Broomfield - Request for Quote General Obligation Bond Issuance.pdf
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- Solicitation number
- 25-RFQ-FIN-BOND1
- Issued by
- Broomfield County, Colorado
About this file
The document is a Request for Underwriting Documented Quotes (RFQ) issued by the City and County of Broomfield, Colorado, seeking proposals from qualified underwriters for the issuance of approximately $70,000,000 in General Obligation Bonds, Series 2026. The bonds will fund a new Police building to accommodate Broomfield's growing police force and staff, with the transaction expected to close in January 2026. The project aims to address space constraints in the current Police Building by creating new facilities including a tactical training room, community room, conference spaces, special enforcement team areas, an emergency operations center, and a shooting range. Proposals must be submitted through BidNet by June 30, 2025, at 3:00 pm, with no direct contact allowed with Broomfield officials during the selection process.
Broomfield is seeking an underwriter with specific experience in Colorado general obligation bonds, with the selection based on the firm's transaction experience, familiarity with Broomfield, and the expertise of its public finance professionals. The city has a current Moody's rating of Aa1 for Sales Tax debt and has existing bond series from 2012 and 2017 with annual payments of $7.8M and $5.8M respectively. Proposing firms are required to provide an overview of their underwriting experience, identify assigned personnel, recommend credit rating strategies, propose a fee structure, and disclose any plans to retain underwriter's counsel. The city reserves the right to reject all proposals and negotiate with prospective firms, with the final engagement letter subject to mutual agreement.
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Text version
CITY AND COUNTY OF BROOMFIELD REQUEST FOR
UNDERWRITING DOCUMENTED QUOTES
(General Obligation Bond, Series 2026)
JUNE 6, 2025
Overview
The City and County of Broomfield (“Broomfield” or the “City”), is seeking proposals from qualified prospective underwriters regarding the anticipated issuance of General Obligation Bonds, Series 2026 (the “2026 Bonds”). Tax-exempt proceeds of the 2026 Bonds will be used to fund Broomfield’s new Police building and will be for approximately $70,000,000.
The Police Building project is needed to accommodate Broomfield’s growing police force.
Broomfield is experiencing rapid population growth and has experienced commensurate growth in the number of City and County staff. As a result, the current Police Building is undersized to handle both current and future staffing levels. In addition to a shortage of space for the growth of existing operations, there are many programmatic areas that do not currently exist and are highly recommended to support the Police Department operations and the protection of equipment. These areas include:
● Tactical training and mat room
● Community room
● Conference and meeting rooms for investigations and patrol
● Patrol special enforcement team areas
● Dedicated emergency operations center and situation room
● Shooting range
Broomfield expects the 2026 Bonds to be issued as limited obligations of the general fund and an irrevocable and first lien upon the Net Pledged Revenues, but not necessarily an exclusive lien.
Professionals
The law firm of Butler Snow, LLP has been retained by Broomfield as Bond Counsel for this transaction, and in such capacity will also assist in the preparation of all documents required for the bond issuance. Butler Snow, LLP will render an opinion in customary form with respect to the validity of the tax-exempt treatment of the interest portion of the debt service due on the 2026 bonds. RBC Capital Markets, LLC is serving as Broomfield’s Financial Advisor.
Submission of Proposals
Broomfield is seeking an underwriter with specific experience with general obligation bonds in Colorado. Broomfield will take into consideration the firm’s specific experience with similar
25-RFQ-FIN-BOND1
transactions, the relevant experience with the City & County of Broomfield and experience of the public finance and underwriting professionals. Broomfield expects to select the firm which it believes will best meet its overall expectations and timeline for the proposed financing. The transaction is expected to close in January 2026.
Please submit your proposal including quote for fees, response to the required items, including a cover letter and sample engagement letter through the BidNet at www.bidnetdirect.com. Additional or expanded information may be attached as appendices to the documented quote. Please submit your information through BidNet no later than June 30 , 2025 by 3:00 pm
Proposing firms are requested to have no contact with Broomfield officials during this process. Any information requests, questions about the selection process or questions about the financing should be submitted through the BidNet system. Further information regarding the system or process may be submitted to solicitations@broomfield.org.
Broomfield reserves the right to reject all proposals and to negotiate with any prospective firms. If the 2026 general obligation bond issuance transaction fails to close for any reason, the proposing firms will have no recourse against Broomfield, its financial advisor, bond or special counsel, or any of their affiliates, agents or representatives for any expenses, losses, damages or liability incurred. Broomfield shall have the opportunity to clarify the contents of the sample engagement letter and add any additional terms that are necessary for a local government entering into this type of engagement. Any terms in the engagement letter that are not acceptable to the City may be rejected and the parties shall negotiate in good faith the terms of the final engagement letter which shall be executed by the winning proposer.
http://www.bidnetdirect.com
REQUIRED RESPONSE ITEMS
1. Please provide an overview of your firm’s underwriting experience both nationally and in Colorado. Please provide specific general obligation bond issues since January 2022.
2. Please identify the public finance personnel assigned to this transaction and provide brief descriptions of their relevant experience with comparable Colorado transactions.
3. Please provide your recommendations for securing a credit rating for the Series 2026 Bonds. Broomfield was reviewed by Moody’s in 2024 and received an upgraded rating from Aa2 to Aa1 for Sales Tax debt. Broomfield has Series 2012 and 2017 bonds outstanding for sales and use tax, with annual payments of $7.8M and $5.8M, respectively. Please also discuss your recommendations for any credit features for the 2026 Bonds.
4. Please provide your proposed fee structure for these transactions. In addition, please indicate whether you anticipate retaining underwriter’s counsel, and, if so, the firm you would propose to serve in that role and related costs.
5. Please submit any additional information which you believe would be useful to
Broomfield in evaluating your qualifications to serve as underwriter.
| CITY AND COUNTY OF BROOMFIELD REQUEST FOR UNDERWRITING DOCUMENTED QUOTES |
| (General Obligation Bond, Series 2026) |
| Overview |
| Professionals |
Submission of Proposals
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