26-8666_Solicitation.pdf

(Template Version 1)

COLLIER COUNTY

BOARD OF COUNTY COMMISSIONERS

REQUEST FOR PROPOSALS (RFP)

FOR

ARBITRAGE REBATE SERVICES

SOLICITATION NO.: 26-8666

PATRICIA DOBROVODSKA, PROCUREMENT STRATEGIST II

PROCUREMENT SERVICES DIVISION

3295 TAMIAMI TRAIL EAST, BLDG C-2

NAPLES, FLORIDA 34112

TELEPHONE: (239) 252-8946

patricia.dobrovodska@collier.gov (Email)

SOLICITATION PUBLIC NOTICE

REQUEST FOR PROPOSALS

(RFP) NUMBER:

26-8666

PROJECT TITLE: ARBITRAGE REBATE SERVICES

DUE DATE: MAY 14, 2026, AT 3:00PM EST

PLACE OF RFP OPENING: PROCUREMENT SERVICES DIVISION

3295 TAMIAMI TRAIL EAST, BLDG C-2

NAPLES, FL 34112

All proposals shall be submitted online via the Collier County Procurement Services Division Online Bidding System: https://procurement.opengov.com/portal/collier-county-fl.

INTRODUCTION

As requested by the Clerk of the Circuit Court and Comptroller’s Finance Division (hereinafter, the “Division or Department”), the Collier County Board of County Commissioners Procurement Services Division (hereinafter, “County”) has issued this Request for Proposals (hereinafter, “RFP”) with the intent of obtaining proposals from interested and qualified Proposers in accordance with the terms, conditions and specifications stated herein, in the Solicitation and/or attachments. The Proposers, at a minimum, must achieve the requirements of the Specifications, Scope of Services, or Scope of Work stated herein. All references to “Proposer” are also referred to as “Consultant,” “Firm,” “Offeror,” “Contractor,” and “Vendor.”

Historically, Collier County, Florida has utilized a consultant for the annual calculation of arbitrage rebate on its tax-exempt debt issuances. These calculations are performed for purposes of maintaining compliance with current tax code and annual financial reporting. The annual spend over the last six (6) years has averaged $20,100. However, this average may not be indicative of future buying patterns.

BACKGROUND

Collier County has issued long-term, tax-exempt bond issues and direct placement bank term loans to finance, or refinance, a variety of activities, such as the construction and/or acquisition of structures and improvements. These issues, which we understand may be subject to the arbitrage rebate requirements contained in Section 148(f) of the Internal Revenue Code of 1986 (the “Rebate Requirement”) are enumerated in Exhibit A, attached hereto. For the Consultant to perform the arbitrage rebate calculations, the Collier County Clerk and Comptroller’s Finance Department will provide the Consultant with details of proceeds postings and expenditures, as well as relevant investment income and investment valuation information, further described under the Evaluation Criteria #3 Business Plan. The County’s arbitrage rebate calculations are current through September 30, 2025. The County may complete additional financing during the term of the agreement that may be subject to Rebate Requirements and may be added to the work of the successful Proposer.

AWARD AND TERM OF AGREEMENT

Collier County reserves the right to select one, or more than one Proposers for award as deemed the best value to the County; however, it is the intent to:

• Single awardee

The results of this solicitation may be used by other County departments/divisions once awarded.

The agreement term is intended to be for three (3) years with two (2) additional one (1) year renewal options. Prices shall remain firm for the full duration of the awarded Agreement.

https://procurement.opengov.com/portal/collier-county-fl

DETAILED SCOPE OF SERVICES

The purpose of this RFP is to solicit proposals from qualified firms to provide Arbitrage Rebate Services. The County may elect to contract some, or all the services described herein.

For each issue, the Consultant is expected to:

1. Verify that the issue is subject to the Rebate Requirement.

2. Calculate the bond yield.

3. Identify and separately account for all gross proceeds including those requiring allocation analysis due to transferred proceeds and/or commingled funds circumstances.

4. Calculate excess investment earnings.

5. Deliver appropriate documentation required to support calculations.

6. Provide various arbitrage rebate reports on the Internal Revenue Service (IRS) required dates (interim or final computation) for each issue and provide an annual “point in time” analysis of cumulative arbitrage rebate liability on September 30 of each year for use in the annual audit during the term of the contract.

7. Provide an executive summary identifying the methodology employed, major assumptions, conclusions and any recommendations for changes in the County’s record keeping and investment policy.

8. Prepare a matrix to monitor arbitrage compliance. The matrix should identify key items for each bond issue such as the dates of restriction and/or rebate, the applicable arbitrage yield, any exceptions to rebate, penalty elections, calculations and payment dates.

9. Prepare all necessary IRS forms for rebate payments or refunds of overpayments. Assist the Department as necessary in the event of an IRS audit or inquiry.

10. Advise the Department on new or revised arbitrage regulations and interpretations as to their effect on the County’s bond issues.

11. Provide assistance and consultation as necessary regarding arbitrage-related matters and retain records and documentation at least six (6) years after the issue’s final maturity.

RESPONSE FORMAT AND EVALUATION GRADING CRITERIA FOR DEVELOPMENT OF

SHORTLIST:

1.1 Proposers are encouraged to review the Request for Proposals Instructions, which includes the evaluation process.

1.2 For the development of a shortlist, the following Evaluation Criteria will be utilized by the County’s Selection Committee to score each proposal. Proposals must address all the following criteria:

No. Evaluation Criteria Maximum Points

1 Cover Letter/Management Summary 0 Points

2 Certified Woman and/or Minority Business Enterprise

5 Points

3 Business Plan 15 Points

4 Cost of Servies to the County 20 Points

5 Experience and Capacity of the Firm 30 Points

6 Specialized Expertise of Team Members 20 Points

7 Local Vendor Preference 10 Points

TOTAL 100 Points

Detailed Criteria Descriptions are further described below. Proposals must be assembled, at minimum, in the order of the Evaluation Criteria listed or the proposal may be deemed non-responsive.

EVALUATION CRITERIA NO. 1: COVER LETTER/MANAGEMENT SUMMARY (0 Total Points Available)

Provide a cover letter that includes:

• The Proposer’s philosophy in providing the services requested.

• Name(s), telephone number(s) and email(s) of the authorized contact person(s) concerning proposal.

Note: Submission of a proposal certifies that the Proposer will accept any awards as a result of this

RFP.

EVALUATION CRITERIA NO. 2: CERTIFIED WOMAN AND/OR MINORITY BUSINESS

ENTERPRISE (5 Total Points Available)

Submit certification with the Florida Department of Management Service, Office of Supplier Diversity as a Certified Woman and/or Minority Business Enterprise.

EVALUATION CRITERIA NO. 3: BUSINESS PLAN (15 Total Points Available)

Include but not limited to:

• Include ability to comply with the arbitrage rebate requirements contained in Section 148(f) of the Internal Revenue Code of 1986 (the “Rebate Requirement”) are enumerated in Exhibit A, attached hereto.

• Detailed plan of approach (including major tasks and sub-tasks).

• Detailed timeline for completion of the project.

• Include with the Business Plan or as an attachment, a copy of a report as an example of work product.

This should be for one of the projects listed as a reference.

• Proving a brief explanation of circumstances requiring methodological discretion, along with the recommended approach for addressing such situations. Examples may include allocation of commingled funds, identification and advisement on optional elections available to the County, and the use of market versus present value in identifying fund balances.

• Describe in detail the efforts the firm will undertake to satisfy the requirements of the County in regard to the “Detailed Scope of Services”. Indicate whether any additional tasks are necessary and/or advisable. Provide the timeframe required to perform the services from the date of purchase order.

• Describe in detail the information and assistance you will require from Department staff. Include the firm’s needs for bond issuance and investment information, and any special reporting formats that may be required.

• Describe the firm’s availability with respect to future and/or additional rebate compliance services, i.e., new bond issues subject to the rebate requirement.

EVALUATION CRITERIA NO. 4: COST OF SERVICES TO THE COUNTY (20 Total Points

Include but not limited to:

• Provide the projected total cost and estimated project duration in calendar days (including projected hours) required for the firm to perform the services described in this RFP.

• Describe the firm’s fee schedule, per issue, and provide estimates of additional expenses exclusive to the fee schedules (for example, fees associated with assisting in SLGs setups and assistance with other tax strategies and IRS audits or inquiries as may occur). Identify follow-up consultation and services available after completion of the arbitrage calculation and the costs thereof.

• Provide estimated costs for both annual calculations and five (5) year reporting, on a per issue, per service and/or all-inclusive basis.

• Describe the firm’s fee schedule on a per-issue basis, including future bond issues, and provide the length of time the firm would honor such schedule.

• Describe how the firm would propose to handle and invoice for amending the firm’s calculations if new regulations require amending previous calculations.

• Explain mark-ups, if any, that your firm will add to the cost of outside legal advice.

• Provide an estimate of the scope and cost of legal advice, including estimated hours and fee rates.

EVALUATION CRITERIA NO. 5: EXPERIENCE AND CAPACITY OF THE FIRM (30 Total Points

Include but not limited to:

• Description of the proposed contract team, including the role and responsibilities of each member of the consulting team

• Describe the firm’s experience in providing arbitrage rebate compliance services, including information documenting successful and reliable past performance. A brief description of the firm’s business history and number of years in operation is essential. Include at least two (2) examples of work performed at the branch office that will have primary responsibility for this engagement. These examples should reflect current applicable laws, rules, and regulations.

• Describe the legal expertise available within the firm, particularly with regard to the provisions of Section 148(f) of the Internal Revenue Code and Regulation promulgated thereunder. Describe the assurance the firm can provide the County the work performed is consistent with federal tax and other applicable laws. Explain whether any legal advice will be provided within your firm or by a sub-consultant. Describe any legal opinions that may be required to satisfy each arbitrage calculation. If legal advice is to be provided outside your firm, identify the source of this expertise and explain the source’s knowledge of the relevant Code and Regulation sections

• References: Submit three (3) through ten (10) references using the County’s Reference Form.

Include up to two additional pages per project to illustrate relevant experience. The references must be for projects within the last five (5) years whose projects are of a similar nature, size, scope and complexity of this solicitation.

EVALUATION CRITERIA NO. 6: SPECIALIZED EXPERTISE OF TEAM MEMBERS (20 Total Points Available)

Include but not limited to:

• Designate the individual(s) who will be working on the day-to-day activities with County staff.

Include current resumes and identify experience and/or skills relevant to the services required. In the event of a change to the personnel assigned to perform services under the awarded contract, the firm shall submit the credentials and resumes of the proposed replacement personnel to the County for review and approval.

EVALUATION CRITERIA NO. 7: LOCAL VENDOR PREFERENCE (10 Total Points Available)

Local business is defined as the Proposer having a current Business Tax Receipt issued by the Collier or Lee County Tax Collector prior to proposal submission to do business within Collier County, and that identifies the business with a permanent physical business address located within the limits of Collier or Lee County from which the Proposer’s staff operates and performs business in an area zoned for the conduct of such business.

Exhibit A

As of February 27, 2026, Collier County, Florida has the following issues outstanding and subject to rebate:

Issue Dated Date Final Maturity Original Issue

Amount Arbitrage Yield

Series 2017, Special Obligation Refunding Revenue Bond

12/28/2017 7/1/2034 $43,713,000 3.09%

Series 2020A, Special Obligation Revenue Bonds

11/3/2020 10/1/2045 $75,100,000 1.81%

Series 2022A, Special Obligation Refunding Revenue Bond

3/15/2022 10/1/2029 $32,865,000 1.83%

Series 2022B, Special Obligation Refunding Revenue Bond

7/6/2022 10/1/2035 $75,560,000 1.83%

Commercial Paper Revenue Note

– Draw A-2-1

6/30/2022 6/1/2027 $1,000,000 Variable Rate

Commercial Paper Revenue Note

– Draw A-2-2

10/6/2022 9/7/2027 $1,500,000 Variable Rate

Commercial Paper Revenue Note

– Draw A-2-3

11/9/2023 9/5/2028 $3,000,000 Variable Rate

Series 2016B, County Water and Sewer Refunding Revenue Bond (Subordinated)

11/17/2016 7/1/2029 $89,982,000 1.80%

Series 2018, County Water and Sewer Revenue Bond

2/28/2018 7/1/2029 $35,965,000 2.41%

Series 2019, County Water and Sewer Revenue Bonds

4/17/2019 7/1/2039 $76,185,000 2.94%

Series 2021, County Water and Sewer Revenue Bonds

7/27/2021 7/1/2046 $128,900,000 1.31%

Series 2023/26, Taxable County Water and Sewer Refunding Revenue Bond (1)

7/1/2026 7/1/2036 $49,945,000 3.39%

(1) – As early as April 2, 2026, the Series 2023 taxable bond will be exchanged for the tax-exempt Series 2026 bond in the amount of $49,945,000 and a rebate calculation for the Series 2026 bond will be required as of September 30, 2026.