the City Council. The Chief Procurement Officer’s decision (or City Council’s when required by Ordinance) will be final.

ADDITIONAL FORMS

Proposal Form

Reference Form

Non-Collusion Affidavit

Drug Free Workplace

Human Trafficking Affidavit

PROPOSAL FORM

FINANCIAL ADVISORY SERVICES

Entry of fees MUST also be entered into the Bid Table in Bonfire as well as below for the Proposal to be responsive.

BASIC FEES/BOND ISSUANCE:

For bonds, the City of Palm Bay expects to contract for services on a volume of bonds basis. Basic fees should be bid on the basis of dollars per $1,000 of bond issue. Basic fee will include services of the Financial Advisor as noted in the Scope of Services and will include word processing, computer time, and reasonable communications.

Minimum fee per issue: $

Up to $10 Million, per bond $ /$1,000

$10 to $20 Million, per bond $ /$1,000

Over $20 Million, per bond $ /$1,000

BASIC FEES/BANK LOAN:

Generally, bank loans would be issued on a flat fee basis.

OUT-OF-POCKET EXPENSES:

Identify what expenses will be paid by the firm but are expected to be reimbursed by the City for costs directly related to bond issues. Note that any travel, lodging, and meal reimbursement will be made in accordance with the City’s travel policy.

The undersigned declares that, after examining the RFP Documents for the above referenced project, does hereby submit a response to the RFP and warrants that:

a) Is authorized to offer a proposal in full compliance with all requirements and conditions, as set forth in the RFP.

b) Has fully read and understands the RFP and has full knowledge of the scope, nature, quantity and quality of the work to be performed, and the requirements and conditions under which the work is to be performed.

c) This proposal is made without prior understanding, agreement or connection with any corporation, firm or person submitting a proposal for the same materials, supplies, or equipment, and is in all respects fair and without collusion or fraud.

d) This proposal is made without a conflict of interest as described in the City’s Standard Terms and Conditions. If a conflict exists, proposer must disclose with their proposal.

Basic fee per issue $

In submitting this proposal, Proposer represents as more fully set forth in the agreement, that Proposer has examined copies of all the contract Documents and of the following Addenda:

Addendum #: _______ Dated: _______ Addendum #: _______ Dated _______

Addendum #: _______ Dated: _______ Addendum #: _______ Dated _______

Authorized Signature

Company

Printed Name & Title

Telephone Number

Date

Email Address

REFERENCE FORM

Bidder shall provide a minimum of three references, for which they are currently providing this type of service/commodity within the State of Florida.

1. Company Name

Contact Name and Title

Address

Phone Number E-Mail Address

Length of contract or business relationship: Start Date End date

Contract Value $

Description of work provided on this contract

2. Company Name

Contact Name and Title

Address

Phone Number E-Mail Address

Length of contract or business relationship: Start Date End date

3. Company Name

Contact Name and Title

Address

Phone Number E-Mail Address

Length of contract or business relationship: Start Date End date

NON-COLLUSION AFFIDAVIT

STATE OF

COUNTY OF

, being duly sworn, deposes and says that:

(1) Person is of , the

(Title) (Firm/Company)

Firm that has submitted the attached Proposal.

(2) He/she is fully informed respecting the preparation and contents of the attached Proposal and of all pertinent circumstances respecting such Proposal.

(3) Such Proposal is genuine and is not a collusive or sham Proposal.

(4) Neither the said Firm nor any of its officers, partners, owners, agent representatives, employees or parties in interest including this affiant, has in any way, colluded, conspired, or agreed, directly or indirectly, with any other Firm, firm or person,…