5-Request for Proposals (RFP) - Investment Banking Services.pdf

Request For Proposals

I nv es tmen t Bank ing Serv ices

RFP Number: 0535-2026-09-RFP

RFP Issue Date: September 22, 2026

Proposal Due Date: October 8, 2026

TABLE OF CONTENTS

SECTION 1 - Procurement Overview & Instructions

1.1 Project Summary

1.2 About LAWA

1.3 Description of the Opportunity

1.4 Communications

1.5 Procurement Schedule

1.6 Questions, Inquiries, Clarifications, & Requests

1.7 Addenda

1.8 Additional Procurement Instructions

SECTION 2 - Formatting & Submission Requirements

2.1 Adherence

2.2 Date and Time

2.3 Notice of Intent to Propose

2.4 Electronic Submission

2.5 General Format

SECTION 3 - Proposal Contents

3.1 Administrative Documents

3.2 Minimum Requirements

3.3 Written/Technical Proposal

SECTION 4 - Evaluation Procedures

4.1 Administrative Submission Requirements

4.2 Evaluation of Written Proposal

4.3 Evaluations of Interviews

4.4 Final Rankings

SECTION 5 - Statement of Work

5.1 Summary

5.2 Technical Requirements

5.3 Reporting

SUBMITTALS ...............................................................................................Separate Documents A. Administrative Documents B. Minimum Requirements C. Written Proposal

EXHIBITS .......................................................................................................Separate Documents

Exhibit 1 Form of Bond Purchase Agreement Exhibit 2 Responsible Banking Ordinance

S E C T I O N 1

PROCUREMENT OVERVIEW AND INSTRUCTIONS

1.1 PROJECT SUMMARY

The City of Los Angeles, Los Angeles World Airports (‘LAWA’) is issuing this Request for Proposal (‘RFP’) to solicit proposals from qualified investment banking firms (‘Proposer’) to establish a pool of firms that will compose LAWA’s underwriter pool (‘Pool’).

Firms within the Pool will assist in the marketing and underwriting of bonds or other debt instruments supporting LAWA projects. In addition, they will provide general investment banking services, including the development of complex financing plans designed to minimize borrowing costs, maximize savings, reduce risks and enhance the financial flexibility and competitive position of LAWA.

The underwriting teams for transactions, including the designated senior manager(s), will be selected from this Pool, and LAWA will assign teams to specific transactions on an as-needed basis. LAWA reserves the right to conduct additional requests for proposals to assist with this selection process but is not required to do so.

For the purposes of this RFP, the terms ‘proposer,’ ‘firm’ and ‘respondent’ are used synonymously.

Staff intends to recommend to the Board of Airport Commissioners (the ‘Board’) that the Pool remain in effect for up to five years; provided that the CFO or her or his designee shall have the sole discretion to shorten such time period. The Form of Bond Purchase Agreement is attached as Exhibit 1 to this solicitation.

Proposers are directed to Section 3.3 Submittal B – Minimum Requirements, for project details including Proposer Minimum Requirements.

1.2 ABOUT LAWA

LAWA is a financially self-sustaining, proprietary department of the City of Los Angeles which owns, operates, maintains, and develops both Los Angeles International Airport (‘LAX’) and Van Nuys Airport (‘VNY’). LAWA is controlled by the Board, which consists of seven members appointed by the Mayor of Los Angles and approved by the Los Angeles City Council.

LAX and VNY play an integral role in helping to meet the Southern California regional demand for passenger, cargo, and general aviation services. Both airports make a distinct contribution to the strength of the system by providing a high level of safety, security and service for their customers, communities, and stakeholders.

LAWA’s mission is to serve the world, connecting people, places, and cultures.

In calendar year 2025, LAX ranked as the eleventh busiest airport globally with approximately 73.7 million annual passengers, and the fifth busiest airport by passenger volume in the United States. LAX is currently undergoing a multi-billion-dollar capital improvement program. This extensive project will enhance all nine passenger terminals and include the construction of new facilities, including the SkyLink and the Rental Car Center. Additional information related to LAX, including its capital program, is available in LAWA’s most recent Official Statement, prepared in conjunction with the sale of $2.7 billion of Senior Revenue and Refunding Revenue Bonds, 2026 Series ABC, which can be found at https://emma.msrb.org/.

LAWA issues revenue bonds for LAX to provide funds for acquiring, constructing, reconstructing, replacing, extending, and improving its airport facilities to continue providing the City and its inhabitants with a world-class, gold standard airport. As of September 1, 2026, LAX had outstanding $5.8 billion of senior debt, $8.3 billion of subordinate debt, and $546 million of customer facility charge revenue bonds.

LAWA’s key financial goals are to maintain a strong financial and competitive position while undertaking LAWA’s capital improvement program.

Additional financial information can be found at https://www.lawainvestorrelations.com and https://www.lawa.org/lawa-investor-relations.

LAWA is committed to using its procurement process to create an environment for equitable processes with the purpose of strengthening community and business partnerships to increase opportunities for small and diverse businesses. LAWA encourages Proposers to engage in early and meaningful efforts to achieve any Business Enterprise requirements set forth in this solicitation.

1.3 DESCRIPTION OF THE OPPORTUNITY

In connection with LAWA’s bond program, investment banks are needed to, among other things, serve as underwriters. An underwriter helps LAWA to sell its bonds in the primary market as the U.S. Securities and Exchange Commission (“SEC”) requires that only registered broker-dealers can sell municipal bonds. The key role of an underwriter in a negotiated bond financing is to market the bonds to potential investors, arrange for their sale, and underwrite unsold balances when necessary.

Based on responses requested in Section 3 of this RFP and scoring by an evaluation panel as detailed in Section 4 of this RFP, LAWA anticipates recommending to the Board a pool of approximately 12 investment banks qualified to serve as senior manager and/or co-manager on LAX financings during the period the Pool remains active. The Pool is anticipated to provide LAWA access to banks with strong banking teams, firms with the capability to extend credit when needed, and build experience among smaller emerging banks that will expand future banking options available to LAWA.

LAWA is committed to using its procurement process to create an environment for equitable processes with the purpose of strengthening community and business partnerships to increase opportunities for small and diverse businesses. LAWA encourages the participation in this Request for Proposal (RFP) process by Small

Business Enterprises and Local Business Enterprises, Local Small Business Enterprises, and Disabled Veterans Business Enterprises Programs.

In addition to gaining access to banks with strong banking teams and the capability to extend credit when needed, LAWA is looking to develop relationships with Emerging Banks, as further defined herein. LAWA intends to include up to three

(3) of the highest scoring Emerging Banks in the Pool to be considered for future senior manager and/or co-manager assignments.

Banks will be considered for inclusion in the Pool as an Emerging Bank based on scoring of their responses to Section 3 of this RFP and by providing evidence that the bank has net capital for underwriting of less than $100 million (based on the firm’s quarterly Focus Part II filing for the period ending December 31, 2025 - Form X-17A-5 Part II and as found on line 13 on the page titled Computation of Net Capital).

Emerging Banks will have the opportunity to respond as a co-manager only, at the option of the proposer.

All proposers who apply as senior manager and are included in the Pool may be selected to serve in any capacity (senior manager, co-senior manager, or co-manager) on any specific transaction, while respondents who apply to serve as co-manager and are included in the Pool will be eligible to serve as co-manager only.

If a firm is included in the Pool, LAWA offers no assurance that the firm will ultimately be appointed to serve on a financing. LAWA reserves the right to terminate, modify, replace, or expand the qualified list of investment banking firms from time to time as circumstances warrant. A firm may be dropped from the Pool in the future due to material changes in its banking team or if the entity originally chosen by LAWA ceases to exist due to merger or acquisition by another entity that is not otherwise on the qualified list. LAWA may also choose to sell debt obligations using a competitive method of sale.

Any firm appointed to the Pool and selected to work on a transaction will be expected to provide professional services outlined in Section 5.

1.4 COMMUNICATIONS

Proposers are not allowed to contact or communicate with any LAWA employee, consultant, elected official, LAWA Board of Airport Commissioners, or evaluation panelist, regarding this procurement while it is active or prior to contract negotiations. Any violation or perceived violation at LAWA’s discretion may result in disqualification of the proposer from this procurement.

All Proposers must be registered in the City’s Regional Alliance Marketplace for Procurement (RAMP) which can be found at www.rampla.org and LAWA’s electronic procurement system, Bonfire, at https://lawa.bonfirehub.com.

Firms must register in Bonfire to download documents and to propose on this procurement.

Until notification of the award is published on the City of Los Angeles’ RAMP website, Bonfire, or firms are otherwise notified by LAWA, all communications must be in writing and follow the instructions in the RFP. Any violation of these requirements and procedures may result in disqualification from this procurement.

LAWA’s Sourcing and Economic Impact Division is responsible for the administration of this procurement. Any and all communications regarding this procurement must be done through LAWA’s electronic procurement system, currently Bonfire.

When proposing, proposers may only rely upon written information provided by LAWA. Proposers will not rely upon, and LAWA will not be responsible for any oral information or instructions provided in reference to this Solicitation Document.

1.5 PROCUREMENT SCHEDULE

LAWA will make every effort to adhere to the procurement schedule shown below.

LAWA reserves the right, at its sole discretion, to adjust the schedule of events as it deems necessary.

ACTIVITY TIME DATE

RFP Released / Issued September 22, 2026

Deadline to Submit Questions 5:00 pm PST September 25, 2026

Notice of Intent to Propose 5:00 pm PST October 8, 2026

PROPOSAL DUE DATE (Deadline to Submit)

5:00 pm PST October 8, 2026

Interviews October 2026

1.6 QUESTIONS, INQUIRIES, CLARIFICATIONS, EXCEPTIONS, AND

REQUESTS

Proposers are expected to promptly review this solicitation, including all submittals, attachments, exhibits, appendix, and addenda.

Any exceptions to the contractual terms and conditions, as well as any other questions, inquiries, concerns, clarifications, discrepancies, or omissions shall be submitted via Bonfire to the Procurement Contact designated for this RFP no later than the date specified in Section 1.5 Procurement Schedule.

Questions must include the RFP Number and must be submitted in the following format below:

‒ Identify the section number, page number, and the text of passage being questioned

‒ Identify your question in relation to the text being questioned

LAWA, in its sole discretion, may or may not make any changes to any documents in response to such questions, exceptions, or request for modification.

LAWA will make every attempt to answer all questions, however; LAWA does not guarantee that all questions will be answered. LAWA will not accept or respond to any inquiries not submitted in the format outlined above LAWA will not accept or respond to oral inquiries. The City of Los Angeles and LAWA are not responsible for any answers not published on the Bonfire website.

1.7 ADDENDA

LAWA may issue addenda to make changes to this RFP, respond to any questions, or provide clarification to information stated within the RFP. All written/published addenda shall become part of this RFP and must be considered by the Proposer and acknowledged in its proposal. All other communications are unofficial and non-binding. Proposers are responsible for reviewing all addenda and incorporating them into their proposal. Proposers are required to affirm receipt of all addenda in the Acknowledgment Letter (Submittal A Administrative Documents).

LAWA utilizes the Regional Alliance Marketplace for Procurement (‘RAMP’) for the advertisement of RFPs for proposers and Bonfire for documents, addendums, information and submissions related to this procurement. In addition, should LAWA amend the requirements set forth herein, a written addendum will be issued reflecting any changes and such an addendum will be posted at https://lawa.bonfirehub.com.

1.8 ADDITIONAL PROCUREMENT INSTRUCTIONS

Proposers are expected to read and understand all terms, conditions, disclaimers, and requirements associated with this RFP. By submitting a response to this RFP, the Proposer agrees to be bound by all of the terms, conditions, disclaimers, and requirements set forth in this solicitation.

A. PROPOSER ORGANIZATION

LAWA does not intend to limit the type of entity that may propose. Proposing entities may include individuals, corporations, partnerships, academic institutions, limited liability corporations, or joint ventures. The proposer should be the legal entity that will execute the Agreement. The Proposer need not have all the required skills and experience in-house but may assemble a team to provide the necessary skills and experience. The team may be assembled in a variety of ways, including through contracting, partnering, joint venturing, etc.

B. VALIDITY OF PROPOSAL

In submitting the proposal, the Proposer agrees the proposal will remain valid for 90 days after the deadline for submission of proposals and may be extended beyond that time by mutual agreement.

C. EXPENSE, OWNERSHIP AND DISPOSITION

LAWA shall not be responsible in any manner for any costs associated with the preparation or submission of any documents or materials purchased, prepared or presented during any interviews or any additional documentation provided or requested by LAWA. All submitted documents, including all drawings, plans, photos, and narrative material, may become the property of LAWA upon receipt by LAWA. LAWA shall have the right to copy, reproduce, publicize, release or otherwise dispose of each submittal in any way that LAWA selects. The California Public Records Act shall apply to all Proposals.

D. ONLY ONE PROPOSAL ACCEPTED

LAWA will accept only one proposal for this RFP from any one Proposer. This restriction includes proposals submitted under different names by one firm, corporation, partnership, or Joint Venture.

E. PROPOSAL RESPONSE

If only one (1) Proposer responds to the RFP, LAWA may award to that proposer, re-solicit for new proposals, or cancel the RFP at LAWA’s sole discretion. LAWA may also require a detailed cost/price analysis to determine the reasonableness of the price/cost or fees proposed. If LAWA determines that a cost analysis is necessary, the Proposer must be prepared to provide, upon request, summaries of estimated costs and documentation supporting all cost elements.

F. CONFLICT OF INTEREST

Government Code Section 1090 et seq. precludes a consultant or contractor from having a financial interest in a public contract that such consultant or contractor had the potential to influence while performing work for the City. This includes a bar on a consultant or contractor benefiting from a public contract which results, directly or indirectly, from the services provided by such consultant or contractor. A Proposer shall include in its submission information identifying itself or any other affiliate or subcontractor and employees and principals of the affiliates or subcontractors that are proposed to perform work under this RFP and that has previously performed work for the City relating to this project as well as a description of the prior work for the City. Additionally, If a Proposer discovers any perceived, potential or actual conflict of interest, the Proposer must promptly disclose the same to the City in a written statement delivered by a representative of the Proposer to the Procurement Contact, including the names and contact information of the persons to which the perceived, potential or actual conflict of interest relates and a full and detailed description of the perceived, potential or actual conflict of interest.

Without limiting any other right reserved herein in favor of LAWA, LAWA reserves the right, in its discretion, to disqualify a Proposer due to the existence of a conflict of interest.

Execution of the Project Agreement by the Preferred Proposer shall constitute a representation by the Preferred Proposer that, at the time of such execution, the Preferred Proposer knows of no circumstances, present or anticipated, which come within the provisions of Government Code Section 1090.

Proposers are advised to obtain independent legal counsel in order to fully understand the applicability of, and the penalties for violating, Government Code Section 1090 and any other applicable conflict of interest laws.

G. COLLUSION OR INFLUENCE

Any attempt by a Proposer to improperly influence a member of the evaluation panel directly or indirectly during the proposal evaluation and scoring process will result in the elimination of that Proposer from consideration. Any evidence or appearance of collusion among Proposers shall be grounds for immediate disqualification.

H. GOVERNING LAW

This RFP shall be governed by, construed, and enforced in accordance with the laws of the State of California and the applicable laws of the City of Los Angeles.

In addition to the requirements of Title VI of the Civil Rights Act of 1964, Proposer shall comply with pertinent statutes, Executive Orders and such rules as are promulgated to ensure that no person shall, on the grounds of race, creed, color, national origin, sex, age, or disability be excluded from participating in any activity conducted with or benefiting from Federal assistance. Further, Proposer shall comply with all applicable US DOT Standard Title VI/Non-Discrimination Assurances contained in DOT Order No.

1050.2A, and as may be amended or interpreted by the Federal Aviation Administration or the United States Department of Transportation from time to time.

I. RIGHT OF REJECTION AND WAIVER OF INFORMALITY

LAWA reserves the right to reject any and all submittals and/or to waive any informality in the submittals when doing so would be to the advantage of LAWA.

The receipt of any submittal shall not in any way obligate LAWA to enter into an agreement, concession agreement, lease, or any other type of contract of any kind with any Proposer.

J. RIGHT TO RECEIVE ADDITIONAL INFORMATION AND VERIFICATION

LAWA reserves the right to request any additional information at any time to assist in its evaluation. LAWA reserves the right to verify all submitted information, including all references, use of the internet and social media, and to contact third parties for additional references and information as it deems advisable.

K. PUBLIC DISCLOSURE REQUIREMENTS

All documents submitted in response to the RFP will become a matter of public record and shall be thereupon considered public records. If a bidder believes that any portion of its proposal is exempt from public disclosure, such portion shall be clearly marked “Trade Secret,” “Confidential,” or “Proprietary.” By submitting information with portions marked in this manner, the bidder represents that it has a good faith belief that such material is exempt from disclosure under the California Public Records Act, California Government Code §§ 7920, et. seq. A bidder that indiscriminately marks all or most of its proposal as exempt from disclosure as a public record, whether by notations of “Trade Secret,” “Confidential,” “Proprietary,” or otherwise, may render the proposal non-responsive and will be rejected. LAWA will not provide advice as to the nature or content of documents to protection from disclosure under the California Public Records Act, including interpretations of the Act or the definitions of “Trade Secret,” “Confidential” or “Proprietary.”

LAWA is not liable or responsible for the disclosure of records marked “Trade Secret,” “Confidential” or “Proprietary,” including those exempt from disclosure if disclosure is deemed required by law, by an order of Court, or which occurs through inadvertence, mistake or negligence on the part of LAWA or its Board, officers, representatives, assigns, successors, employees or agents. At such time as proposals are deemed a matter of public record, pursuant to the above, any bidder or member of the public shall be afforded access for inspection or copying of such proposals, by request made to LAWA in compliance with the California Public Records Act.

The bidder shall agree to reimburse LAWA for, and to indemnify, defend and hold harmless LAWA, its Board, officers, representatives, assigns, successors, fiduciaries, employees and agents from and against any and all claims, damages, losses, liabilities, suits, judgments, causes of action, demands, fines, penalties, costs and expenses including without limitation, attorney’s fees, expenses and court costs of any nature whatsoever arising from or relating to LAWA’s non-disclosure of any such designated portions of a proposal if disclosure is deemed required by law or court order. Additionally, LAWA may request that the bidder directly defend any action for disclosure of any information marked “Trade Secret,” “Confidential,” “Proprietary,” or otherwise;

if the bidder refuses to do so after requested by LAWA’s sole option, LAWA may release those parts of the proposal so marked without any liability whatsoever to the proposer.

L. ADDITIONAL DISCLAIMERS AND RESERVATIONS

By submitting a response to this RFP, the Proposer agrees to be bound by all of the terms, conditions, disclaimers, and requirements set forth in this RFP.

Failure by LAWA to object to an error, omission, or deviation in the submittal package will in no way modify this Solicitation Document or excuse Proposer from full compliance with the requirements of this Solicitation Document.

Neither the Board nor LAWA shall be obligated to respond to any submittal, nor shall they be legally bound in any manner whatsoever by the receipt of a submittal.

All information stated in the submittal should be factual, truthful and should not be fabricated, embellished, extended or misrepresented. LAWA reserves the right to postpone the submittal due date, cancel this competitive process; issue addenda to this Solicitation Document; issue a new Solicitation Document; or pursue other options when it is in LAWA’s best interests to do so.

M. RIGHT TO CANCEL

LAWA may cancel this RFP at any time. LAWA is not responsible for any costs incurred by Proposers in the preparation and presentation of proposals submitted in response to this RFP.

N. ERRORS OR OMISSIONS

Proposer is liable for all errors or omissions incurred by Proposer in preparing the proposal. Proposer will not be allowed to alter proposal documents after the due date for submission unless approved by LAWA in writing.

O. CORRECTIONS AFTER SUBMISSION

LAWA reserves the right to make corrections or amendments due to errors identified in the proposal by LAWA or the Proposer. This type of correction or amendment will only be allowed for errors such as typing, transposition, or any other obvious error. Any changes will be dated, and time stamped and attached to the proposal. All changes must be coordinated in writing with and authorized by LAWA.

P. INCORRECT PROPOSAL INFORMATION

If LAWA determines that a Proposer has provided incorrect information for consideration in the evaluation process, which the Proposer knew or should have known, was materially incorrect, that proposal may be deemed non-responsive, and the proposal may be rejected.

Q. WITHDRAWAL OF PROPOSAL

A proposer may withdraw their submitted proposal at any time prior to the specified due date and time. Requests must be in writing. After withdrawing a previously submitted proposal, the proposer may submit another proposal at any time up to the specified due date and time.

R. MISREPRESENTATION

If any information stated in the submittal is found to be misrepresented in any manner, this may be grounds for disqualification of the proposal.

S. PROTEST PROCEDURES

Mandatory Time Limits: The procedures and time limits set forth in this section are mandatory and are the proposer’s sole and exclusive remedy in the event of a protest. Failure to comply with these procedures will constitute a waiver of any right to further pursue the protest, including filing a Government Code claim or legal proceedings.

Protests of Notice of Intent to Award It is the intent of this paragraph to provide proposers with a process to formally object to the award related to this RFP. A protest and all required copies relative to a Notice of Intent to Award of a contract to a particular Proposer on this RFP, must be submitted in detail, in writing, signed by the Protestor or by a representative of Protestor, and received in the offices of the Los Angeles City Attorney’s Office, Airport Division and the Director of Sourcing and Economic Impact Division at the below address, before 5:00 p.m. on the tenth (10) calendar day after the notification of the Notice of Intent to Award. If the tenth calendar day falls on a weekend or legal holiday, the Protest period ends at 5:00 p.m. (local time) the following business day. The protest shall contain a full and complete statement specifying, in detail, the factual grounds and legal basis of the protest. The protest shall refer to the specific portion of the RFP, any submitted proposal, or other document that forms the basis for the protest.

The protest must include the name, address, and telephone number of the Protestor and the Protestor’s representatives.

All protests must be addressed to:

Director of Sourcing and Economic Impact Division Los Angeles World Airports 6053 W Century Blvd, 9th Floor Los Angeles, CA 90045

With a copy to:

The Office of the City Attorney, Airport Division 6053 W Century Blvd, 4th Floor Los Angeles, CA 90045

T. Solicitation Notice

LAWA, in accordance with the provisions of Title VI of the Civil Rights Act of 1964 (78 Stat. 252, 42 U.S.C. §§ 2000d to 2000d-4), 28 CFR § 50.3, and 49 CFR Part 21, hereby notifies all bidders that it will affirmatively ensure that any contract entered into pursuant to this advertisement, all contractors will be afforded full opportunity to submit bids in response to this invitation and will not be discriminated against on the grounds of the owner’s race Title VI, color, national origin, sex, creed, age, or disability in consideration for an award.

<< End of Section 1 >>

S E C T I O N 2 Formatting & Submission Requirements

2.1 ADHERENCE

Proposals shall be submitted in accordance with the requirements set out in this document. Any proposal that does not adhere to the requirements in this RFP may be deemed non-responsive and rejected. LAWA reserves the right, in its sole discretion, to waive minor informalities or minor deviations.

2.2 DATE & TIME

Proposals shall be submitted prior to the due date and time specified in the Procurement Schedule (Section 1.5). Late proposals will not be accepted or considered.

2.3 NOTICE OF INTENT TO PROPOSE

Proposers should complete and submit the Intent to Bid on https://lawa.bonfirehub.com by the date indicated in the Procurement Schedule.

This will assist LAWA with future planning. If there is no intent to propose on this RFP, please indicate the reason on the form (to assist LAWA on future solicitations).

2.4 ELECTRONIC SUBMISSION

Proposers are required to submit their Proposal via electronic submission at:

h t t p s : / / l a w a . b o n f i r e h u b . c o m

Proposals will NOT be accepted using any other method (hardcopy delivery, email, facsimile, etc.).

The Proposal shall be uploaded and submitted prior to the Due Date/Time indicated in Section 1.5 Procurement Schedule.

LAWA strongly recommends that Proposers give themselves sufficient time to upload documents (at least one day before the Proposal Due Date).

The Proposer must upload electronic files, as outlined in Bonfire.

The Proposer must upload electronic files, as outlined in Bonfire. All files should match the name of the requested information to be uploaded to Bonfire.

2.5 GENERAL FORMAT

All responses to this RFP shall be made in accordance with the format outlined below. Failure to submit in the requested format, or failure to submit all the required forms may cause a proposal to be deemed non-responsive. The format for the proposal includes the following:

Shall be written in the English language and use US standards of measurement

Be single-spaced with a minimum font size of 12

Prepared simply, economically, and without unnecessary promotional materials

Submittals should be submitted in either MS Word, MS Excel, or Adobe PDF format

Each file has a maximum file size of 1000MB.

Any supplementary artwork, visual aids, films, and other extraneous materials will not be accepted or reviewed.

Senior manager proposals shall not exceed 12 pages, excluding the cover, letter of transmittal, table of contents, resumes, required appendices, and responses to Part 2. Legal/Regulatory Information. Further page limitations are set forth in Section 3.4.

Co-manager only proposals shall not exceed 8 pages, excluding the cover, letter of transmittal, table of contents, resumes, appendices, and responses to Part 2. Legal/Regulatory Information. Further page limitations are set forth in Section 3.4.

All pages must be consecutively numbered with a Table of Contents showing the page number for each question.

Each Section must begin at the top of a page.

Proposals should be responsive, succinct, and prepared simply and economically without the inclusion of unnecessary promotional materials.

Any non-requested additional information in appendices will not be reviewed.

All requested tables must be filled out with the information requested.

Failure to do so will result in a reduction in the score relating to your firm’s relevant experience.

<< End of Section 2 >>

S E C T I O N 3 Proposal Contents

This RFP solicitation contains Submittal forms, which must be used by the Proposer. Proposers must not include website links or embedded documents in any Submittal, as they will not be accessible. LAWA will not consider information outside of, or imbedded in, the Submittals. Any response that does not adhere to the requirements of each Submittal may receive a “0” score for that particular Submittal.

3.1. ADMINISTRATIVE REQUIREMENTS (MANDATORY)

The Administrative Requirements are found in Submittal A Administration Documents. Failure to complete, sign, and submit these documents may lead to disqualification of the proposal. The incomplete submission of the required forms may result in the Proposer being deemed non-responsive. Please review these documents very carefully for accuracy and completeness, prior to submittal.

Please note that all documents must be signed by the duly authorized representative of the entity or sole proprietor.

Additional information (including supplemental guides, instructions, and examples) can be found online at: www.lawa.org/en/lawa-businesses/lawa-administrative-requirements. For assistance regarding these Administrative Documents, please email the Procurement Contact.

3.2. MINIMUM REQUIREMENTS

The Minimum Requirements form is found in Submittal B – Minimum Requirements Form. The incomplete submission of this form will result in the Proposer being deemed non-responsive.

The following minimum requirements shall be required of all firms submitting a proposal in response to this RFP:

i. Net Capital minimum requirement of $100,000 as of December 31, 2025;

ii. At least one full-time professional supervisory employee with a FINRA

Series 53 license;

iii. At all times, the firm must hold all licenses and registrations required by applicable federal and state laws, as well as the California Department of Business Oversight (DBO), for businesses offering underwriting or investment banking services; and

iv. Firm is compliant with the provisions of the City’s Responsible Banking Ordinance (See Exhibit 2).

Proposers who do not meet the minimum requirements indicated will be deemed non-responsive and excluded from further evaluation.

3.3. WRITTEN/TECHNICAL PROPOSAL

The Written/Technical Proposal has five (5) separate parts, which have maximum page limit requirements. The Proposer is to use Submittal C – Written/Technical Proposal Form. Any Submittal Part that exceeds the maximum page limit will receive a “0” score for the particular Part. All proposals should include a Cover Letter, Cover Page, and Table of Contents.

Proposal Organization and Content Proposers should address the following major sections checked in the table below:

Part Senior Manger

Proposals

Co-Manager Only

Proposals

1. Letter of Transmittal (1 page)

2. Legal/Regulatory Information (no limit)

3. Firm Information (4 pages)

4. Experience and Capabilities (4 pages)

5. Plan of Finance and Credit Ratings (4 pages) x

Part 1 – Letter of Transmittal (1 page maximum)

This letter shall accompany all proposals and must include the following elements:

a. State whether your firm is applying as a senior manager, co-manager, or both.

Describe why your firm should be appointed as one of the senior managers, co-managers, or both. Note if your firm qualifies as an Emerging Bank and is applying as co-manager only. Please note that LAWA reserves the right to assign firms who apply to serve as senior manager as co-manager on individual financings.

b. A brief statement of the Proposer’s understanding of the work to be performed and commitment to perform the work as scheduled.

c. The name(s) of individual(s) authorized to represent the Proposer, and their titles, addresses, telephone numbers, and email addresses, along with the location of the firm’s primary headquarters.

d. Proposers must include a statement certifying receipt of all addenda issued by LAWA related to this RFP or attach an acknowledgement thereof.

e. The letter must be signed by an individual authorized to commit your firm and the person who will be identified as the lead banker to LAWA. Please note this individual will be the relevant staff member to which Charter Section 609(e) and CE56 reporting applies.

Part 2 – Legal/Regulatory Information (no page limit)

a. Sanctions or Penalties. List any sanctions or penalties brought against your firm or any of its personnel (including suspension or disbarment) by any regulatory or licensing agencies involving your municipal securities activities.

Include a description of the reasons for the sanctions or penalties and whether such sanctions or penalties are subject to appeal.

b. Disciplinary Actions. Indicate whether any of the personnel that will be assigned to work on LAWA transactions have received any disciplinary actions by the U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority, or any other federal or state regulatory body. Provide a description of such disciplinary actions.

c. Suits Brought by Governmental Entities. Please indicate whether your firm or its affiliates are currently being sued by any governmental entity or federal or state regulatory body over any of its actions taken as an underwriter, remarketing agent or broker-dealer.

d. Conflicts of Interest. Describe any business activities of your firm that may create a conflict of interest with your firm’s participation in LAWA’s Pool.

Part 3 – Firm Information (4 pages maximum, excluding required appendices)

a. Description of Firm and Commitment to Municipals. Provide a brief description of how your firm is organized, focusing on the role of your municipal department.

i. Indicate your firm’s presence in and commitment to the airport/transportation industry as well as the California municipal market, including information on your firm’s physical presence in California (number of offices and staffing thereof);

ii. Comment on any recent changes in your municipal department’s size and structure; comment on your municipal department’s position and level of importance to the firm;

iii. Does your firm have a dedicated airport finance group within the municipal department? If so, describe how long this group has been in place and its structure and leadership within the municipal department;

iv. Discuss investment banking services provided to issuers or transactions that you feel are similar or relevant to the investment banking services potentially provided under this RFP. In particular, discuss services provided to airport or similar debt issuers; and

v. Include information on related products and services you offer to municipalities, such as bank credit, private placements, direct purchases, and derivative products.

b. Distribution Capabilities. Describe the specific strengths of your firm’s institutional and retail distribution capabilities, and your firm’s unique strengths within retail, direct retail or professional retail markets. Will your underwriting contribution be greater in the retail or institutional market (or a combination thereof) and why?

c. Capital Position. Provide information on your firm’s capital position and underwriting capacity. At a minimum, include:

i. Your firm’s Excess Net Capital at the end of each of the last three calendar years and the most recent quarter for which such data is available. Provide your firm’s quarterly Focus Part II filing for the period ending December 31, 2025 - Form X-17A-5 Part II.

ii. The maximum amount of capital your firm is able and authorized to commit to support a LAWA bond transaction, including unsold balances. Who has authority to commit capital at your firm and how are decisions to allocate capital to a specific transaction made?

iii. The total par amount of bonds your firm has directly purchased from issuers and placed into your inventory over the last three years, specifically identifying any airport or comparable municipal transactions.

d. Corporate Social Responsibility. Los Angeles is one of the most diverse cities in the world. As such, LAWA seeks partners committed to the values of diversity, equity, inclusivity, and opportunity for local and emerging businesses and local workers. LAWA values and is committed to creating an environment that provides all individuals and businesses open access to LAWA business opportunities. Consistent with this commitment, LAWA will evaluate the extent to which required submittals demonstrate a detailed, specific, and credible approach to corporate social responsibility, diversity, equity, and inclusion.

i. Describe your firm’s local presence in Los Angeles County, including the number of offices the firm maintains in the area, the number of employees in those offices, and the percentage of your total public finance workforce those employees comprise;

ii. Describe your corporate social responsibility commitments including the development of or participation in charitable programs, employee volunteerism, internship programs, and/or scholarships. Please attach your firm’s social responsibility/diversity, equity, and inclusion policy statement;

iii. Provide information on your firm’s equal opportunity record as evidenced by the firm’s affirmative action and equal employment opportunity policies and practices, particularly in your firm’s public finance department. Please describe your firm’s approach to monitoring progress in this area, evidenced by changes in the composition of firm personnel, executive personnel, and/or its board of governance. Please provide any targets, benchmarks, and performance metrics that substantiate this record.

Please identify which of these metrics and equal opportunity outcomes you share with your stakeholders on a regular basis;

iv. Describe any policies, programs, or activities your firm administers to promote equity, diversity, and inclusion within the firm. Such programs may include, by way of example: executive development programs, employee resource or affinity groups, campus recruitment programs, stakeholder reports on DEI metrics and performance, pay parity policies, or internal governance frameworks implemented to advance diversity, equity, and inclusion at all levels of your firm. Please describe your firm’s approach to monitoring progress in this area, providing any targets, benchmarks, and performance metrics that substantiate this work, specifically as it relates to your firm’s public finance department. Please identify which of these metrics and program outcomes are regularly reported to stakeholders; and

v. Describe any policies, programs, or activities your firm administers to promote equity, diversity, and inclusion in the broader community. Such programs may include, by way of example: funds dedicated to investing in diverse and or disadvantaged communities, funds dedicated to investing in diverse and/or disadvantaged firms, community development funding partnerships, helping disadvantaged clients to use banking services, providing financial products for clients with special needs, providing financial support to social enterprises; third party governance/responsibility policies, etc. Please provide any targets, benchmarks, and performance metrics that substantiate this work, specifically as they relate to your firm’s public finance department. Please identify which of these metrics and program outcomes are regularly reported to stakeholders.

Part 4. – Experience and Capabilities (4 pages maximum, excluding required appendices)

a. Lead Banker. Identify the lead banker assigned to serve LAWA, including name, address, telephone number, and email address. What is his/her reporting relationship/authority within the public finance area of your firm? If the lead banker is not authorized to negotiate terms and make decisions with respect to this proposal, also include the same information requested above for this individual.

b. Lead Underwriter. Provide the name of the primary underwriter from your firm who will be assigned to LAWA’s pricings.

c. Team Qualifications. Describe the team which will be assigned to manage and underwrite LAWA’s transactions, including each team member’s role, office location, tenure at firm and relevant experience with airport revenue bonds. The team must include the lead (day-to-day), secondary, analytical personnel who will be assigned to this engagement, lead credit professional, and the primary underwriter who will be assigned to provide pricing and underwriting expertise on LAWA’s financings.

i. Specifically identify and provide three (3) references each (preferably airport issuers) for the lead banker who will have day-to-day responsibility for LAWA’s financings and the primary underwriter (recognizing the firm may use the same reference for each). For references, include name, title, organization, telephone number, e-mail address, and a description of the value added by your proposed team as senior manager or co-manager to a recent transaction for each reference. Such areas may include, but are not limited to:

Financing document and disclosure preparation and review;

Value-added structuring ideas;

Credit strategies;

Ability to bring in new investors;

A recent example of your firm committing capital to underwrite bonds;

Communication plan on market developments and investor feedback by the underwriting desk prior to and during pricing day.

ii. As a required appendix to your proposal, please provide resumes for each of the assigned team members.

d. Airport and California Experience. Using the format provided below, summarize your firm’s relevant experience in negotiated airport and California transactions since January 1, 2024.

Also provide as required appendices to your proposal detailed lists of these transactions in the formats provided below with the following detail. The detailed tables should show sub-totals by Role consistent with the summary tables.

Airport Finance Experience, January 1, 2024, to date

California Finance Experience, January 1, 2024, to date

e. Underwriting and Credit Contributions. Describe your firm’s major underwriting and/or credit contributions to (a) LAWA financings, (b) the underwriting group, and/or (c) LAWA’s commercial paper program and revolver program. Has your firm underwritten bonds for LAWA or other airport/transportation issuers since 2024? Please list the amounts, circumstances, and value-added aspects surrounding your underwriting commitment and/or provision of bank credit in the form of letters of credit on the selected financings.

f. Undersubscription. Please discuss how you would respond to a situation in which you are faced with an undersubscription during the marketing phase of a transaction. Under what circumstances would your firm underwrite unsold

Role (Negotiated transactions only) AMT Non-AMT Taxable TOTAL AMT Non-AMT Taxable TOTAL Senior Manager (Total Par)(1) $ $ $ $ $ $ $ $ Senior Manager (SDC Credit)(2) $ $ $ $ $ $ $ $

Co-Senior Manager (Total Par) $ $ $ $ $ $ $ $

Co-Manager (Total Par) $ $ $ $ $ $ $ $

Total (Par) $ $ $ $ $ $ $ $

(1) Total par amount of transactions for which firm served as bookrunning senior manager

(2) Senior managed par based on SDC credit allocated to firm

Airport Finance California Finance

Sale Date Issuer Description

Par

($MM)

Tax Status

Maturity Range Mode Role

Sale Date Issuer Description

Par

($MM)

Tax Status

Maturity Range Mode Role balances for LAWA and, if balances were unsold after your recommended scale, would your firm propose adjusting the scale or would your firm underwrite the bonds at the originally proposed scale? If applicable, please include any relevant past experiences pertaining to an undersubscription on a transaction in which your firm was acting as an underwriter.

g. Secondary Market Trading. Describe your firm’s secondary market trading activities in LAX bonds over the last three years. Provide a table summarizing your secondary market purchases and sales by year including 2024, 2025, and

2026YTD.

h. Marketing and Premarketing. Please discuss your firm’s approach to selling debt to both retail and/or institutional buyers, including identifying what portions of the debt would go to retail or institutional investors. Please discuss what kind of premarketing your firm would conduct for LAWA in a transaction, including a potential schedule of a bond sale.

i. Airline Tenant Information. For informational purposes only, please provide as a required appendix to your response a detailed list of financings issued on behalf of LAWA’s airline tenants since 2024.

j. Distinguishing Attributes/Other Products and Services. Describe any other attributes distinguishing your firm from others offering similar services that would prove helpful to LAWA in its selection process. Emphasize those aspects of your organization and experience that distinguish your firm from other firms that may respond to this RFP.

Part 5 – Plan of Finance and Credit Ratings (4 pages maximum, excluding required appendices)

a. Plan of Finance. LAX’s most recent Report of the Airport Consultant was prepared in connection with the issuance and sale of the Series 2026ABC Bonds. Review LAX’s financial projections, recent official statements, debt profile and other information on https://www.lawainvestorrelations.com/ and https://www.lawa.org/en/lawa-investor-relations and develop a proposed plan of finance for LAX’s new money and refunding transactions and describe the specific benefits of implementing this plan.

b. Specifically address the following issues: (1) timing of sales; (2) issue sizes; (3) lien strategy; (4) amortization; and (5) types of debt issued (e.g., fixed rate, variable rate, and, if variable rate, which products to use, etc.) Include a sensitivity analysis of the impact of interest rate increases and decreases of 50 bps and 100 bps on your proposed plan of finance. The proposed plan of finance shall be based on MMD, swap curves, and/or U.S. Treasury benchmark rates in effect as of the close of business on September 25, 2026. All-in interest costs for floating rate obligations shall be assumed at the SIFMA Municipal Swap Index Yield posted on such date (excluding credit spread adjustments and remarketing and liquidity costs.) Include in a required appendix the interest rate scales assumed in the plan of finance, including benchmark rates and spreads for each lien and tax status type as of such date.

c. Credit Ratings. Provide your firm’s assessment of LAX’s current credit ratings and their long-term outlook based on LAX’s future capital requirements and projected financial metrics. Discuss your credit rating strategy including the most significant credit issues facing LAX and actions LAWA might take to manage their impact on LAX’s credit ratings. How many ratings, and which agencies, should LAWA consider using for future bond sales?

d. Bond Purchase Agreement. LAWA intends to execute a Bond Purchase Agreement (BPA) in substantially the form included as Exhibit 1. Please identify any and all existing provisions in the BPA that would be a barrier to your firm signing the Agreement, as well as any provisions your firm would require that are not currently included in the BPA. While LAWA will consider such changes, selection for inclusion in the Pool does not commit LAWA to such changes.

<< End of Section 3 >>

S E C T I O N 4 Evaluation Procedures

4.1 MANDATORY ADMINISTRATIVE SUBMISSION REQUIREMENTS

LAWA will…