4-Attachment B SOW.docx
DOCX document 19 KB Posted
- Attached to
- Municipal Advisor
- Solicitation number
- TR26-5
- Issued by
- Utah
About this file
This document is a Scope of Work (SOW) for a Municipal Advisor (MA) contract issued by the Utah Office of State Treasurer, involving multiple state agencies including the Governor's Office of Management and Budget, Department of Facilities Construction and Maintenance, Legislative Fiscal Analyst's Office, and others. The State of Utah is seeking a qualified Municipal Advisor firm to provide comprehensive financial advisory services for bond issuances, with a contract term of 5 years. The services include providing expert advice on financing techniques, preparing cash flow analyses, monitoring refunding opportunities, assisting with bond issuances for various state entities, and supporting interactions with credit rating agencies, investors, and state officials.
The procurement is being conducted under Utah Procurement Code 63G-6a Part 15 for Design Professional Service Providers and Consultants, with the intent to select the highest-ranked vendor through a qualifications-based selection process. No pricing should be included in the submission, and compensation will be negotiated after vendor selection. The Municipal Advisor will work across multiple state financing authorities, including the State Bonding Commission, State Building Ownership Authority, and Utah Charter School Finance Authority, providing services such as preparing official statements, evaluating bond pricing, recommending financing strategies, and supporting investor outreach campaigns. The contract specifically prohibits MA firm employees from simultaneously serving as advisors to charter schools.
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Other files
| File | Type | Posted |
|---|---|---|
| 1-Claim of Business Confidentiality Updated.pdf.pdf | ||
| 3-Attachment C scoresheet.xls | XLS spreadsheet | |
| 6-Attachment D technicalcriteria.docx | DOCX document | |
| 5-Attachment A TCs.docx | DOCX document | |
| 2-Vendor Prerequisites - Part 15.pdf |
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Attachment B: Scope of Work Municipal Advisor
| 1. | Overview |
| The Utah Office of State Treasurer (“Treasurer”) manages the issuance of general obligation bonds, lease revenue (appropriation-backed) bonds, revenue bonds, and other financing instruments on behalf of the State of Utah (“State”). Bonds are issued either by the State Bonding Commission, State Building Ownership Authority, or the Utah Charter School Finance Authority (“UCSFA”) as a conduit for Utah charter schools. In so doing, the Treasurer relies on regular consultation with a Municipal Advisor (MA) on matters pertaining to the advisability, structuring, issuance land marketing of bonds from time to time as may be authorized by the legislature or approved for issuance by the UCSFA. The State intends to retain the services of a qualified MA firm to serve the State as a MA. |
2. Scope of Work
a. Provide advice and recommendations on financing techniques and options, at the direction of the Treasurer, to various agencies and boards of state government, including but not limited to; the Governor’s Office of Management and Budget, the Department of Facilities Construction and Maintenance, the Legislative Fiscal Analyst’s Office, the Department of Transportation, the Board of Water Resources, the Community Impact Board, the Water Pollution Control Committee, and the Safe Drinking Water Board.
b. Provide expert testimony to the state legislature or other state officials as required.
c. Provide timely cash flow runs, feasibility analyses and opinions for financial officers of the State, state agencies and boards.
d. Monitor and evaluate refunding opportunities with respect to outstanding obligations using nominal, present value and option value-based savings criteria.
e. Provide advice to the Treasurer regarding the issuance of tax, revenue and bond anticipation notes.
f. Assist in the preparation and presentation of information to credit rating agencies, investors, representatives of the media, key members of the executive branch, legislative leadership and the public.
g. Advise the Treasurer on the investment of bond proceeds and other analyses and services related to current or prospective debt issuances, as requested.
h. Provide a financial review to UCSFA for charter school finance applications, both simple conduit financings and applications for eligibility under the state’s Credit Enhancement Program.
i. Maintain the confidentiality of any nonpublic records (as defined in UCA 63G-2-101) provided to firm.
j. Provide quantitative support in maintaining the State’s debt model.
k. Perform such other functions normally considered those of a full-service MA.
| l. | Assist and make recommendations on all aspects of a particular financing including: method of sale, | timing of sale, economic considerations, market conditions, maturity structures, interest rates, | redemption provisions, financial and non-financial covenants, debt service requirements, evaluation | of bond pricing, evaluation of syndicate and any retail selling group members, monitoring bond | allocations, settlement and post-settlement analyses, and any other post-settlement service as may | be reasonably requested. | |
| m. | Examine, evaluate, and recommend an overall financing plan that is expected to result in the lowest, | risk-adjusted cost of borrowing to the State over the life of the debt, including the ability to analyze | callable maturities on an option-adjusted yield basis. | ||||
| n. For competitively sold transactions: Assist in the preparation of the official notice of sale and bidding | parameters, independently evaluate and verify bids, verify the TIC calculations, conformance with | bidding parameters, and recommend an award. | |||||
| o. | In negotiated transactions: (i) Provide recommendations regarding syndicate | liabilities, order priority, | takedown designations, use of retail-only order periods, and the use and composition of retail-only | selling groups; (ii) provide independent price guidance for each maturity across a range of | couponing alternatives; (iii) analyze and recommend fair pricing levels based on the State’s historical | pricing and the pricing of comparable credits in the then current municipal bond market; and (iv) | coordinate the allocation and distribution of bonds among the members of the underwriting team. |
| p. | Prepare comprehensive schedules and agendas for financing team meetings, including analysis of | the timing of sale in light of competing supply, prevailing interest rates, investor demand, | economic conditions, and other factors. | ||||
| q. | Participate in all financing team meetings and conference calls. | ||||||
| r. | Assist the State and underwriter in organizing and participating in investor education and outreach | campaigns. | |||||
| s. | Assist with the evaluation and selection of underwriters, credit facility providers, trustees, printing, | escrow verification, verification agents, and other professional service providers, including | preparation of solicitations, review and evaluation of solicitation responses and interviewing of | offerors. | |||
| t. | Maintain a cost of issuance schedule for the financing. | ||||||
| u. | Prepare preliminary and final official statements, and assist with the review and publication of all | other documents related to the marketing and issuance of securities. | |||||
| v. | Assist state officials in the preparation and review of secondary market disclosure materials if | requested. |
*Individuals employed at MA firm may not provide State services if they serve as an advisor to charter schools.
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