CEFA01-25_-_FINAL_RFP_(04-18-25).pdf

MEMBERS

FIONA MA, CPA, CHAIR

California State Treasurer

MALIA M. COHEN

California State Controller

JOE STEPHENSHAW

Director of Finance

HAROLD HEWITT, JR.

KELLY RATLIFF

INTERIM EXECUTIVE DIRECTOR

CAROLYN ABOUBECHARA

901 P Street, Room 313 Sacramento, CA 95814 p (916) 653-2872 f (916) 653-2179 cefa@treasurer.ca.gov www.treasurer.ca.gov/cefa

CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY

California Educational Facilities Authority REQUEST FOR PROPOSALS-Secondary

Notice to Prospective Proposers

Municipal Advisor for Bond Sale and Related Services

RFP No. CEFA01-25

April 18, 2025

You are invited to review and respond to this Request for Proposals (“RFP”), entitled Municipal Advisor for Bond Sale and Related Services for the California Educational Facilities Authority (“CEFA” or “Authority”), RFP No. CEFA01-25. This RFP is seeking proposals from qualified firms for municipal advisory services for the bond sale process utilized by CEFA in its role as conduit issuer of tax-exempt bonds for qualified non-profit, higher-educational facilities as well as to assist the Authority with its various other programs. This RFP will yield a maximum of two contracts, as more particularly described herein. In submitting your proposal, you must comply with these instructions.

This RFP includes the Sample Standard Agreement the selected firm(s) will be expected to execute.

The agreement will include by reference the General Terms and Conditions and Contractor Certification Clauses, which may be viewed and downloaded online at https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List- Folder/Standard-Contract-Language. The General Terms and Conditions and all Exhibits that are a part of the Sample Standard Agreement are not negotiable. By submitting a proposal, all firms agree to the terms and conditions stated in this RFP.

In the opinion of CEFA, this RFP is complete and without need of explanation. However, if you have questions, or should you need any clarifying information, written questions must be received by CEFA by 12:00 p.m. PT on May 2, 2025. The contact person for this RFP is:

Christina Obien Compliance Officer

California Educational Facilities Authority

(916) 653-1759 cefa@treasurer.ca.gov

Please note that verbal information given will not be binding upon the State unless such information is issued in writing as an official addendum.

https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language mailto:cefa@treasurer.ca.gov

Table of Contents

Section Page

A) Purpose and Description of Services

1. Introduction

2. Scope of Services

3. Term of Agreement

B) Minimum Qualifications for Proposers

C) Proposal Requirements and Information

1. Key Action Dates

2. Questions and Answers

3. Content and Format of Proposals

4. Submission of Proposals

5. Evaluation Process

6. Award and Protest

7. Disposition of Proposals

8. Agreement Execution and Performance

D) Preference and Incentive Programs

1. Small Business or Microbusiness Preference

2. Non-Small Business or Microbusiness Preference

3. Target Area Contract Preference Act (TACPA)

4. California Disabled Veteran Business Enterprise (DVBE) Incentive

E) Required Attachments

Attachments

Attachment 1 Required Attachments Checklist Attachment 2 Proposal/Proposer Certification Sheet Attachment 3 Proposer References Attachment 4 Minimum Qualifications Certification Attachment5 Payee Data Record (STD 204) Attachment 6 Darfur Contracting Act Certification Attachment 7 California Civil Rights Law Certification Attachment 8 Contractor’s Certification Clauses (CCC 04/2017) Attachment 9 Generative Artificial Intelligence (GenAI) Notification Attachment 10 Bidder Declaration (GSPD-05-105) Attachment 11 Small Business or Microbusiness Preference * Attachment 12 Non-Small Business or Microbusiness Preference* Attachment 13 Target Area Contract Preference Act (TACPA) Preference* Attachment 14 Disabled Veteran Business Enterprise (DVBE) Incentive Program*

(*If applicable)

F) Sample Standard Agreement (STD 213)

Exhibit A Scope of Work Exhibit A, Attachment 1: Resumes of Key Personnel Exhibit B Budget Detail and Payment Provisions Exhibit C General Terms and Conditions (GTC 02/2025) Exhibit D Special Terms and Conditions Exhibit E Additional Provisions

California Educational Facilities Authority (CEFA)

A. Purpose and Description of Services

1. Introduction

The California Educational Facilities Authority (CEFA or the Authority) is requesting proposals from municipal advisory firms (the “Firm(s)”) to assist with tax-exempt bond issuances and equipment financings for non-profit higher educational facilities as well as to assist with various other programs. All proposals submitted to perform these services must describe the experience and qualifications demonstrating the Firm’s ability to provide these services. Failure to provide required information may result in disqualification.

CEFA anticipates entering into two separate contracts to be referred to as a Primary Contract and Secondary Contract. The Firm scoring the highest points following the evaluation process as outlined in Section C, Item 4, “Evaluation Process” will be awarded the Primary Contract to be used on an as-needed basis to perform a wide range of services, including assisting with bond sales (Section A, Item 2, Scope of Services).

The Secondary Contract will be awarded to the Firm scoring the second highest points and will be used on an as-needed basis in the event CEFA determines a conflict of interest (as defined in Section C, Item 2b, Conflict of Interest – Dual Representation) exists with the Primary Firm.

The selected Firm(s) is/are expected to be technically and professionally capable of providing services in all subject areas described in Section A, Item 2, Scope of Services and meet the Minimum Qualifications for Proposers in Section B. CEFA anticipates a July 1, 2025, contract start date, and the Firm(s) must be available at that time to assume services. CEFA anticipates entering a three-year contract, fiscal years ending June 30, 2026, June 30, 2027, and June 30, 2028. Upon contract award(s), and annually thereafter throughout the term of the contract(s), the selected Firm(s) will be required to comply with the Political Reform Act and file a Statement of Economic Interest (Form 700, Fair Political Practices Commission).

a. CEFA – Program Description

Established in 1972 pursuant to statute, the Authority is a public instrumentality of the State of California and is authorized and empowered by the provisions of the California Educational Facilities Authority Act (the “Act”) to provide private institutions of higher education within the state an additional means by which to expand, enlarge, and establish dormitory, academic, and related facilities, to finance such facilities, and to refinance existing facilities through a tax-exempt revenue bond program.

Since its establishment in 1972, CEFA has issued over $14.8 billion in bonds and currently has approximately $4.2 billion in outstanding bonds, as of December 31, 2024. More information can be found on the Authority’s website at https://www.treasurer.ca.gov/cefa/.

Bond financings are usually brought to the Authority by an investment banking (underwriting) firm that serves as senior manager of the financing. Staff works together with the financing team to prepare the application for presentation to Authority board members. The Authority board meets monthly if there are any bond financing applications or action items for the Authority’s monthly agenda. The Authority board consists of five members, including the State Treasurer, who serves as Chair, the State Controller, the Director of Finance, and two members appointed by the Governor.

https://www.treasurer.ca.gov/cefa/

2. Scope of Services

a. Municipal Advisor on Bond and Equipment Financings

The Firm(s) will be expected to assist CEFA on an as-needed basis to perform a wide range of services related to each bond transaction throughout the proposed contract period. In the event CEFA determines there is an actual or potential conflict of interest for the Primary Firm, the bond transaction will be assigned to the Secondary Firm. Services will include:

1) Assist CEFA in the review of proposed underwriter spread components and estimated costs of issuance items. Make recommendations on adding syndicate members for particular transactions.

2) Evaluate the proposed structure of the financing as presented by the senior managing underwriter in conjunction with existing debt service of the borrower as well as the proposed security and covenant package preferred by the borrower. Make recommendations as necessary regarding security features, specific covenants, credit enhancement, specific maturities of serial or term bonds, fixed or variable rates or call provisions. Discuss recommendations with the senior managing underwriter or the borrower’s financial advisors (or both) as may be directed by CEFA.

3) Provide an independent scale of market comparables for the proposed financing and assist CEFA in the evaluation of the proposed scale presented by the senior managing underwriter. On an as-needed basis, participate in the pre-pricing discussion with syndicate members, CEFA, the borrower, and the State Treasurer’s Office. Offer suggestions on final pre-pricing adjustments, including, but not limited to coupons, yields, premium or discount maturities or other structural modifications based on current market conditions.

4) Participate in pre-pricing and pricing calls. Evaluate the proposed sale, including orders, proposed changes in structure or interest rates and the level of interest from institutional and retail buyers.

Make recommendations to CEFA regarding acceptance of the underwriting offer.

5) On refinancing transactions, review, when appropriate, the pricing of securities in escrow funds and make recommendations to ensure the most cost-effective escrow.

6) Provide assistance in reviewing the allocations and allotments of bonds proposed by the senior managing underwriter, when necessary.

7) As directed by CEFA, prepare a post-sale evaluation of the financing and the key participants for use by CEFA in its effort to facilitate an efficient and cost-effective transaction for its clientele.

8) Review CEFA’s outstanding bond portfolio and provide CEFA information on potential refundings that could benefit its borrowers to assist with marketing and seeking business for CEFA.

9) Assist with marketing ideas on how to increase CEFA’s book of business.

10) In all respects, represent the best interests of CEFA and the State of California in all transactions and proceedings by strict adherence to the statutory conflict of interest laws of California (as defined in STD 213, Exhibit E, Item #1).

11) Be available during regular business hours (Monday through Friday, 8:00 a.m. until 5:00 p.m. PT), either by phone or in person, for consultations with CEFA staff, which may require travel to the CEFA office or other locations as necessary.

b. Additional Municipal Advisor Projects

On an as-needed basis, additional projects may occur from time-to-time requiring municipal advisory services. In the event CEFA determines there is an actual or potential conflict of interest for the Primary Firm, or the Primary Firm declines the additional assigned project due to workload of other CEFA assignments, the project would be assigned to the Secondary Firm. The Primary Firm will have two (2) days to accept or pass the additional project(s). Additional projects may include the following:

1) Assist CEFA by providing analysis and advice on issues or questions related to tax-exempt debt markets, and the non-profit higher education sector, or any other related financial matter.

2) Provide, as requested, periodic training of CEFA staff on various aspects of the bond sale and equipment financing process.

3) Be available within reasonable timeframes for consultation with CEFA staff on issues relating to the financing process, which may require travel to the CEFA Office.

4) The creation and implementation of new financing programs including bond and equipment financing, loans or grants.

5) Analysis of the cost/benefit of different structuring and pricing options of bond or loan programs.

This analysis includes but is not limited to pooled financings versus stand-alone financings, fixed-rate versus variable-rate bonds, insured versus uninsured bonds, callable versus non-callable bonds, and par versus premium or discount bonds.

6) Perform financial analysis on proposals for new products as they pertain to higher education or financing programs.

7) Assist CEFA staff with rating agency presentations. Assist CEFA staff in the preparation of presentations for workshops and conferences.

8) Assist CEFA when conducting a comprehensive study of fees that issuers throughout the country are paying for financial advisors, pricing advisors, bond counsels, disclosure counsels and issuer counsels services.

9) Assist CEFA with conducting comprehensive analysis and evaluation of current or potential borrowers. Analysis may also include comparisons of other educational facilities throughout the state or country.

10) Assist in the review and revision of CEFA’s tax-exempt bond guidelines.

11) Assist CEFA in creating template bond or loan documents and identify, address and resolve common policy issues that tend to arise in bond documents from transaction to transaction.

12) Assist CEFA by providing other municipal advisory services that may arise from time to time, related to tax-exempt bond issuance and equipment financings for non-profit higher educational facilities.

3. Term of Agreement

The term of the agreement(s) will be for a three-year period. The effective date of this contract is either the start date of July 1, 2025, or the approval date by the Department of General Services, whichever is later.

No work shall commence until the effective date. The contract amount will not exceed $300,000.00 for the Primary Firm and $250,000.00 for the Secondary Firm for the term of the agreement.

B. Minimum Qualifications for Proposers

The Firm(s) must have at a minimum, the following qualifications and experience:

1. Be on the State Treasurer’s Office Municipal Advisor Pool list as of the proposal due date for this Request for Proposal (“RFP”) and at the time the contract is awarded.

2. Have an office established in the State of California.

3. Be qualified to do business in the State of California.

4. Have two (2) years of experience as a municipal advisor to a statewide issuer of bonds.

5. Have access to online financial market data and the ability to react to bond structure and pricing proposals and changes prior to and during bond pricing.

6. Have knowledge and experience with tax-exempt bond structures, including fixed, variable, and auction rate securities, derivative products, swaps and forward options.

7. Demonstrate the ability and have the technology to provide verifications of bond premiums and discounts, debt service calculations, true interest cost and related information in a timely manner.

8. Not be a Firm that provides underwriting or investment banking services.

9. Be currently registered as a Municipal Advisor with both the Municipal Securities Rulemaking Board and the Securities and Exchange Commission.

Failure to meet the minimum qualifications will cause a proposal to be considered non-responsive and subsequently rejected.

C. Proposal Requirements and Information

1. Key Action Dates

All proposers are hereby advised of the following schedule and will be expected to adhere to the required dates and times:

Date Action

April 18, 2025 RFP available on the California State Contracts Register (“CSCR”) and the CEFA website to prospective firms

May 2, 2025 Written questions must be received by CEFA by 12:00 p.m. Pacific Time (“PT”)

May 7, 2025 Responses will be posted on the CSCR and the CEFA website

May16 , 2025 Final Date for Proposal Submission

Proposals must be received at the CEFA office at 901 P Street, Suite 313, Sacramento, CA 95814 by 4:00 p.m. PT

May 19 – May 22, 2025 Evaluation and Selection of Firm by Evaluation Committee

May 23, 2025 Notice of Intent to Award Contract

July 1, 2025 Anticipated Commencement of Contract (pending DGS approval)

2. Questions and Answers

In the opinion of CEFA, this RFP is complete and without need of explanation. However, if you have questions or should you require any clarifying information, please email Christina Obien at cefa@treasurer.ca.gov. Questions regarding this RFP must be submitted in writing no later than 12:00 p.m. PT on May 2, 2025. Responses to questions will be provided by May 7, 2025 and will be made available in the California State Contracts Register located at https://caleprocure.ca.gov/ and the CEFA website.

3. Content and Format of Proposals

The firm should include a Cover Letter and contact information with its proposal. The proposal should be organized in the format shown below and contain all of the information listed or requested below.

a) Firm Experience, Personnel and References

CEFA expects to have a close working relationship with its Municipal Advisor(s) (MA), as evidenced in the Scope of Services in Section A, Item 2 and requires the demonstration of a high degree of experience, training and proficiency in the performance of services. The proposal should address items below and effectively demonstrate the firm(s) expertise, knowledge and qualifications. CEFA expects the MA(s) to be knowledgeable of the most recent financing trends, including the ability to verify proposed debt service schedules for the lowest possible financing cost to the borrower. The MA(s) must maintain appropriate expertise and technology at the Firm’s expense, which should be addressed in the proposal and effectively demonstrate how the firm(s) plan(s) to allocate these resources.

The firm’s response in the proposal to this section will be used in the evaluation process (Section C, Item 4, Evaluation Process).

1. Experience as a Municipal Advisor to a State or other Governmental Issuer of Tax-exempt Bonds

Discuss the Firm’s overall experience providing municipal advisory services, including pricing and structuring of state or government issued tax-exempt bonds, as well as the Firm’s experience reviewing and assessing the security and covenant package attendant to transactions. Discuss the Firm’s overall experience successfully completing the duties outlined in Scope of Services, Section A, Item 2. Please provide a detailed list of MA experience by client or transaction for the past three years as an attachment.

2. Qualification and Duties of Personnel/Resumes

Professional Personnel - Provide resumes of key personnel and identify the personnel who will be providing the professional services required by the proposal, including years and type of experience for each person. Experience should include number of years at current Firm as well as all prior service. Identify the role and duties each professional staff member will serve in this proposal, as outlined in the Scope of Services, Section A, Item 2, and his/her title. Additionally, please include this information for the staff of subcontractors, if any.

mailto:cefa@treasurer.ca.gov https://caleprocure.ca.gov/

CEFA expects the Firm(s) to ensure and maintain the quality and availability of professional personnel assigned to this Agreement for the entire term of the Agreement. Any replacements must have substantially the same or better qualifications and experience than the original personnel.

3. References

Please submit a list of at least three (3) references (which CEFA may contact) for which the Firm(s) has/have provided similar municipal advisory services within the past three (3) years. Please see RFP No. CEFA01-25 Attachment 3, Proposer References.

4. Other Experience Relating to Scope of Services

Please discuss the Firm’s other relevant experience related to the Scope of Services as outlined in Section A, Item 2. CEFA will consider the applicant’s demonstrated experience in the following areas:

• Experience as an MA to California State or local governmental issuers of tax-exempt higher educational facility bonds.

• Experience with the preparation and presentation of informative comparable reports, including the review of proposed underwriting scales pertaining to the pricing of tax-exempt bonds for higher educational facilities.

• Any other relevant experience related to the Scope of Services.

b) Conflict of Interest – Dual Representation

On an as-needed basis, the Primary Firm will be called upon to perform a wide range of services related to the bond sale and issuance process. Prior to a pending assignment, the Primary Firm must disclose any business relationship, which may be construed as a potential or actual conflict of interest. CEFA has the sole and exclusive authority to determine if a potential or actual conflict of interest exists. Also, additional projects may occur from time-to-time requiring municipal advisory services. In the event CEFA determines there is an actual or potential conflict of interest for the Primary Firm, or the Primary Firm declines the additional project due to workload of other CEFA assignments, the project will be awarded to the Secondary Firm. The assigned Firm will have two (2) days to accept or pass the additional project. The Firm(s) will have a continuing requirement to disclose any client relationship that may present an actual or potential conflict of interest.

c) Cost Detail Format and Requirements

CEFA requires services on an as-needed basis, depending on the volume of bond financing applications received as well as other factors. CEFA reserves the right to cap fees paid to the MA on any individual transaction.

Professional Services - The blended hourly rate for professional services will be an average of the hourly rate for all professionals expected to provide services under this anticipated contract (Partner, Managing Directors, Associate, etc.), not including support services or staff training. The blended hourly rate will be the hourly rate the Firm will be paid for professional services, if awarded the contract. The proposal must identify lead personnel and identify all staff to be covered under “professional service” in the blended hourly rate. It is the responsibility of the Firm to determine the blended hourly rate, based on the expected participation of various professionals with the Firm. Each proposal must indicate the Firm’s blended hourly rate for professional services. Proposals which do not indicate a blended hourly rate for professional services will be considered non-responsive and incomplete. Support services cannot be billed under professional services. CEFA will not reimburse contractors for support services performed by professional staff (“support services” are defined below).

Support Services - Services that do not require the focus of professional staff. This component includes but is not limited to ministerial or administrative work such as typing, copying, faxing, mailing, preparation of correspondence, and aspects of research that may be appropriately handled by support staff. Please provide the hourly rate for support services. The support services rate must not be averaged into the professional services blended hourly rate. The support services rate will be the hourly rate the Firm will be paid for support services if awarded the contract. Each proposal must indicate the Firm’s blended hourly rate for support services. If the Firm does not provide a rate for support services or indicates that the rate is zero dollars, the Firm will not be reimbursed for support services.

The Firm must submit cost for services regarding this RFP as follows:

• Blended hourly rate for professional services = $/hr.

• Hourly rate for support services = $/hr.

Maximum hours billable for travel to CEFA may not exceed two hours each way, unless prior approval is obtained. Travel, transportation and per diem expenses shall not exceed the rates payable to State employees. The Firm will be compensated for hours expended by providing a detailed monthly invoice to CEFA.

Reimbursable actual expenses, not including travel, will be limited to $300.00 for the entire term of the contract and include but are not limited to costs incurred for: postage, couriers, printing, document reproduction, and conference calls. CEFA will not reimburse the Firm(s) for printing or copying electronically received or delivered documents for the contractor’s in-house use. Actual expenses must be itemized, and receipts must be attached to an invoice. Support services cannot be billed as a reimbursable actual expense subject to the $300.00 maximum.

4. Submission of Proposals

a) Proposals should describe and provide straightforward and concise descriptions of the Firm’s ability to satisfy the requirements outlined in this RFP. Proposals must be complete and accurate. Inaccuracies, omissions, or misstatements may be cause for rejection of a proposal.

b) The proposal package should be prepared in the least expensive manner.

c) All proposals must be submitted under sealed cover and received by CEFA by May 16, 2025, 4:00 p.m., PT. Proposals received after the Final Date for Proposal Submission will NOT be considered.

d) A minimum of one (1) unbound original and one (1) copy of the proposal must be submitted. All responses to this RFP must be submitted in hard copy and received by CEFA no later than 4:00 p.m.

PT on May 16, 2025. Emailed or faxed submissions will not be accepted.

e) The original proposals must be marked "ORIGINAL COPY." All documents contained in the original proposal packages must have original signatures and must be signed by a person who is authorized to bind the Firm. All additional proposal sets may contain photocopies of the original package.

f) The proposal envelopes must be plainly marked with the RFP number and title, the Firm name and address, and marked “DO NOT OPEN” as shown in the following example:

Subject – Request for Proposals – “Municipal Advisor for Bond Sale and Related Services”

Firm Name Firm Address

DO NOT OPEN

If the proposal is made under a fictitious name or business title, the actual legal name of the Firm must be provided. Proposals not submitted under sealed cover and marked as indicated may be rejected.

g) All proposals shall include the documents identified in Section E, Required Attachments Checklist.

Proposals not including the required attachments shall be deemed non-responsive. A non-responsive proposal is one that does not meet the minimum proposal requirements.

h) Mail or deliver proposals to the following address:

Ms. Christina Obien Compliance Officer

California Educational Facilities Authority 901 P Street, Suite 313 Sacramento, CA 95814

i) Proposals must be submitted for the performance of services described herein. Any deviation from the work specifications will not be considered and may cause a proposal to be rejected.

j) A proposal may be rejected if it is conditional or incomplete, or if it contains any alterations or other irregularities of any kind. CEFA may reject any or all proposals and may waive any immaterial deviation in a proposal. CEFA’s waiver of an immaterial deviation shall in no way modify the RFP document or excuse the proposer from full compliance with all requirements if awarded the agreement.

k) Costs for developing proposals is entirely the responsibility of the proposer and shall not be charged to CEFA or the State of California.

l) An individual who is authorized to contractually bind the proposing Firm shall sign Attachment 2, Proposal/Proposer Certification Sheet. The signature must indicate the title or position that the individual holds in the Firm. An unsigned proposal may be rejected.

m) A Firm may modify a proposal after its submission by withdrawing its original proposal and resubmitting a new proposal prior to the proposal submission deadline as set forth in the Key Action Dates. Proposal modifications offered in any other manner, oral or written, will not be considered.

n) A Firm may withdraw its proposal by submitting a written withdrawal request to CEFA, signed by the proposer or an authorized agent and mailed or delivered to CEFA as listed in (h) above. A Firm may thereafter submit a new proposal prior to the proposal submission deadline. Proposals may not be withdrawn without cause subsequent to proposal submission deadline.

o) CEFA may modify the RFP prior to the date fixed for submission of proposals by the issuance of an addendum to all parties who received a proposal package. All addendums will be posted on the CEFA website https://www.treasurer.ca.gov/cefa/, and on the California eProcure website at https://caleprocure.ca.gov/pages/public-search.aspx.

https://www.treasurer.ca.gov/cefa/ https://caleprocure.ca.gov/pages/public-search.aspx

p) CEFA reserves the right to reject all proposals, and the agency is not required to award an agreement.

q) Before submitting a response to this solicitation, Firms should review their proposals, correct all errors, and confirm compliance with the RFP requirements.

r) Where applicable, the Firm should carefully examine work sites and specifications. No additions or increases to the agreement amount will be made due to a lack of careful examination of work sites and specifications.

s) Only one proposal per individual or business entity will be considered.

t) CEFA will not accept alternate contract language from the Firm. A proposal with such language will be considered a counter proposal and will be rejected. The General Terms and Conditions (GTC) are NOT negotiable.

u) No oral understanding or agreement shall be binding on either party.

5. Evaluation Process

a) The initial review of the proposals will confirm that all information and required attachments have been submitted in conformity with the requirements of this RFP. The absence of required information and attachments will cause a proposal to be deemed nonresponsive and may result in the proposal’s disqualification. Responsive proposals will then be reviewed and scored by an evaluation committee. The categories and the corresponding total possible points for each category is as follows:

Proposal Scoring Criteria Weight

1. Experience as a municipal advisor to any California State or governmental issuer of tax-exempt bonds 30 Points

2. Qualifications and duties of professional personnel/resumes 20 Points

3. Other experience related to Scope of Services 15 Points

4. Cost 35 Points Total Possible Points 100 Points

b) The following point scale will be used to score responses to each scored category, except cost:

Percent of Maximum Score Allotted to Particular Weighted Criterion

100% - Excellent response backed by demonstrated ability

85% - Good response backed by demonstrated ability

75% - Fair response backed by demonstrated ability

60% - Poor response

0% - Firm does not demonstrate ability

c) The blended hourly rate and the support services hourly rate are the hourly rates the Firm will be paid for services for the three-year contract.

The following formula will be used for the award of the points for the blended hourly rate and the support services hourly rate:

• Lowest total fee proposal for blended hourly rate for professional services will be awarded the maximum cost points (25 points).

Proposals are awarded total fee points based on the following calculation:

(Lowest blended hourly rate proposal/other blended hourly rate proposal) = (factor)

Blended hourly rate points for other firm = (factor) X maximum blended hourly rate points

EXAMPLE: A maximum of 25 points is available for blended hourly rate

Lowest Blended Hourly Rate Proposal = $150/hr

Other Blended Hourly Rate Proposal = $200/hr

(Lowest blended hourly rate proposal/other blended hourly rate proposal) = $150/$200 = ¾

Blended hourly rate points awarded to other firm = ¾ x 25 =18.75 points

• Lowest total fee proposal for hourly rate for support services will be awarded the maximum cost points (10 points). The same formula will be used for the support services hourly rate with a maximum of 10 points available.

d) In the event two (2) or more responsive and responsible proposers earn the highest score, the contract will be awarded to the responsive and responsible firm earning the higher score in Experience as a Municipal Advisor. If the total scores in Experience as a Municipal Advisor are the same, the contract will be awarded to the responsive and responsible proposer earning the higher score for Qualification of Personnel. If the scores for Qualification of Personnel are the same, the contract will be awarded to the responsive and responsible proposer earning the higher score for Cost.

e) Proposals that contain false or misleading statements, or which provide references which do not support an attribute or condition claimed by the proposer, may be rejected.

f) CEFA will establish awards (if any) in the following order:

• The Primary Contract will be awarded to the Firm scoring the highest points.

• The Secondary Contract will be awarded to the Firm scoring the second highest points.

6. Award and Protest

a) Notice of the proposed award(s) shall be posted in a public place in the office of the California Educational Facilities Authority, 901 P Street, Suite 313, Sacramento, CA 95814 and on the following Internet site for five (5) working days prior to awarding the agreement(s):

http://www.treasurer.ca.gov/CEFA.

b) If any Firm, prior to the award of an agreement, files a protest with CEFA and the Department of General Services (DGS), Office of Legal Services (OLS), 707 Third Street, 7th Floor, Suite 7-330, West Sacramento, California 95605, on the grounds provided under Public Contract Code Section 10345(b), the agreement shall not be awarded until either the protest has been withdrawn or DGS has decided the matter. A protest can be filed against a proposed award by emailing the Office of Legal Services at:

OLSProtests@dgs.ca.gov. It is suggested that the firm submit any protest by certified or registered mail.

c) Within five (5) days after filing the initial protest, the protesting Firm(s) shall file with the Department of General Services, Office of Legal Services and CEFA a full and complete written statement specifying the grounds for the protest.

http://www.treasurer.ca.gov/CEFA mailto:OLSProtests@dgs.ca.gov

7. Disposition of Proposals

a) Upon proposal opening, all documents submitted in response to this RFP will become the property of CEFA and the State of California. Documents will be regarded as public records under the California Public Records Act (Government Code Section 6250 et seq.) and subject to review by the public.

b) Proposal packages may be returned only at the Firm's expense, unless such expense is waived by CEFA.

8. Agreement Execution and Performance

a) Performance shall start no later than 30 days (or on the expressed date set by CEFA and the selected Firm) after all approvals have been obtained and the agreement is fully executed. If the Firm fails to commence work at the agreed upon time, CEFA, upon five (5) days written notice to the Firm, reserves the right to terminate the agreement. In addition, the Firm shall be liable to CEFA for the difference between the Firm's proposal price and the actual cost of performing work by another contractor.

b) All performance under the agreement shall be completed on or before the termination date of the agreement.

D. Preference and Incentive Programs

1) Small Business or Microbusiness Preference (If there are any inconsistencies herein with applicable statutes, regulations, or the State Contracting Manual, the statutes, regulations, and State Contracting Manual shall supersede).

A five percent (5%) preference will be applied to a certified small business or microbusiness submitting a proposal for this RFP. To obtain the preference, a proposer must be certified as a small business or microbusiness and submit a copy of its certification approval letter from DGS or submit a complete application for certification to DGS by 5:00 p.m., PT on the proposal due date. The winning proposer must be a certified small business or microbusiness at the time of contract award. The 5% preference is used only for computation purposes to determine the winning proposal and does not alter the dollar amount of the resulting contract.

Once each proposal has been scored, if the highest scored proposal is from a non-certified small business or microbusiness, then 5% of the highest scoring proposal will be added to the total points for each proposal submitted by a certified small business or microbusiness. These final numbers, with the 5% included, will be used to determine the highest scoring proposal.

Questions regarding the small business or microbusiness certification or preference approval should be directed to the Office of Small Business Services at (916) 375-4940 or can be found online at:

https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California

2) Non-Small Business or Microbusiness Preference

A five percent (5%) preference is available to a non-small business claiming twenty-five percent (25%) California certified small business subcontractor participation. If claiming the non-small business subcontractor preference, the proposal must include a list of the small business(es) with which the Proposer commits to subcontract in an amount of at least 25% of the net proposal price with one or more California certified small businesses. Each listed certified small business must perform a "commercially useful function" in the performance of the contract as defined in Government Code Section 14837(d)(4).

https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California

The required list of California certified small business subcontractors must be attached to the proposal and must include the following: 1) subcontractor name; 2) address; 3) phone number; 4) a description of the work to be performed and/or products supplied; and 5) the dollar amount or percentage of the net price (as specified in the solicitation) per subcontractor.

Proposers claiming the 5% preference must commit to subcontract at least 25% of the net proposal price with one or more California certified small businesses. Completed certification applications and required support documents must be submitted to the Office of Small Business and Disabled Veteran Business Enterprise Services (OSDS) no later than 5:00 p.m., PT on the proposal due date. Questions regarding certification should be directed to the OSDS at (916) 375-4940 or online at:

https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California.

The preference to a non-small business firm that commits to California certified small business subcontractor participation of 25% of its net proposal price shall be 5% of the highest scoring proposal. A non-small business, which qualifies for this preference, may not take an award away from a certified small business.

3) Target Area Contract Preference Act (“TACPA”) Preference (If there are any inconsistencies herein with applicable statutes, regulations, and State Contracting Manual, the statutes, regulations, and State Contracting Manual shall supersede.)

This solicitation provides for an optional TACPA preference. The TACPA program was established to stimulate business investments in distressed areas of the State and create job opportunities for Californians.

Proposing companies are not required to apply for this preference. Both the TACPA workplace and workforce preferences will be evaluated for this solicitation.

Workplace preference - TACPA provides a 5 percent (5%) preference for a California business that is located in a qualified zone.

Workforce preference - TACPA provides a 1 to 4 percent (1-4%) preference for a California business that employs persons with a high risk of unemployment (Government Code Section 4532) 1% for 5-9% of workforce 2% for 10-14% of workforce 3% for 15-19% of workforce 4% for 20% or more of workforce

Proposing companies wishing to take advantage of the TACPA preference will need to review the following website and submit the appropriate documents with the proposal response:

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Request- Target-Area-Contract-Preference

TACPA Preference Request (STD 830) Bidder’s Summary of Contract Activities and Labor Hours (TACPA Form 526)

CHFFA will send the applicable TACPA request documents to the Department of General Services, Procurement Division, Dispute Resolution Unit. TACPA preference requests are typically reviewed and processed by DGS within five (5) business days. If an award of this agreement is made based on the TACPA preference, DGS will monitor compliance directly with the Contractor throughout the life of the contract.

https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Request-Target-Area-Contract-Preference https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Request-Target-Area-Contract-Preference https://www.documents.dgs.ca.gov/dgs/fmc/pdf/std830.pdf https://www.documents.dgs.ca.gov/dgs/fmc/gs/pd/gspd0526.pdf

4) California Disabled Veteran Business Enterprise (DVBE) Incentive https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California

This solicitation DOES NOT include a minimum DVBE participation requirement. DVBE participation is not required in the proposal. However, a DVBE incentive will be applied as provided in Attachment 14.

DVBE INCENTIVE. The State will apply a DVBE incentive for responsive proposals from responsible firms that propose DVBE participation. The DVBE incentive will vary in relation to the percentage of confirmed DVBE participation (up to five percent (5%)).

DVBE PARTICIPATION COMMITMENT. Firms who have been certified by California as a DVBE must also submit a completed form DGS PD 843 (Disabled Veteran Business Enterprise Declaration). All disabled veteran owners and disabled veteran managers of a DVBE must sign form DGS PD 843. The form is available at: https://www.documents.dgs.ca.gov/dgs/fmc/gs/pd/pd_843.pdf

Any contract awarded to a company committing to subcontract with a certified DVBE will follow requirements as provided in MVC 999.7 including compliance with the Std. 817 reporting process, and permanent withholds and deductions for non-compliance.

E. Required Attachments

1. Required Attachments Checklist (Attachment 1) For the proposal to be considered responsive, all required attachments listed on Attachment 1 must be included in the proposal by May 16, 2025 at 4:00 p.m. PT, the proposal deadline date and time.

https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California https://www.dgs.ca.gov/PD/Resources/Page-Content/Procurement-Division-Resources-List-Folder/How-to-do-business-with-the-state-of-California

ATTACHMENT 1

CEFA01-25

REQUIRED ATTACHMENTS CHECKLIST

A complete proposal or proposal package will consist of the items identified below. Complete this checklist to confirm the items in your proposal. Place a check mark or “X” next to each item that you are submitting to the State. For your proposal to be responsive, all required attachments must be returned. This checklist should be returned with your proposal package also.

Attachments Attachments Name/Description

Attachment 1 Required Attachments Check List

Attachment 2 Proposal/Proposer Certification Sheet

Attachment 3 Proposer References

_____ Attachment 4 Minimum Qualifications Certification

Attachment 5 Payee Data Record (STD 204)

Attachment 6 Darfur Contracting Act Certification

_____ Attachment 7 California Civil Rights Laws Certification

Attachment 8 Contractor’s Certification Clauses (CCC 04/2017)

Attachment 9 Generative Artificial Intelligence (GenAI) Notification

Attachment 10 Bidder Declaration (GSPD-05-105)

Attachment 11 Small Business or Microbusiness Preference *

Attachment 12 Non-Small Business or Microbusiness Preference*

Attachment 13 Target Area Contract Preference Act (TACPA) Preference*

_____ Attachment 14 Disabled Veteran Business Enterprise (DVBE) Incentive Program*

*If applicable

ATTACHMENT 2

PROPOSAL/PROPOSER CERTIFICATION SHEET

This Proposal/Proposer Certification Sheet must be signed and returned along with all the "required attachments" as an entire package in duplicate with original signatures. The proposal must be transmitted in a sealed envelope in accordance with RFP instructions.

Do not return the RFP nor the "Sample Agreement" at the end of this RFP.

A. Place all required attachments behind this certification sheet.

B. The signature affixed hereon and dated certifies compliance with all the requirements of this proposal document. The signature below authorizes the verification of this certification.

An Unsigned Proposal/Proposer Certification Sheet May Be Cause for Rejection

1. Company Name 2. Telephone Number 2a. Fax Number

3. Address

Indicate your organization type:

4. Sole Proprietorship 5. Partnership 6. Corporation

Indicate the applicable employee and/or corporation number:

7. Federal Employee ID No. (FEIN) 8. California Corporation No.

9. Indicate applicable license and/or certification information:

10. Proposer’s Name (Print) 11. Title

12. Signature 13. Date

14. Are you certified with the Department of General Services, Office of Small Business and Disabled Veteran Business Enterprise Services (OSDS) as:

a. California Small Business Yes No

If yes, enter certification number:

b. Disabled Veteran Business Enterprise Yes No

If yes, enter your service code below:

NOTE: A copy of your Certification is required to be included if either of the above items is checked “Yes”.

Date application was submitted to OSDS, if an application is pending:

Completion Instructions for Proposal/Proposer Certification Sheet

Complete the numbered items on the Proposal/Proposer Certification Sheet by following the instructions below.

Item Numbers

Instructions

1, 2, 2a, 3

Must be completed. These items are self-explanatory.

Check if your Firm is a sole proprietorship. A sole proprietorship is a form of business in which one person owns all the assets of the business in contrast to a partnership and corporation. The sole proprietor is solely liable for all the debts of the business.

Check if your Firm is a partnership. A partnership is a voluntary agreement between two or more competent persons to place their money, effects, labor, and skill, or some or all of them in lawful commerce or business, with the understanding that there shall be a proportional sharing of the profits and losses between them. An association of two or more persons to carry on, as co-owners, a business for profit.

Check if your Firm is a corporation. A corporation is an artificial person or legal entity created by or under the authority of the laws of a state or nation, composed, in some rare instances, of a single person and his successors, being the incumbents of a particular office, but ordinarily consisting of an association of numerous individuals.

Enter your federal employee tax identification number.

Enter your corporation number assigned by the California Secretary of State’s Office. This information is used for checking if a corporation is in good standing and qualified to conduct business in California.

Complete, if applicable, by indicating the type of license and/or certification that your Firm possesses and that is required for the type of services being procured.

10, 11, 12, 13

Must be completed. These items are self-explanatory.

If certified as a California Small Business, place a check in the "yes" box, and enter your certification number on the line. If certified as a Disabled Veterans Business Enterprise, place a check in the "Yes" box and enter your service code on the line. If you are not certified to one or both, place a check in the "No" box. If your certification is pending, enter the date your application was submitted to OSDS.

ATTACHMENT 3

PROPOSER REFERENCES

Submission of this attachment is mandatory. Failure to complete and return this attachment with your proposal will cause your proposal to be rejected and deemed nonresponsive.

List below three references for services performed within the last three years, which are similar to the scope of work to be performed in this contract.

REFERENCE 1

Name of Firm Street Address City State Zip Code Contact Person Telephone Number Dates of Service Value or Cost of Service Brief Description of Service Provided

REFERENCE 2

Street Address City State Zip Code Contact Person Telephone Number

REFERENCE 3

Street Address City State Zip Code Contact Person Telephone Number

ATTACHMENT 4

MINIMUM QUALIFICATIONS CERTIFICATION

The firm certifies that it fulfills the minimum qualifications outlined in Section B of Request for Proposals No. CEFA01-25 (the “RFP”).

On behalf of , I certify that said firm, (Firm Name) including any and all subcontractors, complies with the Minimum Qualifications set forth in Section B of the RFP.

(Authorized Signature of Firm) (Firm Name)

(Print Name) (Date)

(Title)

ATTACHMENT 5

PAYEE DATA RECORD (STD. 204)

All firms must complete the Payee Data Record (STD. 204) and include it with their proposal response.