City_of_Fort_Myers_Underwriter_RFP_102025_FINAL.docx

Request for Proposals (RFP) for Investment Banking/Bond Underwriting Services Introduction The City of Fort Myers (the “City”) is soliciting proposals from qualified firms (“Proposers”) interested in providing investment banking/ bond underwriting services for municipal bond issues related to the City’s funding of capital needs and/or refinancing of its existing debt. Based upon the proposals received, the City will establish a pool of underwriters to provide services relating to the financing, refinancing, or restructuring of the City’s debt during the term of the engagement. The City aims for the pool to be made up of a diverse group of qualified firms with a variety of strengths and proven ability to meet the City’s specific financing needs.

The City anticipates selecting an underwriter(s) from the established pool for each transaction based on the Proposer’s service to and coverage of the City, including suggestions of new ideas, strategies, or techniques; performance on prior City transactions; specific experience related to the transaction being contemplated; and/or other demonstrated services and commitment to the City. The City strives to maintain ongoing communication and relationships with its investment banking pool. The City reserves the right to determine the number of underwriters and to select the underwriter(s) for each specific transaction at its sole discretion and is not obligated to retain any specific firm for any financing. Existence of the underwriting pool shall not prohibit the City from using a competitive sale process, bank loans, or other financing vehicles in instances where the City deems the use of these or alternative financing structures to be in the City’s best interest.

Information regarding the City can be found at the links below:

· Annual Comprehensive Financial Reports - https://fortmyers.gov/1530/Annual-Comprehensive-Financial-Report

· Bondholder Reports - https://fortmyers.gov/1529/Bondholders-Report

· Budgets - https://fortmyers.gov/1499/Budget

· Capital Improvement Program - https://fortmyers.gov/2067/Capital-Improvement-Program

Term of Contract The City intends to select a pool of underwriters for an initial term of three (3) years with the option to renew the contract for two (2) additional one-year periods, upon mutual agreement of all parties, for a potential total contract of five (5) years at the City’s discretion.

Qualifications/ Requirements of Proposers

· Proposers will comply with the SEC, FINRA, MSRB, Florida Statutes, the City’s Debt Policy and any other applicable regulations or policies and procedures established by the City.

· Proposers must have demonstrated knowledge of the municipal capital markets and experience in structuring, marketing, and executing negotiated bond issues for local governments nationally and in Florida.

· Proposers are required to disclose conflicts of interest to the City as part of its proposal, if applicable, and throughout the term of the engagement as they arise.

Terms and Conditions

· The City is in no way obligated to retain an individual firm for any financing.

· The City reserves the right to reject any and all proposals and to request clarification of information from any Proposer.

· All proposals received become the property of the City.

· The City will not reimburse Proposers for any costs associated with the preparation and submittal of its proposal, or for any travel costs that are incurred.

· The Proposer acknowledges that all information contained within its proposal is part of the public domain as defined by the State of Florida and Public Records Laws.

· It is the responsibility of the Proposer to ensure it has received each addendum issued, to properly acknowledge receipt of each addendum, and to include all addenda in its final submission.

· The Proposer, including its agents and associates, shall refrain from contacting or soliciting any elected official, management, or staff of the City regarding this RFP from the time when the RFP is released through the time of award by City Council. Failure to comply with the provision may result in disqualification of the Proposer.

· The Senior Manager for each financing is expected to work closely with City staff, its Municipal Advisor, its Bond Counsel, and its Disclosure Counsel. Negotiations with the Municipal Advisor and the City’s designee relative to the terms of the sale of debt will result in the submission of a Bond Purchase Agreement for consideration by the City. The City reserves the right to terminate the engagement of the Senior Manager or underwriting syndicate at any time prior to acceptance of a Bond Purchase Agreement without liability to the City.

· Joint proposals will not be accepted.

Scope of Services The Proposer will assist the City in the structuring, marketing, and negotiated sale of bonds to meet the financing requirements of each specific issuance. Services expected of the Proposers will include, but not be limited to, the following:

1. Assist in the development, planning, and structuring of the City’s issuance of bonds, including making recommendations on the bond structure, redemption provisions, timing of the sale, overall sales approach, and other important aspects of the transaction.

2. Assist in the review of legal documents, including the Preliminary Official Statement, Official Statement, Continuing Disclosure Agreement, Bond Purchase Agreement, and other necessary legal documents to result in a successful financing that is in the best interests of the City.

3. Assist in analyzing and communicating the security and credit structure for the bonds, including credit enhancement and credit ratings.

4. Develop a recommended marketing plan for each financing that addresses current market conditions, investor preferences, and structuring options to access a broad investor base and achieve favorable bond pricing and terms.

5. Underwrite the financing based upon terms and conditions agreed to by both the City and the underwriting syndicate in the Bond Purchase Agreement.

6. Participate in meetings and conference calls as requested, including working group calls and presentations to the City.

7. Assist with the closing of the bonds, including the review of all closing documents and providing a post-financing report to the City which highlights the results and key characteristics of the financing.

Proposal Contents The City requests that proposals be limited to no more than fifteen (15) pages (not including the title page, table of contents, transmittal letter, legal & conflict disclosures, or appendices) with a minimum font size of 10 points.

1) Title Page – Must include RFP # and name; the Proposer’s name and federal taxpayer identification number; the name, title, address, telephone number and email address of the primary contact person(s); and the due date/ time of the proposal.

2) Table of Contents – Identify contents of the proposal by section and page number.

3) Transmittal Letter – Should summarize the key points of the proposal and must be signed by a person who is authorized to commit the Proposer to perform the requested services. (2-page max)

4) Legal & Conflict Disclosures

a. Describe any regulatory censure, litigation, or disciplinary actions involving your firm or its employees within the past three (3) years, including those of the SEC, FINRA, MSRB, etc.

b. Describe any potential conflicts of interest your firm may have in the management of this account, including finder’s fees, fee splitting, or other contractual arrangements of the firm that could present a real or perceived conflict of interest. Include any activities of affiliates or the parent organization, brokerage activities, or investment activities.

5) Firm Background & Experience

a. Describe your firm’s history size, principal/ Florida office location(s) and ownership structure. Identify and explain any significant changes in organizational structure, ownership, or management both firm-wide and within Fixed Income/ Public Finance during the past five (5) years.

b. Describe your firm’s experience in providing investment banking/ bond underwriting services, specifically in Florida with issuers similar to the City. Provide three (3) case studies of Florida negotiated underwritings that demonstrate your firm’s approach and experience. Experience lists can be included as an appendix.

6) Team Background & Experience

a. Identify key team members that will service the City, including investment bankers, underwriters, and analytical/ support staff. Identify the primary day-to-day contact for the engagement and their experience. Resumes for key team members that will service the City can be included as an appendix.

7) Marketing and Distribution Capabilities

a. Provide a discussion of the firm’s general marketing approach and distribution capabilities of municipal securities, specifically as they relate to Florida tax-exempt bonds.

b. Describe your firm’s ability to reach local, regional, or institutional investors and the advantages that your firm’s distribution capabilities will bring to the City.

c. Provide your firm’s capital position for the past three (3) years in tabular format, including total capital, equity capital, net capital, and excess net capital. Describe your firm’s general ability and willingness to underwrite bonds. Provide one (1) specific case study, if available, in which your firm has committed a significant amount of capital to a municipal issuer over the past year.

8) Demonstrated Knowledge and Resources

a. Describe any local, political, economic, legal, or other issues impacting Florida municipalities, specifically those impacting the City. How does your firm keep up to date on news and developments relevant to the City?

b. Describe the sources of current market information accessible by your firm to provide market and bond pricing data before, during, and after a negotiated sale.

c. Provide a discussion of any prior submissions, analyses, or services your firm has provided to the City and/or any specific ideas you have related to the City’s existing debt portfolio or capital improvement plans.

9) Client References: Provide three (3) Florida public client references for whom your firm provided similar services within the past three (3) years. For each reference, include the contact person’s name, entity, title, address, phone number, and email address.

RFP Timeline Dates are tentative and subject to change.

Evaluation Criteria Qualifications and Experience of Firm – 20 points The qualifications and experience of the Proposer, including history, size, underwriting experience, resources, etc. that will support the City. The Proposer’s understanding of the scope of services and its ability to provide these services.

Qualifications and Experience of Key Personnel – 20 points The relevant experience, resources, and qualifications of the day-to-day investment banking contact, primary underwriter, and key individuals assigned to perform and/or oversee the work for the City.

Marketing and Distribution Capabilities/ Capital Commitment – 25 points The firm’s marketing strategy and distribution capabilities, including Florida presence. The firm’s ability and willingness to commit capital to support the City’s bond issues.

Demonstrated Knowledge and Resources – 30 points The firm’s demonstrated knowledge base of Florida local government financings and issues impacting Florida local governments, particularly the City. Ability and resources available to stay up to date on the municipal capital markets and relevant news and developments. Ability to provide qualified in-house technical and analytical support services to the City’s bond issues. Prior service or commitment to the City.

Client References – 5 points Exhibits

· Required City Forms