ESBD_505718_1775852841872_RFP 781-4-02478 Financial Advisors for Student Loan AY27-29.pdf

Financial Services Division

Contracts & Procurement

Request for Proposals (RFP)

Financial Advisory Services for

Student Loan Program AY 27-29

No. 781-6-CB-12

NIGP Code(s): Financial Advisor | 946-48

Solicitation Post Date April 10th, 2026

Written Questions Deadline April 17th, 2026, by 11:30 PM CT

Proposal Deadline May 10th, 2026, by 11:30 PM CT

Texas Higher Education Coordinating Board 1801 N. Congress Ave., Suite 12.200

Austin, Texas 78701

1 INTRODUCTION

1.1 OVERVIEW

1.2 AUTHORITY AND ATTACHMENTS

2 CONTRACT TERM

3 MINIMUM ELIGIBILITY AND EXPERIENCE REQUIREMENTS

3.1 MINIMUM EXPERIENCE

3.2 COMPANY PROFILE

4 SCOPE OF WORK

4.1 SCOPE OF SERVICES REQUESTED

4.2 MEETINGS AND COMMUNICATION

4.3 ACCEPTANCE CRITERIA FOR SERVICES AND DELIVERABLES

5 PRICING AND PAYMENT TERMS

5.1 PRICING

5.2 PAYMENT TERMS AND AWARD SUMMARY

5.3 INVOICES

5.4 ADDING NEW SERVICES TO THE CONTRACT AFTER AWARD

6 PROPOSAL FORMAT AND CONTENT (REQUIRED)

6.1 PROPOSAL SUBMISSION REQUIREMENTS

6.2 PROPOSAL REQUIREMENTS

6.3 EXCEPTIONS TO RFP

6.4 RESPONDENT ASSUMPTIONS

6.5 BINDING OFFER

7 PROPOSAL DEADLINES AND SCHEDULE OF EVENTS

7.1 DUE DATE FOR PROPOSALS

7.2 CALENDAR OF EVENTS

7.3 POINT OF CONTACT

7.4 ADDITIONAL PERMITTED CONTACTS

7.5 WRITTEN QUESTIONS

7.5.1 Submission Requirements

7.5.2 Ambiguity, Conflict, or Discrepancy

7.6 PROHIBITED COMMUNICATION

8 PROPOSAL EVALUATION AND AWARD

8.1 COMPLIANCE WITH STATE LAW

8.2 PROPOSAL EVALUATION CRITERIA

8.3 DEMONSTRATIONS / ORAL PRESENTATIONS

8.4 ADDITIONAL SELECTION CONSIDERATIONS AND BEST VALUE DETERMINATION

8.5 AWARD NOTICE

9 ADDITIONAL TERMS AND CONDITIONS

9.1 ANTICIPATED CONTRACT

9.2 AWARDED RESPONDENT RESPONSIBILITIES

9.3 INTELLECTUAL PROPERTY RIGHTS IN SOFTWARE

9.4 CONFIDENTIALITY

9.5 PUBLIC INFORMATION ACT DISCLOSURES

9.6 FERPA CONFIDENTIALITY AND DATA GOVERNANCE PROVISIONS

9.7 CYBERSECURITY TRAINING AND INSURANCE

9.8 RETENTION OF SOLICITATION RESPONSES

9.9 COSTS INCURRED

9.10 ACCEPTANCE OF EVALUATION METHODOLOGY

9.11 PROTEST

9.12 TECHNICAL DOCUMENTS

9.13 ARTIFICIAL INTELLIGENCE (AI) REQUIREMENTS

9.13.1 General Prohibition on AI

9.13.2 THECB Approval

9.13.3 Legal Compliance and Ethical Obligations

9.13.4 Breach and Survival

10 SUBMISSION CHECKLIST

APPENDIX A

1 Introduction

1.1 Overview

The Texas Higher Education Coordinating Board (THECB) is an administrative agency that provides leadership and coordination for Texas higher education.

THECB is seeking a vendor or vendor(s) to provide financial advisory services related to the facilitation of THECB’s student loan and related bond program.

Pursuant to Article III of the Texas Constitution, THECB is authorized to issue general obligation bonds for loans to students attending higher institutions within the state of Texas. THECB uses the bonds to fund the Hinson Hazelwood student loan program. This program provides low interest loans to eligible students seeking an undergraduate education and/or graduate or professional education through public and independent institutions of higher education in Texas.

Bonds issued by THECB are private activity bonds. It is anticipated that any such bonds will be tax-exempt, but subject to the Alternative Minimum Tax (AMT).

The decision to use a negotiated or competitive sale will be determined by THECB based on prevailing market conditions.

THECB reserves the right to award multiple contracts for this Request for Proposals (RFP).

1.2 Authority and Attachments

THECB has the authority to issue this RFP and enter any resulting contract pursuant to Texas Education Code § 1201.027. THECB and Respondent shall comply with all applicable procurement laws of the state of Texas.

This RFP is comprised of the following:

• RFP 781-6-CB-12;

• Appendix A, containing a list of applicable definitions to assist in understanding and responding to this RFP;

• Attachment A: Conflict of Interest Disclosure Statement (to be completed by Respondent);

• Attachment B: Execution of Proposal (to be completed by Respondent);

• Attachment C: Sample THECB Contract (for reference only).

2 Contract Term The initial term of the Contract shall commence on September 1, 2026, and shall terminate on August 31, 2029, unless extended, or terminated as otherwise provided for in the Contract. Any extensions shall have the same terms and conditions, plus any approved changes.

Notwithstanding the limitation in the preceding paragraph and with at least thirty (30) days’ advance written notice to Contractor, at the end of the contract term, THECB, at its sole option, may extend the Contract as necessary to ensure continuity of service, for purposes of transition, or as otherwise determined by THECB to serve the best interest of the State for up to twelve (12) months, at the then-current contract rate or rates (if applicable) as modified during the Contract Term.

3 Minimum Eligibility and Experience Requirements

3.1 Minimum Experience

Respondents must have a minimum of five (5) years’ experience providing services like those described in Section 4., Scope of Work. An entity or company in existence for fewer than five (5) years is eligible to submit a proposal if key personnel on the proposal team have the minimum required experience.

Respondents who do not meet this requirement are not eligible to submit a proposal.

3.2 Company Profile

Respondents must demonstrate their knowledge and expertise in providing financial advisory services, specifically to assist with bond issuance and other debt obligations. Respondents’ employees and/or subcontractors (proposed project personnel) must have the appropriate background experience to perform the work required under this RFP. Respondents must submit a Company Profile that outlines their experience and expertise in the areas of providing financial advisory services, including their capability to perform the required services as described in Section 3. Relevant examples may be summarized or included in the Company Profile that reference or demonstrate Respondent’s expertise and capability to perform the required services.

Respondents shall include the following with the Company Profile:

• Organization chart;

• Management team resumes;

• Key personnel resumes and/or LinkedIn profiles, illustrating the qualifications of each individual to perform the services described in this RFP including the experience and expertise described above;

• Experience working on similar projects; and

• If subcontractors will be utilized, key personnel resumes, illustrating the qualifications of each subcontracted individual to perform the services described in this RFP.

4 Scope of Work

4.1 Scope of Services Requested

Awarded Respondent shall be responsible for all duties and services necessary to facilitate the issuance of bonds and other debt obligations by THECB. Such duties and services shall include, but are not limited to:

1. Preparing schedules, reports, and records as necessary to perform or support a calculation of arbitrage and yield restriction liabilities not less than annually for each issue of outstanding obligations;

2. Determining rebate arbitrage and yield restriction liabilities, if any, on outstanding debt obligations of THECB;

3. Providing a report of the calculations (including supporting documentation) of arbitrage and yield restriction liabilities within thirty-five (35) days after the end of each state fiscal year (The state’s fiscal year-end is August 31st);

4. Calculating all required calculations and related services for THECB-issued bonds;

5. Preparing and transmitting all documents and forms necessary to report and pay arbitrage liability on time;

6. Developing a recommended plan of financing for all bonds or other debt instruments to be issued by THECB, with terms and conditions that will result in the most advantageous terms for THECB;

7. Providing recommendations regarding the optimal timing and the sizing of each bond issue;

8. Assisting THECB with evaluating proposals for underwriting services;

9. In collaboration with THECB’s outside bond counsel, preparing bond offering documents including resolutions, preliminary official statements, final official statements, and other bond-related documents;

10. Preparing financial information for rating agencies and assisting with presentations to such agencies;

11. Providing cash flow modeling for the Hinson Hazelwood related portion of the student loan program portfolio, reflecting cash flow annually and program lifecycle cash flow outcomes;

12. Advising on the need for credit enhancement and liquidity facilities, and assisting in negotiations with providers of such services;

13. Assisting in presentations to credit enhancers, or prospective bond purchasers;

14. Monitoring and assisting in the negotiation of all fees and expenses incurred in connection with the issuance of the bonds, including those proposed by THECB’s underwriters;

15. Reviewing all documents that are customary and necessary to structure and issue bonds, and attending all related meetings and/or conference calls;

16. Assisting in closing details and post-closing duties, including developing closing memoranda and preparing the Bond Review Board final report(s) with final costs of issuance;

17. Preparing required submissions, presenting, and obtaining approval of the Bond Review Board, the Legislative Budget Board, and any other state entity with supervisory powers over THECB’s issuance of bonds;

18. Attending THECB Board and Committee meetings, Bond Review Board meetings, legislative committee meetings, or other meetings to the extent required and/or requested;

19. Advising on continuing disclosure requirements in relation to the bonds and reviewing continuing disclosure annual reports required by 17 C.F.R.

§ 240.15c2-12;

20. Advising on new developments in the municipal bond industry;

21. Monitoring and advising on refunding opportunities, cash redemptions, debt defeasance, and other financial products that would help lower THECB’s cost of borrowing money;

22. Providing financial advisory support for all other matters necessary or incidental to the issuance of the bonds or administering THECB’s loan programs;

23. Responding to questions and issues posed by the THECB Board and THECB staff on an ongoing basis;

24. Reviewing reports of investment and expenditure of bond proceeds, within the meaning of 26 U.S. Code § 148, Arbitrage, as necessary to ensure compliance with Section 148;

25. Advising on recommended improvements to record-keeping and monitoring required for compliance with Section 148;

26. Advising, upon THECB request, on any other bond-related or financial compliance issues that may arise from time to time;

27. Advising on options to minimize existing liabilities or increase retainable earnings;

28. Providing an analysis to show the impact to future arbitrage rebate liabilities for bond refunding candidates. The impact should include a cash flow analysis to show how a student loan rate reduction tied to the refunded bonds could eliminate future arbitrage rebate liability payments.

29. Assisting THECB in the event of an audit, examination, or inquiry made by the Internal Revenue Service, or any other federal or state government regulatory body regarding the calculation of the rebate amount.

4.2 Meetings and Communication

As mutually agreed between THECB and Awarded Respondent, meetings may be scheduled via teleconference/videoconference or in-person. Ad hoc meetings may occur, as necessary. Awarded Respondent must maintain communications to address issues that arise between meetings or progress reports.

• Scheduled meetings:

o Project kickoff (in person/hybrid); and o Status meetings with project owners & leadership, as needed.

4.3 Acceptance Criteria for Services and Deliverables

Awarded Respondent shall comply with the following acceptance criteria for all services and deliverables to be provided under this RFP.

Awarded Respondent must submit documentation of work performed under this RFP, pursuant to Section 5.3, Invoices. Submission of an invoice shall constitute Awarded Respondent’s certification that the services have been performed in accordance with this RFP. Each invoice is primarily subject to review and approval by THECB to determine acceptable levels of performance.

THECB will review each submitted invoice within fifteen (15) business days from the date of receipt to ensure that the services invoiced are within the scope of services described in Section 4. and all subsections therein.

Any changes to delivery dates must have THECB’s prior written approval.

In the event THECB does not approve an invoice, THECB will notify the Awarded Respondent in writing and with the specific reasons for the denial. Awarded Respondent will have seven (7) business days to correct the unaccepted invoice.

Awarded Respondent shall correct any latent defects identified after the acceptance of a Deliverable (where appropriate) at no additional charge to

THECB.

5 Pricing and Payment Terms

5.1 Pricing

Respondent’s pricing must be all-inclusive, covering all services, costs, and fees required to provide all deliverables and comply with all technical requirements as described in this RFP, including personnel costs and all other necessary expenses required in the performance of the contract. Respondents must provide pricing in a separate Excel attachment to be titled “Excel Pricing Spreadsheet,” in accordance with Section 5.2.

5.2 Payment Terms and Award Summary

Awarded Respondent will submit invoices to THECB that detail the itemized associated costs of the services rendered or deliverables completed. Awarded Respondent will be reimbursed for services provided and approved by THECB, subject to the limitations provided herein.

To the extent Awarded Respondent is not a Texas state agency, THECB will make payments for services in accordance with the Texas Prompt Payment Laws, Texas Government Code §§ 2251.001-.055. If Awarded Respondent is a Texas state agency, THECB will make payments for services in accordance with the Interagency Cooperation Act, Texas Government Code §§ 771.001-.010.

Upon execution of a Contract resulting from this RFP, the term “Respondent” shall have the same meaning as “Contractor.” Awarded Respondent agrees not to begin or provide any services until issuance of a contract or purchase order by THECB. THECB makes no guarantee of volume, usage, or total compensation to be paid under any Contract awarded through this RFP. THECB does not guarantee Awarded Respondent minimum compensation. The Contract is subject to appropriations and the continuing availability of funds.

THECB will not apply for credit nor will THECB prepay. THECB shall pay, subject to the terms of the Texas Prompt Payment Laws, upon the receipt of a properly submitted invoice after all goods and services have been received and applicable Deliverables have been approved by THECB.

At THECB’s discretion, THECB shall award the contract or purchase order to the most qualified Respondent(s) successfully meeting the criteria and conditions as outlined in this RFP, subject to successful contract negotiations.

5.3 Invoices

Upon completion of a deliverable or service and acceptance by THECB based on the requirements and acceptance criteria set forth in this RFP, Awarded Respondent may submit an invoice to THECB setting forth amounts due in accordance with the Terms and Conditions of this RFP and the anticipated contract.

Each invoice submitted must include the purchase order number and deliverable(s) or service(s) to which the invoice relates. All invoices must be sent to the designated THECB contract manager(s) and accountspayable@highered.texas.gov. The invoice must include the following minimum information:

1. Awarded Respondent’s mailing and e-mail (if applicable) address;

2. Awarded Respondent’s telephone number;

3. The name and telephone number of a person designated by Awarded Respondent to answer questions regarding the invoice;

4. THECB’s name, agency number (781), and delivery address;

5. The THECB purchase order number, if applicable;

6. The contract number or other reference number, if applicable;

7. A valid Texas identification number (TIN) issued by the comptroller;

8. A description of the goods or services, in sufficient detail to identify the order which relates to the invoice;

9. The unit numbers corresponding to the amount of the invoice, if applicable;

10. If submitting an invoice after receiving an assignment of a contract, the TIN of the original contractor and the TIN of the successor vendor; and

11. Other relevant information supporting and explaining the payment requested.

mailto:accountspayable@highered.texas.gov

THECB shall certify that the goods and services have been received and approved for payment by THECB prior to making any payment for invoices submitted by Awarded Respondent. Payments will be made in accordance with Section 5.1 above.

5.4 Adding New Services to the Contract After Award

Following the Contract award, additional services of the same general category that could have been encompassed in the award of the Contract, and that are not already on the Contract, may provide a proposal on the additional services, and Respondent(s) shall submit proposals to THECB as instructed. All prices are subject to negotiation. A formal written request may be sent to Awarded Respondent(s) to provide a proposal on the additional services, and Respondent(s) shall submit proposals to THECB as instructed. All prices are subject to negotiation with a Best and Final Offer.

THECB may accept or reject any or all proposals and may issue a separate RFP or Invitation for Bid (IFB) for the services after rejecting some or all the proposals. The services covered under this provision shall conform to the terms, conditions, specifications, and requirements as outlined in the request.

6 Proposal Format and Content (Required)

6.1 Proposal Submission Requirements

Proposals should adhere to the following submission requirements:

• Proposals should be addressed to the Point of Contact listed in Section

7.3 below and submitted at:

https://higheredtexas.cobblestone.software/Gateway/;

• Proposals must be submitted by an authorized representative for Respondent;

• Proposals must be received by THECB prior to the deadline; and

• Proposals must include all required attachments (THECB recommends a limit of 75 MB for each attachment).

Respondents should limit the use of embedded hyperlinks within proposals as THECB cannot guarantee evaluators will be permitted to view embedded hyperlinks.

Failure to submit all required information may make the proposal nonresponsive and thus disqualified from consideration; however, THECB reserves the right to waive any error in submissions. Respondents are solely responsible for thoroughly understanding this RFP and its attachments. Any https://higheredtexas.cobblestone.software/Gateway/ questions concerning this RFP should be directed to the Point of Contact by the Deadline for Submitting Questions identified in Section 7.3.

Respondents are cautioned to pay particular attention to the clarity and completeness of their proposal. Respondents are solely responsible for their proposal and all documentation submitted. Respondent’s proposal shall be as precise, accurate, and succinct as possible. The clarity and completeness of a proposal may be considered by THECB evaluators. In the event of any discrepancies or variations within a proposal, THECB has no obligation to resolve the inconsistencies and may make its scoring and selection decision accordingly, including the decision to potentially disqualify a proposal.

No mailed, hand-delivered, or faxed proposals will be accepted.

6.2 Proposal Requirements

Each Respondent shall provide detailed descriptions of how it will fulfill each requirement of this RFP.

Each Respondent shall submit a total of three (3) files: one (1) Excel Pricing Sheet and two (2) Portable Document Files (PDF) as noted below.

The following are part of the THECB’s administrative review. Failure to submit any items or submitting incomplete items may result in THECB deeming the proposal unresponsive.

Excel Pricing Spreadsheet

The spreadsheet must contain the pricing as described in Section 5.1.

PDF No. 1: Response to Section 3. and Section 4.

The first PDF must contain responses to the following:

1. Respondent’s qualifications and Company Profile, to be completed in accordance with Section 3., Minimum Eligibility and Experience Requirements, and all subsections;

2. Project plan or other narrative describing how Respondent will meet all requirements of the Scope of Work under Section 4. and all subsections of Section 4;

3. Minimum of three (3) references, including contact information.

THECB prefers references from clients for whom Respondent has performed similar work, including other state agencies. Do not use THECB or any individuals employed by THECB as a reference.

PDF No. 2: Attachments A and B, and Transmittal Letter

The second PDF must contain the following items:

1. Attachment A: Conflict of Interest Disclosure Statement, to be completed as detailed below.

The Conflict-of-Interest Disclosure Statement is required.

Respondents shall be neutral and impartial and shall not advocate specific positions to THECB. Entities having a conflict of interest, as determined solely by THECB, will not be eligible for a contract award.

THECB will determine whether a conflict of interest or the perception of a conflict of interest exists from the perspective of a reasonable person uninvolved in the matters covered by the resulting contract. THECB is the sole arbiter of whether a conflict or the appearance of a conflict of interest exists.

THECB encourages Respondents to provide complete disclosure of matters that might be considered a conflict of interest.

Completeness of disclosure may be a factor in evaluating proposals.

Each Respondent must also address how Respondent intends to ensure that no interest arising or potentially arising as a result of its activities or those of its parent, affiliate, or other related entity shall conflict with Respondent’s duty should it be selected to provide these services.

Respondent’s submitted Conflict of Interest Disclosure Statement must meet the following requirements:

• Be attested to by an unsworn declaration;

• Identify either the extent, nature, and length of any potential relationships or engagements that require disclosure or a statement that no known or potential conflicts of interest exist;

• Address how Respondent intends to ensure that no interest arises or potentially arises because of its activities or those of its parent, affiliate, or other related entity that would conflict with Respondent’s duty should it be selected to provide these services; and

• Be signed by the highest-ranking officer of Respondent’s entity having responsibility for vetting corporate conflicts of interest, e.g., a corporate Executive Vice President rather than the head of an operating or regional unit of the firm.

Failure to provide either a signed statement on potential conflicts of interest or a signed statement that no potential conflicts exist shall automatically disqualify Respondent.

THECB may not enter into a contract with a person it has employed within the past twelve (12) months. Individuals who have been employed by THECB or by another state agency in Texas more than twelve (12) months but fewer than twenty-four (24) months ago shall disclose in the proposal the nature of previous employment with the state agency and the date the employment ended.

2. Attachment B: Execution of Proposal, including the following:

• Respondent Information

• Texas Family Code § 231.006(c)

• Texas Government Code § 669.003

• Preferences

• Respondent Acknowledgement

• Signature

3. Transmittal Letter: Respondent shall provide a Transmittal Letter with its proposal that meets the following requirements:

• Identifies the person or entity submitting the proposal and includes a commitment by that person or entity to provide the services required by THECB through this RFP and the Anticipated Contract;

• Is signed by a person legally authorized to bind Respondent;

• Includes a reference to the Financial Advisory Services for Student Loan Program - AY27-29;

• States that the “the proposal is binding and valid at the discretion of THECB;”

• States that the proposal is good for one hundred and twenty

(120) days; and

• Includes either full acceptance of the terms and conditions described in this RFP and all attachments or a list of Respondent’s exceptions to the terms and conditions.

6.3 Exceptions to RFP

If Respondent takes any exceptions to any provision of this RFP, these exceptions must be specifically and clearly identified by Section and Respondent’s proposed alternative must also be provided. All exceptions must be included in the Transmittal Letter, as indicated above in Section 6.2. Any exception not included in the Transmittal Letter may be rejected without consideration.

Please note as an agency of the state of Texas, THECB is bound to comply with all applicable state and federal procurement and contract laws. Exceptions to required terms and conditions may disqualify the proposal from further consideration. Respondent cannot take a “blanket exception” to the entire RFP.

If any Respondent takes a “blanket exception” to this entire RFP or does not provide proposed alternative language, the proposal may be disqualified from further consideration.

Any exception, term, condition, or provision in a Proposal that differs, varies from, or contradicts this RFP will not become a part of the Contract unless expressly agreed to by THECB and made a part of the Contract in writing.

NOTE: THECB, as a state agency, is prevented by the Texas Constitution from indemnifying a Respondent. Respondent is discouraged from including a term in its proposal that requires THECB to indemnify it. Such a term may result in the proposal being deemed nonresponsive.

Respondents are highly encouraged, in lieu of including exceptions in their proposals, to address all issues that might be advanced by way of exception by submitting such issues as questions in accordance with Section 7.5, Written Questions.

6.4 Respondent Assumptions

Respondent must identify any business, economic, legal, programmatic, or practical assumptions that underlie Respondent’s Proposal and include them in its proposal. THECB reserves the right to accept or reject any or all assumptions.

All assumptions not expressly identified and incorporated into any Contract resulting from this RFP are deemed rejected by THECB.

6.5 Binding Offer

Respondent’s submission of a proposal constitutes a binding offer to contract based upon the terms, conditions, and specifications set forth in this RFP. By submitting a proposal, Respondent represents and warrants that any individual submitting the proposal and any related documents on behalf of the Respondent is authorized to do so and to bind the Respondent under any contract that may result from this RFP.

Prior to the proposal submission deadline specified in Section 7.2 herein, Respondent may either withdraw its proposal or modify its proposal at https://higheredtexas.cobblestone.software/Gateway/.

7 Proposal Deadlines and Schedule of Events

7.1 Due Date for Proposals

Respondents shall submit proposals to THECB no later than the Proposal Due Date indicated in the Calendar of Events section below. Proposals received after the Proposal Due Date may be rejected for being late and may not be considered for evaluation.

A Respondent may be required to provide proof of timely submission of the proposal. THECB shall not be responsible for proposals that are captured, blocked, filtered, quarantined, or otherwise prevented from reaching the proper destination server by THECB or Respondent’s anti-virus or other security software.

7.2 Calendar of Events

The solicitation process for this RFP will proceed according to the schedule below. THECB reserves the right to revise this schedule or any portion of this RFP by publishing addendum on the Electronic State Business Daily (ESBD) and THECB’s vendor client gateway.

EVENT DEADLINE

Publication of RFP on THECB’s Vendor Client Gateway

April 10, 2026

Last Day to Submit Written Questions April 17, 2026, by 11:30 PM CT THECB’s Anticipated Response to Written Questions

April 24, 2026

Proposal Due Date and Time May 10, 2026, by 11:30 PM CT Post-Proposal Presentations, if required TBD Anticipated Contract Start Date September 1, 2026

7.3 Point of Contact

Respondents shall direct all inquiries, written questions, requests for clarification, and communications concerning this RFP to the Point of Contact listed below, through THECB’s Vendor Client Gateway, except as otherwise expressly permitted herein. Inquiries and comments must reference RFP No.

781-6-CB-12.

Miriam Hogans, CTCD, CTCM Contract Developer Financial Services Division – Contracts and Procurement Texas Higher Education Coordinating Board https://higheredtexas.cobblestone.software/Gateway/

Contact or attempted contact with other THECB employees, including Commissioners and their staff, except as expressly permitted herein, may result in a Respondent’s immediate disqualification.

All THECB responses must be in writing to be binding. Any information THECB deems to be important and of general interest or which modifies requirements of the RFP shall be provided in the form of an addendum to the RFP on the ESBD and THECB’s Vendor Client Gateway.

7.4 Additional Permitted Contacts

Other than the Point of Contact listed above, the following THECB staff may be contacted as follows:

• The Point of Contact may expressly direct another designated THECB representative to speak to the Respondent, such as during contract negotiations. It is the Respondent’s responsibility to ensure that communications with an individual other than the Point of Contact have been authorized by the Point of Contact before engaging in such communication. Failure to comply with this requirement may result in the disqualification of a Respondent’s proposal as provided otherwise herein.

• The Point of Contact will authorize an alternate or backup Point of Contact in the event of extended absence from the office.

7.5 Written Questions

7.5.1 Submission Requirements

THECB will only accept written questions and requests for clarification via THECB’s Vendor Client Gateway. THECB will post responses to written questions via the Vendor Client Gateway. If same or similar questions are https://higheredtexas.cobblestone.software/Gateway/ https://higheredtexas.cobblestone.software/Gateway/ https://higheredtexas.cobblestone.software/Gateway/ submitted, a single consolidated answer may be posted. Responses to the RFP questions will not be emailed to the individual requestors.

Questions and requests for clarification should contain the following information:

• Section of the RFP for which the question or request for clarification pertains;

• Question topic; and

• Question

Questions received after the deadline specified in Section 7.2, Calendar of Events, may not be answered. Prior to the Proposal deadline specified in Section 7.2, Calendar of Events, THECB reserves the right to amend answers previously posted on THECB’s Vendor Client Gateway. Amended answers will be posted on THECB’s Vendor Client Gateway. It is the Respondent’s responsibility to periodically check THECB’s vendor client gateway. Respondent’s failure to periodically check the vendor client gateway will in no way release the selected contractor from “addenda or additional information” resulting in additional costs to meet the requirements of the RFP.

7.5.2 Ambiguity, Conflict, or Discrepancy

Respondent must notify the Point of Contact listed above of any ambiguity, conflict, discrepancy, exclusionary specification, omission, or other error in the Solicitation in the manner and by the deadline described herein for Written Questions. Respondent submits a proposal at its own risk.

If Respondent fails to properly and timely notify the Point of Contact of any ambiguity, conflict, discrepancy, exclusionary specification, omission, or other error in the Solicitation, Respondent, whether awarded a contract or not, waives any claim of error or ambiguity in the Solicitation and any resulting contract and is not entitled to additional compensation, relief, or time by reason of ambiguity, conflict, discrepancy, exclusionary specification, omission, or other error or its later correction.

7.6 Prohibited Communication

Except as provided herein, THECB, including its representative(s) and partners, will not respond to any verbal or written inquiries for procurement status or otherwise discuss the contents of this RFP with any Respondent, potential

Respondent, or their associated Representative(s). Failure to comply with this restriction may result in disqualification of Respondent’s Proposal.

This restriction does not preclude discussions between affected parties for the purpose of conducting business unrelated to this RFP.

8 Proposal Evaluation and Award

8.1 Compliance with State Law

THECB will evaluate responsive proposals in accordance with applicable Texas procurement laws. THECB will make the selection of one or more Respondent(s), if any, based on demonstrated competence and qualifications, and subject to the negotiation of a fair and reasonable pricing arrangement.

8.2 Proposal Evaluation Criteria

Proposals that meet all submission requirements and satisfy the minimum qualifications described in Section 3, Minimum Eligibility and Experience Requirements, will be reviewed and evaluated by THECB. THECB will review and score responsive proposals according to the Evaluation Criteria outlined in the table below. The relative weight of each criterion is indicated by the maximum possible number of points indicated in the right-hand column. THECB may consider both the final weighted score as well as the average ranking when making vendor selection(s).

Evaluation Criteria Weight

Experience and Qualifications, including:

• Number of years supporting public financing;

• Municipal finance expertise;

• Clients served and par amount of deals completed;

• Student lending support experience;

• Regulatory compliance history;

• Past experience in providing similar services;

• Qualifications of key personnel as evidenced in Company Profile

60%

Fees and Costs 40%

Total 100%

Scoring Scale:

5 Exceptional, fully meets and exceeds all requirements

4 Good, advantageous, exceeds some requirements

3 Average, meets minimal requirements

2 Addresses most of the minimal requirements

1 Poor, addresses part of minimal requirements

0 Addresses none of minimal requirements

Sample Scoring Sheet:

CRITERIA SCORE

(1-5)

WEIGHT (SCORE*WEIGHT)

*100

Overall Experience & Demonstrated Results 4 40% 160

Strategic Workplan Approach 3 40% 120

Timeline 5 10% 50

Budget Approach 2 10% 20

Total Score 350

8.3 Demonstrations / Oral Presentations

At the sole discretion of THECB, Respondents may be asked to participate in a Demonstration or Oral Presentation. Respondents attending Demonstrations will be asked to provide a demo of their proposed product, services, or solution.

Respondents attending Oral Presentations will be asked questions related to the evaluation criteria and asked to provide additional clarifications regarding the Respondent’s specific offerings in its proposal.

Following each round of Demonstrations or Oral Presentations, the evaluation team will review and update the scores, if warranted, based on the clarifications provided by the Respondent in the Demonstration or Oral Presentation.

Respondent scores and rankings may increase or decrease from the original written evaluation scores, based on the clarifications provided. Respondent’s score prior to the Demonstration will no longer be considered its Final Score, and instead the post-interview score will be considered the Final Score for purposes of evaluating and awarding a vendor(s).

Respondents will be provided with advance notice of any such Demonstration or Oral Presentation. Advance notice will include an agenda specifying the focus areas and specific questions to be answered. Failure to participate in the requested Demonstration or Oral Presentation may eliminate a Respondent from further consideration. THECB is not responsible for any costs incurred by the Respondent in preparation for, attendance at, participation in, or otherwise related to any Demonstration or Oral Presentation. All costs incurred by Respondent are the responsibility of Respondent.

Demonstrations and Oral Presentations will be held via Microsoft Teams or in a manner prescribed by THECB. Attendance by team members assigned to the project to describe their relative experience and proposed involvement in the project is critical. THECB reserves the right to ask questions or request clarification from any Respondent at any time during the RFP process, including during Demonstrations or Oral Presentations.

8.4 Additional Selection Considerations and Best Value Determination In addition to the criteria listed in Section 8.2, THECB will also consider best value for the State, as directed by Texas Government Code § 2157.003, when selecting a Respondent. THECB may contact the references provided by Respondent in response to this RFP. THECB will also use the Comptroller’s Vendor Performance Tracking System to determine whether to award a contract to a Respondent. THECB will be the sole judge of best value, and the Respondent who receives the highest score is not guaranteed award. Best Value criteria may include, but are not limited to:

a) The proposal that best meets the goals and objective as stated in this RFP;

b) The proposal that indicates Respondent’s ability to reliably perform the required tasks/deliverables described in this RFP;

c) The Respondent’s ability to adhere to the schedule and delivery terms (if applicable);

d) Respondent’s experience in providing services in this RFP;

e) Past Vendor Performance: In accordance with Texas Government Code §§ 2155.074 and 2262.055, vendor performance may be used as a factor in the award (if applicable); and

f) Other factors relevant to determining the best value for the state in context of this purchase (i.e., certifications/licensure, reference checks, pricing, etc.).; and

g) The negotiation of fair and reasonable pricing.

Respondents providing the best value to the State for each NIGP group description may be chosen as the State’s primary or “best value vendor” for that group. Additional Respondents may be awarded Contracts at the sole discretion of THECB in order to provide alternate resources for meeting the requirements of the requested services.

8.5 Award Notice

If the RFP is awarded, THECB will post a Notice of Award on the ESBD website.

However, there is no guarantee that an award, any contract, or purchase order will result from this RFP.

9 Additional Terms and Conditions

9.1 Anticipated Contract

In addition to the additional Terms and Conditions below, see Attachment C, Anticipated Contract.

9.2 Awarded Respondent Responsibilities

THECB shall look solely to Awarded Respondent for performance of all contractual obligations arising out of this RFP and any resulting Contract.

Awarded Respondent shall not be relieved of its obligations for any nonperformance by its subcontractor(s).

Failure to meet service requirements and/or specifications authorizes THECB to procure services of this RFP elsewhere and charge any increased costs for the services, including the cost of re-soliciting, to Awarded Respondent.

If subcontracting, before any work may be performed by a subcontractor, the subcontractor must be approved by THECB.

THECB may require Awarded Respondent to conduct criminal background checks for all team members assigned to this project or otherwise provide documentation that all team members assigned to this project have passed a recently conducted criminal background check. Any team member who does not pass a criminal background check shall not be assigned to the project team.

All contracted services, including services performed by subcontractors, must be conducted by individuals located in the US who are legally eligible to work in the US. Upon request, Awarded Respondent shall provide THECB with an electronic or hardcopy confirmation of compliance with this requirement.

9.3 Intellectual Property Rights in Software

THECB and Awarded Respondent acknowledge and agree that intellectual property or other property produced, generated, or created in connection with the contract that Awarded Respondent had not previously produced, generated, or created, either completed or partially, shall be THECB’s sole property and all rights, title, and interest in and to the work product shall vest in THECB upon payment for the services.

Awarded Respondent acknowledges and agrees that all THECB-owned intellectual property, including any applicable trademark, copyrights, logos, graphics, etc. shall remain the intellectual property of THECB. To the extent necessary, THECB will provide Awarded Respondent with a limited, non-exclusive, non-transferable, revocable license to use THECB’s intellectual property for the sole purpose of providing the services and deliverables set forth in Section 4. herein. Awarded Respondent agrees that it shall not use the THECB trademarks and copyrights or other intellectual property, or any marks or copyrights that are confusingly similar for any other purpose. Awarded Respondent agrees it shall not assert any right, license, or interest with respect to any THECB intellectual property. Awarded Respondent further agrees that it shall not contest, attack, dispute, challenge, attempt to cancel, oppose, or seek to challenge in any manner or in any forum, THECB’s rights, title, and interest to the intellectual property described above.

To the extent any pre-existing material or property is utilized in the development of the solution(s) discussed herein, Awarded Respondent warrants that it is licensed to use the material or property. Further, Awarded Respondent acknowledges that the ensuing agreement between THECB and Awarded Respondent will award THECB an irrevocable license to utilize any pre-existing material or property required for the maintenance of the solution(s) discussed herein.

9.4 Confidentiality

Except as required by applicable law, including but not limited to Texas Government Code Chapter 552, Awarded Respondent, including its employees, agents, board members, and subcontractors, shall not: (i) disclose to any third-party the business of THECB, details regarding any website or application, including, without limitation any information regarding the website and application code, the specifications, or THECB’s business (the “Confidential Information”); (ii) make copies of any Confidential Information or any content based on the concepts contained within the Confidential Information for personal use or for distribution unless requested to do so by THECB; or (iii) use Confidential Information other than solely for the benefit of THECB.

9.5 Public Information Act Disclosures

Proposals and contracts are subject to the Texas Public Information Act (PIA), Texas Government Code Chapter 552, and may be disclosed to the public upon request. Other legal authorities also require THECB to post contracts and solicitations on the ESBD and to provide such information to the Legislative Budget Board for posting on its public website.

Under the PIA, certain information is protected from public release. If Respondent asserts that information provided in its proposal or other submitted information is proprietary, confidential, or otherwise exempt from disclosure under the PIA, Respondent must clearly label that proprietary or confidential information and identify the specific PIA exception that applies to disclosure. Any information which is not clearly identified as proprietary or confidential shall be deemed to be subject to disclosure pursuant to the PIA.

Merely making a blanket claim that the entire proposal is protected from disclosure because it contains some proprietary information is not acceptable and shall make the entire proposal subject to release under the PIA.

Respondents are required to make any information created or exchanged with the state pursuant to solicitation or contract, and not otherwise excepted from disclosure under the PIA, available in a format that is accessible by the public at no additional charge to the state.

THECB will strictly adhere to the requirements of the PIA regarding the disclosure of public information. THECB does not have authority to agree that any information submitted will not be subject to disclosure. Disclosure is governed by the PIA and by rulings of the Office of the Texas Attorney General.

Respondents are advised to consult with their legal counsel concerning disclosure issues resulting from this process and to take precautions to safeguard trade secrets and proprietary or otherwise confidential information.

Respondent, by submitting a proposal, shall thereby be irrevocably deemed to have fully indemnified and agreed to defend THECB from any claim of infringement in the intellectual rights of Respondent or any third party for any materials appearing in the proposal.

9.6 FERPA Confidentiality and Data Governance Provisions

FERPA. Awarded Respondent agrees to comply with the Family Educational Rights and Privacy Act, 20 U.S.C. § 1232g, and the implementing federal regulations, 34 C.F.R. Part 99, 1; the Children’s Online Privacy Protection Act (COPPA); and Individuals with Disabilities Education Act (IDEA). Awarded Respondent agrees to protect with reasonable data security procedures any confidential student information it receives or accesses that could make a student’s identity traceable.

It is further understood and agreed that Awarded Respondent shall not be required to access student level or any other FERPA confidential data to provide the services required under this RFP, and THECB agrees not to knowingly provide Awarded Respondent with access to such information. Awarded Respondent shall not knowingly view, access, acquire, transfer, copy, or otherwise reproduce any student level or other FERPA confidential data.

If it subsequently becomes necessary for Awarded Respondent to access student level or any other FERPA confidential data to provide the services required under this RFP, Awarded Respondent shall not access such data until the Parties execute a separate Data Sharing Agreement (DSA).

If data is needed to test the product or solution, Awarded Respondent shall provide synthetic data that does not require any data from THECB. No data from THECB shall be used to test any product under this RFP.

All data provided by THECB shall always remain in the continental United States.

Data Security. Awarded Respondent warrants that it has a sound data security program, that, at a minimum, meets industry standards, which protects both data at rest and data in transmission. Awarded Respondent shall ensure that proper information security controls are in place and shall comply with all requirements and security protocols found in Title 1, Texas Administrative Code, Chapter 202, Texas Cybersecurity Framework Standards, and other applicable laws, including FERPA. Awarded Respondent shall notify THECB of any data breach involving education records, PII, or any other confidential or sensitive information not later than twenty-four (24) hours after discovery of a security incident that may constitute a data breach.

Awarded Respondent shall immediately mitigate any such breach and ensure that any disrupted services are brought back into service without significant delay. Awarded Respondent shall be responsible for any data breach notifications and damages that are required by state or federal law and shall coordinate such notification with THECB. This section shall survive termination of the agreement.

9.7 Cybersecurity Training and Insurance

If applicable, Awarded Respondent represents and warrants that it will comply with the requirements of Texas Government Code §2054.5192 relating to cybersecurity training and required verification of completion of the training program. Awarded Respondent further warrants that it will obtain and maintain cyber security insurance coverage including both first- and third-party coverage, covering claims involving privacy violations, information theft, damage to or destruction of electronic information, intentional and/or unintentional release of private information, alteration of electronic information, extortion, and network security.

9.8 Retention of Solicitation Responses

All proposals become the property of THECB after submission and will not be returned to Respondents.

9.9 Costs Incurred

Respondent understands that issuance of this RFP in no way constitutes a commitment by THECB to award a contract or to pay any costs incurred by Respondent in the preparation of a response to this RFP. THECB is not liable for any costs incurred by Respondent. Costs of developing a proposal, or any other similar expenses incurred by Respondent are entirely the responsibility of the Respondent and will not be reimbursed in any manner by the State of Texas.

9.10 Acceptance of Evaluation Methodology

By submitting a proposal in response to this RFP, Respondent accepts the evaluation process and acknowledges and accepts that the determination of the “most qualified” Proposals will require subjective decisions by THECB.

9.11 Protest

Any protest shall be governed by the rules published by THECB in the TAC Title 19, Part 1, Chapter 1, Subchapter A, General Provisions.

9.12 Technical Documents

All technical documents developed or procured by Awarded Respondent shall not be proprietary in nature, such that THECB is limited in the use of such documents. If any such documents are proprietary, including training materials, Awarded Respondent must identify such documents and provide THECB with any technical support and training for use of such documents, prior to the transfer of such documents to THECB.

9.13 Artificial Intelligence (AI) Requirements

9.13.1 General Prohibition on AI

Respondent, including its employees, agents, subcontractors, and any third party acting on its behalf, shall not upload, input, process, or otherwise…