1-NS26-154 Underwriting Services RFSQ (2).pdf

Underwriting Services RFSQ | Solicitation Number NS26-154

Request for Statement of Qualifications for

Underwriting Services for

Utah Inland Port Authority

Posted: June 10, 2026

Deadline for Questions: June 17, 2026 5:00 PM MT

All questions must be submitted through U3P-Bonfire during the question-and-answer period.

Statement of Qualifications Due Date: June 24, 2026 5:00 PM MT

If needed, Anticipated Interview Presentation: July 13 or 14, 2026

Statement of Qualifications must be submitted electronically through U3P-Bonfire by the Statement of Qualifications Due Date above.

Table of Contents Table of Contents

Background/Purpose Statement

Communications and Question Answer Period

Instructions to Offeror

Scope of Work

Objectives and Scope of Work

Components/Deliverables

Services

Mandatory Minimum Requirements

Technical Criteria

Evaluation Process

Stage 1: Initial Review

Stage 2: Technical Statement of Qualifications Evaluation

Stage 3: Interview Presentation (Optional)

Protected Information

Approved Vendor List Award

Terms & Conditions

Appendix A: Response Questionnaire

Mandatory Minimum Requirements

Appendix B: Claim of Business Confidentiality

Background/Purpose Statement The Utah Inland Port Authority (UIPA or the Authority) was established in 2018 by the Utah State Legislature, representing a strategic initiative to optimize the state's global trade capabilities and generate economic benefits by coordinating the development of logistics infrastructure across multiple jurisdictions. Under the Utah Inland Port Authority Act (11-58), UIPA establishes Project Areas through a transparent public process, requiring written consent from the local county or municipality and final approval from the UIPA Board. This logistical and regional development coordination extends across its fifteen project areas throughout the state. UIPA is issuing this RFSQ to obtain a request for statement of qualifications from firms interested in providing Underwriting services to assist the Authority and its Municipal Advisor to prepare, structure, and market public offerings and/or private placements of Public Infrastructure Districts (PIDs) and UIPA tax differential (increment) revenue bonds, special assessment bonds, limited tax general obligation bonds, general obligation bonds, and access to other capital resources.

The intent is to prepare a list of qualified, approved vendors under Utah Inland Port Authority BP-07 Procurement Policy using this Request for Statement of Qualifications. The approved vendor list will include only responsible vendors that:

● Submit a responsive statement of qualifications; and

● Meet the minimum mandatory requirements, evaluation criteria, and

● Meet applicable score thresholds described in the request for statement of qualifications;

Only vendors on the approved vendor list will be able to participate in the underwriting services identified in the request for statement of qualifications. UIPA will use a performance rating system for evaluating the performance of vendors on the approved vendor list, including whether a vendor on the approved vendor list may be disqualified and removed from the list.

UIPA uses a closed-ended approved vendor list, which will expire in 18 months after the approved publication of the approved vendor list.

The same terms and conditions represented to UIPA will be available for adoption by any PID in a UIPA project area.

Communications and Question Answer Period

Offerors are prohibited from communications regarding this RFSQ with the Utah Inland Port Authority staff, evaluation committee members, or other associated individuals EXCEPT the procurement officer overseeing this RFSQ.

The Question and Answer period closes on the date and time specified above. All questions must be submitted as described above during the Question and Answer period. Questions may include notifying the Utah Inland Port Authority of any ambiguity, inconsistency, scope exception, excessively restrictive requirement, or other errors in this RFSQ. Questions are encouraged.

Answers from the Utah Inland Port Authority will be posted on U3P-Bonfire. Questions may be answered individually or may be compiled into one document.

Questions may also be answered via an addendum. An answered question or an addendum may modify the specification or requirements of this RFSQ. It is the responsibility of the Offerors to submit their statement of qualifications as required by this RFSQ, including any requirements contained in an answered question and/or addenda.

Instructions to Offeror The RFSQ is not intended to limit qualifications content or exclude any relevant or essential data.

Offerors are at liberty and are encouraged to expand upon the specifications to evidence service capability.

Utah Inland Port Authority reserves the right and may reopen this solicitation or create a new solicitation if it determines there may be more competition for the procurement item than when the original solicitation was posted.

If it is determined to be in the best interest of the Utah Inland Port Authority, interviews and presentations may be held at the option of the Utah Inland Port Authority. The Utah Inland Port Authority shall establish a date and time for the interviews or presentations and shall notify eligible Offerors of the procedures. Offerors invited to interviews or presentations shall be limited to those Offerors meeting the minimum requirements and minimum technical score threshold specified in the RFSQ. Representations made by an Offeror during interviews or presentations shall become an addendum to the Offeror's statement of qualifications and shall be documented. Representations must be consistent with the Offeror's original statement of qualifications and may only be used for purposes of clarifying or filling in gaps in the Offeror's statement of qualifications. Interviews and presentations will be at the Offeror's expense.

Scope of Work Objectives and Scope of Work

UIPA seeks underwriting services to support issuance of public offering and/or the private placement of tax differential revenue bonds and special assessment bonds. Underwriters will work closely with the UIPA Finance Team, Municipal Advisor, and other members of the financing team (e.g., bond counsel, etc.) to plan and execute issuance of bonds or in obtaining other capital resources for UIPA and its project areas. Underwriters will analyze, make financing recommendations, and support both UIPA and PIDs within UIPA project areas. The primary objective is to develop a comprehensive marketing and pricing plan for bonds secured by special assessment, levies, and/or tax increment funds to achieve the lowest cost of capital, greatest long-term financial benefits, and maximize leverage. The underwriter will participate in document review sessions and coordinate closely with the UIPA Finance Team, Municipal Advisor, and Bond Counsel.

UIPA’s CFO will administer any engagement that results from this solicitation.

Components/Deliverables

The RFSQ should have 6 main components:

1. Executive Summary:

a. A one-page summary of the firm's qualifications and understanding of the engagement.

b. Contact information for the firm’s primary contact person including name, address, phone number, and email address.

2. Firm Qualifications and Experience:

a. Provide a description of the firm's public finance practice, especially its experience with Utah state land authorities, special districts, and port/logistics authorities.

b. Detail the firm's specific experience with tax differential or increment revenue bonds and PIDs and provide a list of transactions completed by your firm as sole or senior manager in Utah since 2020. Please include on the list the transaction name, par amount, and sale date.

c. Provide a list of similar bond issues (size, complexity, and client) outside of Utah for which the firm served as sole or senior-managing underwriter since 2020 and include on that list the transaction name, par amount, and sale date.

3. Key Personnel:

a. Provide an organization chart for the proposed team.

b. Provide detailed resumes for the primary bankers and underwriters who will be assigned to UIPA or PIDs, highlighting their specific experience, and years in public finance.

c. Clearly identify the lead partner and the primary day-to-day contact.

4. Approach and Understanding:

a. Provide a narrative demonstrating the firm's understanding of UIPA's unique mission, authority, and financing needs.

b. Describe the firm's proposed approach to managing the bond issuance process, coordinating with the finance team.

5. Conflicts of Interest Statement:

a. Disclose any current or past relationships (financial or otherwise) with UIPA, its board members, or key staff.

b. Disclose any relationships with municipal advisors, underwriters, developers, or other private entities that may be involved in UIPA's project areas.

c. Describe the firm's process for identifying and managing conflicts of interest if they arise during the contract.

6. Proof of Insurance:

a. Provide written proof of professional liability insurance meeting the minimum coverage of $5,000,000.

Services

Underwriting. When engaged on a specific project, underwriters will have all responsibilities, and will provide all services, normally associated with underwriting for revenue bond issues. In addition, underwriters will provide regular consultation and analysis prior to bond engagements.

These services will likely include, but will not be limited to:

(a) Coordinate the underwriting team, manage the transaction schedule, and lead the marketing plan (including digital roadshows and investor calls).

(b) Generate proposed bond structures (such as fixed-rate or variable structures) and run parity/cash flow models for review.

(c) Provide a breakout of proposed fees (takedowns), allocate liabilities among the team, and establish a clear bond designation policy.

(d) Provide real-time pricing tracking on an order-by-order basis and consult with UIPA/PIDs on final allotments to ensure fair distribution and long-term investor interest.

(e) Execute the definitive bond purchase agreement and generate a closing memorandum to track the flow of funds

(f) Maintain and update cash flow models, debt service coverage schedules, and parity projections based on shifting third-party market assessment projections.

(g) Provide regular quantitative updates to the UIPA CFO and UIPA Municipal Advisor regarding high-yield municipal market conditions, institutional investor cross-over demand, and credit spread trends.

(h) Develop investor presentations, organize roadshows, and spearhead target outreach to institutional high-yield funds familiar with non-rated Utah development structures.

(i) Formulate a comprehensive marketing plan and recommend optimal timing for entering the market.

(j) Provide a clear post-sale evaluation report detailing all orders, allocations, and final takedowns by firm.

(k) Perform such other duties as are normally and customarily required of underwriters.

The selected underwriting firms will also be available to answer staff or board questions about market execution, pricing metrics, and credit structure to the UIPA or PID’s past, current, and any future debt.

Firms selected from this procurement may be eligible to participate as members of UIPA’s approved vendor list for the underwriting team.

Mandatory Minimum Requirements Offerors must demonstrate the ability to meet or exceed the mandatory minimum requirements outlined below by providing a narrative point by point response, in the order listed to each requirement.

The following mandatory minimum requirements must be met in order for a statement of qualifications to be considered responsive:

1. Offeror must be a registered Broker-Dealer with the SEC and a member in good standing with FINRA and the MSRB.

2. Offeror must demonstrate a minimum net capital position of at least $100,000,000 to ensure adequate underwriting capacity for unrated infrastructure debt.

3. Offeror must have served as a Senior Manager or Sole Placement Agent on at least three (3) land-secured, tax-increment, or PID bond issuances since 2020.

4. Timely Submission.

Statement of Qualifications which do not satisfy ALL minimum mandatory requirements will be excluded from this RFSQ.

Offerors should note that only those submissions which meet all of the minimum mandatory criteria will be eligible for inclusion in the award process.

Technical Criteria For ease of evaluation, the statement of qualifications must provide a point-by-point response, addressing in detail each area of the evaluation criteria, including addressing how the point-by-point response addresses the issues discussed in this RFSQ.

The subjective criteria that will be used to evaluate the statement of qualifications are:

1. General Questions (30 points)

a. Identify any material litigation, administrative proceedings or investigations in which your firm is currently involved, or which may be threatened against your firm, or which have been settled during the past three years. Do any of these activities involve members of your public finance group?

b. Please describe how your firm reflects UIPA’s standards for ethics and compliance.

Indicate whether your firm has any knowledge of any active investigations or criminal proceedings by the Securities and Exchange Commission or any other state or federal agency with regard to your public finance department and municipal trading department members or practices. If so, please provide a brief description of such investigation and the name and phone number of a person whom UIPA could contact to obtain more information.

2. Firm Experience & Qualifications (100 points)

a. Describe your firm's depth of experience in underwriting tax increment (differential)-backed bonds and/or special assessment debt for early-stage commercial/industrial developments.

b. Identify the members of your public finance team who will manage UIPA and PID financings on a day-to-day basis. Provide relevant background information and roles and responsibilities for these individuals. Explain any changes, including additions and departures, of public finance staff over the past 2 years.

c. Is your firm proposing to market these bonds strictly to external investors, or does your firm have the capability to provide a backstop or direct purchase of the bonds using your own capital?

i. If proposing an external market-sale arrangement: Describe your firm's underwriting framework, including your institutional designated pool of shares policy and your willingness to step in and underwrite/hold unsold balances if market conditions shift during pricing. If so, please provide at least one (1) example where you have done this on a prior transaction.

ii. If proposing a direct purchase arrangement: Specify your firm's internal credit approval timeline, any required holding periods or investor covenants, and provide up to three (3) examples of transactions since 2020 where your firm utilized its own balance sheet to purchase non-rated development debt directly.

d. Non-rated PID bonds backed by tax differential are highly sensitive to real estate absorption risks. Please provide a brief narrative on how your firm intends to structure debt service reserve funds or capitalized interest periods to insulate UIPA or PIDs during early-stage infrastructure development.

e. Identify the top three execution concerns you believe bond buyers will have regarding prospective UIPA or PID transactions in the current high-yield economic climate and outline your firm’s specific strategy to mitigate those concerns to ensure a successful marketing window.

f. What is unique about your firm and sets you apart from the competition?

g. What is your willingness to be part of an underwriting syndicate or a co-managing underwriter on a PID transaction and explain the pros and cons in doing so.

3. Experience of Key Personnel (90 points)

a. List all state-related bond issues on which your firm served as underwriter since 2020.

Indicate your role for each transaction (senior manager/book runner, co-senior manager, co-manager, selling group member).

b. Provide at least one example of a PID transaction on which you served as underwriter and provide a comparison of the final yields and end of day MMD scale. Please show a comparison to other similar transactions priced in the market that same week.

4. Approach of Understanding of Scope (80 points) Clarity and feasibility of the proposed approach to meeting UIPA and PIDs including overall availability and communication protocols with UIPA staff.

a. Approach to public finance guidance.

b. Approach to public infrastructure districts.

c. Investor relationship tools.

d. Provide a detailed narrative highlighting your firm's approach to analyzing and underwriting future tax revenue streams across multi-developer projects versus individual developer projects.

e. Detail your firm's understanding of how the statutory structure of a State Authority (such as UIPA, MIDA, or the Point of the Mountain State Land Authority) influences credit structuring, investor perception, and secondary market liquidity compared to a traditional standalone municipal PID.

Total Technical Points Possible: 300

Responses must achieve a minimum technical score of 210 during Stage 2 Technical Evaluation to proceed to Stage 3 (Interview). Any response scoring below 210 points will be deemed technically non-qualified and eliminated from further consideration.

Evaluation Process

Only Responses that meet minimum mandatory requirements will be evaluated.

Stage 1: Initial Review In the initial phase of the evaluation process, the Utah Inland Port Authority will review all qualifications timely received. Non-responsive qualifications not conforming to RFSQ requirements or unable to meet the mandatory minimum requirements will be eliminated from further consideration.

Stage 2: Technical Statement of Qualifications Evaluation Responsive statement of qualifications will then be evaluated by an evaluation committee appointed by the Utah Inland Port Authority against the statement of qualifications technical criteria noted in this RFSQ. Qualifications will be evaluated against the technical criteria as follows:

Evaluation Component Possible Points

General Services 30

Firm Experience & Qualifications 100

Experience of Key Personnel 90

Approach of Understanding of Scope 80

Total Points Possible: 300

Responses must achieve a minimum score threshold of 210 points during Stage 2 Technical Evaluation to proceed to Stage 3 (Interview). Any response scoring below 210 points will be deemed technically non-qualified and eliminated from further consideration.

The evaluation committee, for this RFSQ, will tally the final scores for criteria other than cost to arrive at a consensus score by the following method: an average of the individual scores.

Stage 3: Interview Presentation (Optional) If necessary, responsive statement of qualifications that meet the minimum score threshold from Stage 2 will move onto the Interview Presentation. A total of 200 demonstration points is possible.

Offerors will be given 30 minutes maximum to demonstrate their response to the Technical Statement of Qualifications for the evaluation committee. The committee will evaluate the offeror on how well they would execute and perform the RFSQ services and scope of work.

If interview presentations are held, an offeror must achieve a minimum score threshold of 140 points during Stage 3 Interview Presentation to proceed to the approved vendor list. Any offeror scoring below 140 points will be deemed non-qualified and eliminated from further consideration.

If interviews are deemed necessary, UIPA plans to hold these demonstrations in person at our office located at 60 E. South Temple, Suite 600, Salt Lake City, UT 84111. We have listed the anticipated date but will let all Offerors know who qualifies for the exact date and time.

If an in-person demonstration will not work, we will set up technology to present virtually if needed.

Protected Information Offerors may request that part of its qualifications be protected by submitting a Company Request for Protected Record Status.

Pricing may not be classified as confidential or protected and will be considered public information.

Process for Requesting Non-Disclosure: To protect information under a Claim of Business Confidentiality, an Offeror must complete the Company Request for Protected Record Status form, at the time the qualifications is submitted, with the following information:

● Include a concise statement of reasons supporting the claim of business confidentiality (Subsection 63G-2-309(1)).

● Submit an electronic “redacted” (excluding protected information) copy of the qualifications. Copy must clearly be marked “Redacted Version.”

The Claim of Business Confidentiality form may be accessed in Appendix B.

An entire qualification cannot be identified as “PROTECTED”, “CONFIDENTIAL” or

“PROPRIETARY”.

Redacted Copy: If an Offeror submits qualifications that contains information claimed to be confidential or protected, the Offeror MUST submit two separate qualifications: one redacted version for public release, with all protected business confidential information either blacked-out or removed, clearly marked as "Redacted Version"; and one non-redacted version for evaluation purposes clearly marked as "Protected Business Confidential."

All materials submitted become the property of the Utah Inland Port Authority. Materials may be evaluated by anyone designated by the Utah Inland Port Authority as part of the evaluation committee. Materials submitted may be returned only at the Utah Inland Port Authority's option.

Approved Vendor List Award The approved vendor list will only include responsible vendors that:

● Submit a responsive statement of qualifications

● Meet the minimum mandatory requirements, evaluation criteria, and applicable score thresholds described in the request

It is anticipated that this RFSQ will result in an approved vendor list of underwriters available for contracting by UIPA and PIDs within UIPA project areas. Only vendors on the approved vendor list will be able to participate in the procurements identified in the RFSQ. Any approved vendor on the list will be notified of underwriting services procurements (e.g. competitive sealed bidding, request for proposal, small purchases, or design professional services) in a secondary bidding process.

Terms & Conditions Any contract resulting from this RFSQ will include but not be limited to the Standard Terms and Conditions. The Standard Terms and Conditions have been attached in the Files section of U3P- Bonfire (See UIPA Standard Terms & Conditions).

Exceptions and/or additions to the Standard Terms and Conditions are strongly discouraged.

However, Offerors requesting exceptions and/or additions to the Standard Terms and Conditions must be submitted with the statement of qualifications. Exceptions and/or additions submitted after the date and time for receipt of statement of qualifications will not be considered. Offerors may not submit requests for exceptions and/or additions by reference to a vendor's website or URL. URLs provided with a statement of qualifications may result in that proposal being rejected as non-responsive. Offerors may submit questions during the Question-and-Answer period regarding the Standard Terms and Conditions.

UIPA may refuse to negotiate exceptions and/or additions that are determined to be excessive; that are inconsistent with similar contracts of the Utah Inland Port Authority; to warranties, insurance, or indemnification provisions that are necessary to protect the Utah Inland Port Authority after consultation with the applicable legal counsel; where the solicitation specifically prohibits exceptions and/or additions; or that are not in the best interest of the Utah Inland Port Authority.

For any proposed change(s), Offeror must provide the Standard Terms and Conditions for this solicitation in Microsoft Word format with redline edits. Additional terms or documents must be submitted in separate Microsoft Word documents. Offeror must also provide the name, contact information, and access to the person(s) that will be directly involved in legal negotiations.

Any mandatory required acceptance of an Offeror’s terms and conditions may result in the statement of qualifications being determined to be non-responsive.

Appendix A: Response Questionnaire

Mandatory Minimum Requirements

Please answer yes or not to the following questions:

Yes / No: Is your firm registered Broker-Dealer with the SEC and a member in good standing with FINRA and the MSRB?

Yes / No: Does your firm demonstrate a minimum net capital position of at least $100,000,000 to ensure adequate underwriting capacity for unrated infrastructure debt.

Yes / No: Has your firm served as a Senior Manager or Sole Placement Agent on at least three (3) land-secured, tax-increment, or PID bond issuances since 2020.

For ease of evaluation, the qualifications must provide a point-by-point response, addressing in detail each area of the evaluation criteria, including addressing how the point-by-point response addresses the issues discussed in this RFSQ.

Technical Criteria

The subjective criteria that will be used to evaluate statement of qualifications is:

● General Services

● Firm Experience & Qualifications

● Experience of Key Personnel

● Approach and Understanding of Scope

Appendix B: Claim of Business Confidentiality

COMPANY REQUEST FOR PROTECTED RECORD STATUS

Name and Address of entity (“Company”) making this confidentiality claim (please print or type):

Pursuant to the Government Records Access and Management Act, Utah Code § 63G-2-309, Company submits this written claim for business confidentiality. Company claims that the records attached to this form and/or listed below and provided to the Utah Inland Port Authority (“UIPA”), or its programs, are protected records and should be considered confidential and classified as protected records.

DESCRIPTION of the record(s) covered by this confidentiality claim and which Company believes qualifies for protected status:

● APPLICATION, PLUS SUPPORTING DOCUMENTATION.

● [COMPANY TO LIST ADDITIONAL RECORDS] ______________________________

The following reasons are Company’s concise claim in support this claim of business confidentiality

(check (✔) all that apply):

(__) 1. The record(s) provided would reveal negotiations regarding assistance or incentives offered by or requested from UIPA for the purpose of encouraging Company to expand or locate a business in Utah.

(__) 2. The Record(s) provided is a trade secret (as defined in Utah Code § 13-24-2(4)).

(__) 3. The record(s) provided is commercial or non-individual financial information and disclosure of the information could reasonably be expected to result in unfair competitive injury to

Company.

(__) 4. The record(s) provided is commercial or non-individual information and disclosure of the information could reasonably be expected to impair the ability of UIPA, or its programs, to obtain necessary information in the future.

NOTE: Company will be notified if a record claimed to be protected is classified as public or if the determination is made that the record should be disclosed to the public because the interest favoring access outweigh the interest favoring restriction of access. Records claimed to be protected under this business confidentiality claim may not be disclosed to the public by UIPA until the period in which to bring an appeal expires or the end of the appeals process, including judicial appeal (unless the claimant, after notice, has waived the claim by not appealing or intervening before the record committee). (Utah Code § 63G-2-309)

BY: ___________________________________________________ DATE: ______________________

AUTHORIZED REPRESENTATIVE NAME AND TITLE

COMPANY STATEMENT

The following is a concise written statement supporting a business confidentiality claim is required, U.C.A.

63G-2-309(1)(a)). Please attach additional sheets if necessary.

The attached information (records provided to UIPA) is related to _[explain purpose of company’s interaction with UIPA, for example, vendor submitting a bid/offer through procurement process for a state contract for goods/services]__________________________to a project that the Company is pursuing.

The Company makes its claim of confidentiality, protected, or private status of records for the following reasons:

_____ [the company should explain here the reasons why the records should be classified as confidential, private, or protected] ____________________________________________________________________

NOTE: Claimant shall be notified if a record claimed to be protected is classified public or if the determination is made that the record should be disclosed because the interest favoring access outweigh the interest favoring restriction of access. Records claimed to be protected under this business confidentiality claim may not be disclosed until the period in which to bring an appeal expires or the end of the appeals process, including judicial appeal (unless the claimant, after notice has waived the claim by not appealing or intervening before the record committee). (U.C.A. 63G-2-309)

COMPANY: ____________________________________

By: ___________________________________________ Date: ______________________

Name (printed): _________________________________

Title: __________________________________________