16-0155 Change Order Notice V.23.1 120 Days 152023.pdf
PDF 2 MB Posted
- Attached to
- CHANGE ORDER NOTICE -Bond Underwriting Services
- Solicitation number
- 23-557THA-ADMIN-B-34259
- Issued by
- Illinois
About this file
This document is a Change Order Notice from the Chief Procurement Office for General Services related to Bond Underwriting Services for the Illinois Toll Highway Authority (Tollway). The Tollway is requesting a 120-day extension to the existing contracts for Bond Underwriting Services established through procurement process RFP#16-0155. This extension will allow the Tollway to take advantage of favorable market conditions for upcoming bond offerings, as the current contracts are set to expire on 1/12/2023. The 11 senior underwriters that were selected through the original procurement process will continue to market and underwrite Tollway bonds to institutional investors during the extension period of 1/12/2023 to 5/12/2023.
The change order is being issued at no additional cost to the Tollway. The original contracts were awarded through a competitive procurement process and the extension is deemed necessary and germane to the original scope of work. This Change Order Notice is being posted publicly as required by Illinois procurement regulations for contract extensions exceeding 30 days.
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Change Order Notice Chief Procurement Office for General Services Change Order Notice v.23.1 44 Ill. Adm. Code 1.1525(g) requires notice of renegotiated contracts and change orders that increase the cost of a contract by more than $10,000 or the time of completion by a total of 30 days or more to be posted on the Bulletin/BidBuy for 14 days.
This Change Order Notice provides detail as to why the change order is needed and, pursuant to Section 33E-9 of the Criminal Code, that the circumstances said to necessitate the change in performance were not reasonably foreseeable at the time the contract was signed or the change is germane to the original contract as signed. Change orders are defined by Section 1-15.12 of the Procurement Code and Section 1.2067 of the CPO-GS' Administrative Rules.
Detailed explanation for this change order:
11.0.0.20130303.1.892433.887364
| DropDownList1: THA - Toll Highway Authority |
| ProcurementTitle: Bond Underwriting Services |
| BBREFNO.: Bid 23-557THA-FINAN-B-33735 |
| thedetails: The Illinois Tollway would like to extend the Contracts for Bond Under Writing Services for an extension period of 1/12/2023-05/12/2023 for a term of 120 days. The Tollway as bond underwriters as established by procurement process RFP#16-0155. The firms consist of eleven (11) senior underwriters. Bond underwriters market Tollway bonds to investors and subsequently underwrite the bonds via execution of a bond purchase agreement with the Tollway. Historically, bond underwriters have sold Tollway bonds primarily to institutional investors. |
The current Contracts for 16-0155 is set to expire on 1/12/2023. This no cost extension for 120 days will extend the contracts until 05/12/2023 for Bond Underwriting Services. This will allow additional time to take advantage of market conditions when favorable for already scheduled bond offerings.
| CheckBox1: 1 |
| CheckBox2: 1 |
File details come from the government source that posted it. Updated .