Request for Proposals for Advisory Services

August 3, 2026 RFP No. 26-1396

Dear Prospective Respondent:

Statements of Qualifications hereafter referred to Request for Proposals (RFP or Proposal(s)) will be received by the Purchasing Agent or other designee of the Brazos River Authority no later than 10:00 AM, August 31, 2026 for Investment Advisory Services. All qualified firms including service-disabled veterans are encouraged to submit proposals in response to this request.

Proposals must be submitted and received no later than the due date and specified time. Any Proposal received later than the specified time, shall not be considered. The BRA is NOT responsible for ensuring the delivery of Proposals.

Refer to Section 13. Delivery of Proposal Submittals for instructions on submitting a response to this solicitation.

Proposal must be clearly identified as follows on the outside of the sealed physical submission. The BRA shall not be responsible for submissions that are not properly identified. Proper identification of Respondent’s proposal is the sole responsibility of the Respondent and failure to do so may result in the submission not being included in the proposal opening:

RFP TITLE: Investment Advisory Services

RFP NO: 26-1396

RFP DUE DATE: 10:00 AM, AUGUST 31, 2026

The BRA shall have the right to accept or reject any or all Proposals, or any part thereof, and to waive any technicalities in the interest of the BRA.

BRA will evaluate all relevant, health, safety and business factors on all solicitations to determine when to initiate a notice to proceed on all projects, delivery of goods and/or services or procurement of construction related services to best attempt to balance BRA needs and to protect the health and safety of BRA employees, the employees of respondents and the public at large.

ALL communication regarding this solicitation must be directed to the Purchasing Department.

Failure to adhere to this restriction during the advertising, evaluation, and selection phases will result in the rejection of a Respondent’s Proposal.

Sincerely, Bryan Gray Purchasing Manager

4600 Cobbs Drive • Waco, Texas 76710 254-761-3123

RFP No. 26-1396 Investment Advisory Services Page 2 of 12

SUPPLIER DIVERSITY PURCHASING POLICY

The Brazos River Authority (BRA) will ensure that purchases of equipment, materials, supplies, and/or services conform with Texas Procurement law as applicable to the BRA, are cost effective, and contribute to the competitiveness of the BRA and its customers.

Procurement activities will be conducted in an open and fair manner with equal opportunity provided to all qualified parties. The BRA will provide equal contracting opportunities as provided by all applicable State and Federal laws to service-disabled veterans.

GENERAL INSTRUCTIONS TO RESPONDENTS

The Work consists of the furnishing of all labor, materials, services, equipment, and appliances required for the delivery and the supplying of products and/or services as described herein and in the contract documents.

1. PROPOSAL SUBMISSION: Proposals must be received no later than the Proposal opening date and time specified above. All Proposals received after closing time will not be considered.

A. To be considered as eligible, a Respondent shall have complied with all legal requirements to permit them to operate in the State of Texas.

B. Proposals must be submitted electronically, mailed or hand delivered to be considered.

2. WITHDRAWAL OF PROPOSALS: No Proposal may be withdrawn for a period of ninety (90) days after Proposal opening, except by: 1) mutual consent of the BRA and Respondent; or 2) a previously submitted Proposals may be withdrawn upon written request received from Respondent prior to time established for receipt of Proposals.

3. SIGNATURE ON PROPOSALS: To be valid, Proposals must be signed by an authorized person. By such signature, Respondent agrees to strictly abide by the terms, conditions, and Scope of Services embodied in this Request for Proposal.

4. EXAMINATION OF PROPOSAL DOCUMENTS: Before submitting a Proposal, all Respondents shall examine the complete Proposal documents, including Proposal Notice, Instruction to Respondent, and Scope of Services, all of which are part of the Proposal documents.

5. ADDENDA: Unless otherwise stated in the Proposal, answers to all questions, inquiries, and request for additional information will be issued in the form of Addenda. During the Proposal period, prospective Respondent may be advised by Addenda of additions, deletions from, or changes in the requirements of the Proposal documents. The BRA will not be responsible for the authenticity or correctness of oral interpretations of the Proposal documents or for information obtained in any other manner than through the media of Addenda. Receipt of each Addendum shall be acknowledged by the Respondent.

Any questions concerning this Proposal should be submitted on https://www.bidnetdirect.com/texas/brazosriverauthority no later than five (5) days prior to the opening of the Proposal. This is to allow the BRA sufficient time to respond to inquiries and provide information to all interested Respondents by Addendum. Unless otherwise stated in the Proposal, Addenda will be posted on https://www.bidnetdirect.com/texas/brazosriverauthority .

Respondent is responsible for checking https://www.bidnetdirect.com/texas/brazosriverauthority for updates and Addenda until the time at which the submission is due. Failure to respond to all requirements, including those Addenda, shall be grounds for rejection of your Proposal.

6. TAXATION: The BRA is exempt under the Texas Sales Tax and Use Tax Laws, and the Respondent shall not include such taxes in the Proposal.

7. QUALIFICATION OF RESPONDENTS: The BRA reserves the right to reject any Proposal if the evidence submitted by, or investigation of, such Respondent fails to satisfy the BRA that such Respondent is properly qualified to carry out the obligations of the contract and to complete the Services contemplated herein.

Conditional Proposals will not be accepted.

8. CONSIDERATION OF PROPOSALS: Unless stated otherwise in the Advertisement or Request for Proposal, the properly identified Proposals received on time will be opened publicly and only the names of the Respondent will be read aloud. Respondents are invited to be present.

9. COMPLIANCE WITH SCOPE OF SERVICES AND RIGHT OF

SELECTION: The Respondent shall abide by and comply with the true intent of the scope of services and not take advantage of any unintentional error or omission.

10. DEVIATION FROM SCOPE OF SERVICES: All deviations from the scope of services must be noted in detail by the Respondent, in writing, at the time of submittal of the formal Proposal. The absence of a written list of deviations at the time of submittal of the Proposal will be considered acceptance of the Scope of Services as written.

Any deviations from the Scope of Services as written not previously submitted, as required by the above, will be grounds for rejection of the material and/or item when delivered.

In case of ambiguity or lack of clarity, the BRA reserves the right to consider the most advantageous Proposal or reject the Proposal.

11. REPRESENTATIONS: By execution and submission of this Proposal, the Respondent hereby represents and warrants to the BRA that Respondent has read and understands the Proposal Documents and this Proposal is made in accordance with the Proposal Documents.

12. INDEMNIFICATION:

THE RESPONDENT SHALL COMPLY WITH THE REQUIREMENTS

OF ALL APPLICABLE LAWS, RULES, AND REGULATIONS AND

SHALL EXONERATE, INDEMNIFY AND HOLD HARMLESS THE

BRA FROM ANY AND ALL LIABILITY OR DAMAGES RESULTING

FROM FAILURE TO DO SO.

IN ADDITION, THE RESPONDENT AGREES TO INDEMNIFY,

KEEP, SAVE AND HOLD THE BRA HARMLESS FROM ANY AND

ALL ACTIONS, LIABILITIES, DAMAGES, JUDGMENTS, COSTS

AND EXPENSES INCLUDING REASONABLE ATTORNEY’S FEES,

IN CASE AN ACTION IS FILED OR DOES IN ANY WAY ACCRUE

AGAINST THE BRA, ITS OFFICIALS, OFFICERS, AND

EMPLOYEES IN CONSEQUENCE OF THE AWARDED CONTRACT

FOR ANY NEGLIGENT ACT OR OMISSION OF THE RESPONDENT

IN THE PROVISION OF SERVICES UNDER THE AWARDED

CONTRACT, OR THAT MAY RESULT FROM THE CARELESSNESS

OR LACK OF SKILL OF THE RESPONDENT OR THE

RESPONDENT’S OFFICERS, AGENT, CONTRACTORS, ASSIGNS

OR EMPLOYEES. IN THE EVENT A JUDGMENT IS RECOVERED

AGAINST THE BRA FOR ANY SUCH LIABILITY, COSTS OR

EXPENSES, SUCH JUDGMENT SHALL BE CONCLUSIVE

AGAINST THE RESPONDENT.

IT IS SPECIFICALLY UNDERSTOOD AND AGREED BY THE

RESPONDENT THAT SUCH INDEMNITY IS INDEMNITY BY THE

RESPONDENT TO INDEMNIFY AND PROTECT THE BRA FROM

https://www.bidnetdirect.com/texas/brazosriverauthority https://www.bidnetdirect.com/texas/brazosriverauthority

RFP No. 26-1396 Investment Advisory Services Page 3 of 12

LIABILITY, CLAIMS, SUITS, LOSSES, DAMAGES OR CAUSES OF

ACTION DUE TO THE RESPONDENT’S NEGLIGENCE, ERROR OR

OMISSION.

13. CRITERIA FOR AWARD: The BRA will select the most highly qualified Respondent on the basis of demonstrated competence and qualifications and then attempt to negotiate with that Respondent a contract at a fair and reasonable price. If a satisfactory contract cannot be negotiated with the most highly qualified Respondent, the BRA will select the next most highly qualified Respondent and attempt to negotiate a contract with that Respondent at a fair and reasonable price. The BRA also reserves the right to end negotiations, reject all proposals, or cancel and re-advertise the solicitation if it is determined to be most advantageous to the BRA. The evaluation criteria is listed in Section 9.

14. TERMINATION: The awarded contract may be terminated at any time by the BRA, in BRA’s sole discretion, for any cause or for convenience without penalty or liability. Upon receipt of such notice, the supplier shall immediately discontinue all services and actions.

The BRA shall pay the Respondent promptly the accrued and unpaid amounts due for services to the date of termination, to the extent the services are approved by the BRA.

15. CHANGE OF CONTRACT PRICE:

The agreed upon contract price shall not be exceeded without the prior written consent of the BRA and may only be modified by a written amendment to the contract executed by both BRA and Respondent.

16. PAYMENT: Unless otherwise specified, payment for services and/or product will be processed within thirty (30) days from invoice date and acceptance of Services and/or product. Invoices presented for payment must be submitted in accordance with instructions contained on the purchase order including reference to purchase order number and submittal to the correct address for processing. Unit price on invoice shall be in two (2) decimal places only, i.e., $ .XX.

The BRA has set a goal to have as much paperwork submitted electronically. Respondents are asked to submit invoices electronically to the following Accounts Payable email address:

accounts.payable@brazos.org. Respondents who use the electronic service should not mail the original invoice.

17. CONFIDENTIALITY OF DOCUMENTS: The BRA is subject to the Texas Public Information Act (PIA). Any information submitted to the BRA by a Respondent shall be considered non-confidential and available to the public, except as follows:

In the event a Respondent considers a specific portion of their Proposal to be confidential and subject to an exception to disclosure under the PIA, such portion must be clearly identified and marked "CONFIDENTIAL". Do not mark an entire Proposal confidential, as this is not in conformance with the PIA and is not acceptable. Only the specific portion or portions of the Proposal that the Respondent considers to be confidential pursuant to the PIA should be marked. IF

AN ENTIRE PROPOSAL IS MARKED CONFIDENTIAL, THE BRA

WILL NOT TREAT ANY PORTION OF THE PROPOSAL AS

CONFIDENTIAL AND THE PROPOSAL MAY BE REJECTED AS

NON-CONFORMING. The BRA will honor notations of confidentiality made in accordance with this paragraph and decline to release such information initially. However, final determination of whether a particular portion of a Proposal may in fact be withheld pursuant to the PIA will be made by the Texas Attorney General or a court of competent jurisdiction.

In the event a public information request is received for a portion of a Proposal that has been marked confidential, the BRA shall ask the affected Respondent if the information may be released. If the release is agreed to, the BRA shall release the information.

If the release is denied, the matter shall be referred to the Texas Attorney General's Office in accordance with the process set forth in the PIA. The Respondent shall be fully and solely responsible for submitting arguments and evidence within the statutory timeframes to the Texas Attorney General’s Office regarding its claim of confidentiality. The BRA will NOT submit arguments on behalf of the Respondent.

The Texas Attorney General's office shall rule on the matter. In the event that it is determined by opinion or order of the Texas Attorney General or a court of competent jurisdiction that such information may not be withheld, then such information will be made available to the requester. If it is determined that the information may be withheld, BRA will withhold the information from the requestor.

Pricing information contained in Proposals or contracts is not considered confidential under the PIA and will be disclosed without making a request to the Texas Attorney General.

RFP No. 26-1396 Investment Advisory Services Page 4 of 12

REQUEST FOR PROPOSALS

INVESTMENT ADVISORY SERVICES

RFP NO. 26-1396

SUBMITTAL SCHEDULE

Requests for Proposals are posted on the BidNet Direct website at and prospective Respondents should visit the site for potential updates to Proposal requirements.

Monday, August 3, 2026

RFP is available to download at

4:00 PM, Thursday, August 20, 2026

Last date and time to ask questions or request additional information. Please submit your questions at

4:00 PM, Tuesday, August 20,2026

Post response to questions received as of the deadline or as soon thereafter, as an Addendum on

10:00 AM, Monday, August 31, 2026

Proposals are due.

11:00 AM, Monday, August 31, 2026

Proposals will be opened virtually at the link below https://youtube.com/live/sJb2o14Dj-g?feature=share

Local Time Prevailing.

https://www.bidnetdirect.com/texas/brazosriverauthority https://gcc02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fyoutube.com%2Flive%2FsJb2o14Dj-g%3Ffeature%3Dshare&data=05%7C02%7Cbryan.gray%40Brazos.org%7C0164951c4e6a44b7a4af08def197f9f4%7C1d162e7ed166431ab98df88aadc1368d%7C0%7C0%7C639213832235397088%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=6w67gFH8XOSaBTPPqy4PrZK%2BeLpnIqP1ma11w08vI4Y%3D&reserved=0

RFP No. 26-1396 Investment Advisory Services Page 5 of 12

RFP NO. 26-1396

1. General The BRA is currently seeking proposals from qualified firms interested in providing non-discretionary investment advisory services for its estimated $170 million investment portfolio. The BRA shall contract for services with a firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisor’s Act of 1940. The investment advisor will be required to manage the funds in accordance with the laws of the State of Texas, and investments policies and procedures established by the BRA. A copy of the BRA’s current Investment Policy is attached.

The BRA encourages all prospective investment advisors to examine this RFP carefully. Qualified advisors are requested to submit proposals to provide the services described in this RFP. The BRA expects its investment advisor to be able to provide comprehensive investment management and accounting services. Further, the BRA requires that those services be delivered consistently and be of the highest quality.

The firm selected as the investment advisor and its affiliates will be restricted from selling to the BRA, or buying from the BRA, any securities to or from that firm’s own inventory or account. The investment advisor will also be restricted from placing into the BRA portfolio any securities for which it, or an affiliate, is the issuer (i.e. CD’s, commercial paper, etc.). The investment advisor shall act solely in a fiduciary capacity and shall not receive any fee or compensation based upon the purchase or sale of securities but, rather, the investment advisor will be compensated pursuant to the provisions of its contract with the BRA.

2. Scope of Services Specific responsibilities of the investment advisor shall include, but not be limited to the following:

A. Review cash flow requirements prepared by the BRA staff and develop an investment strategy to complement the cash flow.

B. Execute securities purchases and/or sales with approved broker/dealers in accordance with the BRA’s approved investment policy. The investment advisor will not have responsibility for managing the portion of the portfolio invested in Local Government Investment Pools or overnight repurchase agreements. All securities will be held by a third-party custodian in the name of the BRA and all transactions will settle on a “delivery versus payment” basis.

C. Solicit certificates of deposit rates from financial institutions and assist with evaluation of options.

D. Provide monthly reports on investment activity, earnings, and the value of the portfolio holdings and projected portfolio cash flows. The reports must include a mark-to-market valuation and other information needed for the BRA to report investment holdings under GASB 31. The investment advisor shall maintain accurate reports on investments including the diversity of investments and compliance with applicable investment policies of the BRA and State of Texas statutes. (Sections 2256 and 2257 of the Texas Government Code).

E. Provide quarterly investment reports including a description of market conditions, investment strategies employed, performance and suggested changes to investment strategy. Investment performance must be provided on an average portfolio yield to maturity basis and compared to appropriate benchmarks.

F. If requested, attend up to two meetings of the BRA Board of Directors each year to report on investment performance, investment strategy, and provide an economic update.

G. Annually review the investment policy, check for compliance with Texas Government Codes (Sections 2256 and 2257), and provide written comments and recommended changes.

RFP No. 26-1396 Investment Advisory Services Page 6 of 12

H. Review investment strategies for feasibility and appropriateness.

I. Maintain a list of approved broker/dealers meeting the BRA’s Board of Directors approved criteria and furnish evidence of compliance with those criteria to the BRA.

J. Provide investment advisor services for the proceeds of tax-exempt bond issues in compliance with the arbitrage and rebate requirements of the U.S. Treasury, currently described in Section 148 of the Internal Revenue Code of 1986 as amended and of the related Code of Federal Regulations. In addition, the investment advisor shall be required to maintain relevant records needed to perform computations required by the regulations.

K. Provide collateral valuation as requested to help ensure adequate collateral value.

L. Determine the efficiency and effectiveness of the current banking and custodial services and structure and offer possible recommendations for improvement including assisting in preparation of an RFA and evaluation of proposals.

M. Coordination with external agencies to help improve communications with and efficiencies between the BRA and any external service agencies for maximum utility of funds and investment alternatives.

N. Evaluate internal treasury procedures for maximum benefit to the BRA and its portfolio including broker/dealer transactions and transaction audit trails.

O. Assist in developing improvement and practice benchmarks for internal procedures.

P. Monitor financial institutions utilized by the BRA for lawsuits, investigations, enforcement actions, fines or other disciplinary actions by governmental or regulatory agencies and advise the BRA on necessary corrective actions.

Q. The investment advisor WILL NOT provide custodial services or security safekeeping.

3. Information Required in the RFP Submittal - Tab Format

The BRA specifically requests succinct submittals tailored to the general and discipline-specific scopes of services summarized above. Each response should describe in sufficient detail the relevance of the individual team member’s expertise and experience to the specific requirements of the project. All submittals become the property of the BRA. Each submittal shall include the information requested below. Please limit each submittal to no more than 20 pages (not including resumes, sample reports and required forms)

FAILURE TO SUBMIT ANY OF THE REQUESTED INFORMATION WILL BE GROUNDS

FOR REJECTION OF PROPOSAL OR DELAY ISSUANCE OF A PURCHASE

ORDER/CONTRACT.

Tab A: Include the following:

(1) Date your company was established and a brief history; number of employees;

provide number and location of offices.

(2) Provide name, title and office location of person who will be the principal contact for the BRA and the billing location if different.

(3) Describe the types of organizations that your company typically serves and general nature of the work.

(4) A list and description of similar services completed within the last five years under your current company name or any other company name similar in nature to this solicitation. This should include the name, the location, a brief description of Scope of Services, and a contact name and telephone number of a reference for each client. List litigation that your company has been a party to in the last five (5) years, under your current company name or any other company name.

Include only litigation that involves business units in your company that are proposed for performing services under this RFP.

RFP No. 26-1396 Investment Advisory Services Page 7 of 12

(5) List all such litigation involving owners and/or general contractors. To be fully responsive, provide the level of detail in the attached example, as well as a name and phone number to contact an authorized representative of your company in the event that the BRA needs to clarify your response. Failure to be fully responsive will be sufficient grounds for the BRA to disqualify your company.

(6) Have you ever defaulted, failed to complete a contract or had a contract terminated by the other party? If so, where and why? Provide name and telephone number of the other party.

(7) Please provide the contact information including the email address of the person responsible for providing proof of insurance.

Tab B: Include the following:

(1) Describe your firm’s experience in managing fixed-income portfolios for public funds and governmental entities.

(2) Summarize your fixed-income assets under management (institutional only) over the past five (5) years.

(3) What is your firm’s experience in developing investment policies and portfolio management guidelines for government operating funds?

(4) Does your firm act as a broker or as a primary dealer in securities or receive any other form of additional compensation (including soft dollars) for client transactions aside from the direct fee paid by clients?

(5) Describe your firm’s activities to keep portfolio managers informed of developments relevant to the management of public sector investment portfolios.

(6) Describe any assistance the firm would provide in reviewing custodial and safekeeping agreements.

(7) Describe your firm’s approach to managing relationships with the broker/dealer community.

(8) Describe the type and frequency of credit analysis that would be provided on security issuers and/or financial institutions.

(9) Describe the capabilities of software used by the firm and discuss whether the software can be made available to the BRA for use in assisting with portfolio management and reporting. Please disclose any software licensing fees or other charges that would be passed through to the BRA for software use.

(10) Describe the training and education services provided to the BRA’s staff.

(11) Explain your ongoing interaction with BRA staff as it relates to investment strategy, market conditions, security selection and transaction processing.

(12) Describe your firm’s experience in developing and implementing investment strategies for tax exempt bond proceeds. What measures does your firm take to ensure that all investments are executed in compliance with the Internal Revenue Service Fair Market Rules?

(13) Briefly describe your firm’s investment advisor philosophy including your approach to managing governmental operating funds.

(14) What are the primary strategies employed by your firm for adding value to portfolios (e.g., market timing, credit research, etc.)?

(15) Describe the in-house technical and research support services you have available.

What other sources are used by the firm on a regular basis?

(16) Briefly describe any additional feature, attributes or conditions which the BRA should consider in selecting your firm.

RFP No. 26-1396 Investment Advisory Services Page 8 of 12

Tab C: Include the following completed and signed forms. Failure to submit the required forms will result in rejection of the proposal as non-responsive.

(1) Complete and submit the attached W-9 form, or if foreign entity submit the appropriate tax document information.

(2) Complete and submit the attached “Conflicts of Interest Questionnaire [CIQ]” form.

(3) Complete and submit the “Acknowledgment of Request for Proposals and Receipt of Addenda” form. Respondent is required to complete, sign and submit this form with Respondent’s Proposal. Failure to complete, sign and submit this form with Respondent’s Proposal will disqualify the entire Proposal as non-responsive.

(4) Complete and submit the Non-Collusion Affidavit form.

(5) Provide detailed resumes for all key investment professionals who will be directly responsible for the investment of BRA funds. Include the following information; title, number of years at your firm, total number of years of experience, professional designations or licenses.

(6) Provide Form ADV Part 2

(7) Provide a summary organizational chart showing your proposed project team including analytical, investment and research staff, other decision support and back office support.

(8) Include at least five (5) client references where you provide similar services (public references) and two (2) non-client references that can attest to the professional reputation of your firm and its personnel. Include client name, contact personnel, address, phone number, and length of time you have managed their assets.

(9) Provide sample reports that would be provided to the BRA on a monthly and quarterly basis. Include methods and formulas used to calculate yield and performance.

4. RFP Inquiries All communication related to this RFP shall only be directed to the Purchasing Manager via https://www.bidnetdirect.com/texas/brazosriverauthority The Purchasing Agent will direct any inquiries to the appropriate BRA staff, a response will be issued and if warranted, an Addendum will be posted on the BidNet Direct site. Failure to adhere to this restriction during the advertising, evaluation, and selection phases will result in the rejection of a Respondent’s Proposal.

5. Respondent’s Past Performance BRA will consider Respondent’s past performance and may conduct reference checks with other entities regarding past performance. BRA may examine Respondent’s performance including, but not limited to: the State of Texas Comptroller of Public Accounts Statewide Procurement Division Vendor Performance Tracking System, notices of termination, cure notices, assessments of liquidated damages, litigation, audit reports, repeated negative performance, records of repeated non-responsiveness to performance issues, and non-renewals of contracts.

Such sources of Respondent performance may include any governmental entity, whether an agency or political subdivision of the State of Texas, another state, or the Federal government.

Further, BRA may initiate such examinations of Respondent performance based upon media reports. Any such investigations shall be at the sole discretion of BRA, and any negative findings, as determined by BRA, may result in non-award to Respondent.

RFP No. 26-1396 Investment Advisory Services Page 9 of 12

6. Conflict of Interest Pursuant to Chapter 176 of the Local Government Code, any person or agent of a person who contracts or seeks to contract for the sale or purchase of property, goods, or services with a local government entity (i.e., Brazos River Authority) must disclose in the Conflicts of Interest Questionnaire Form ("CIQ") the person's affiliation or business relationship that might cause a conflict of interest with the local government entity. By law, the CIQ must be filed with the BRA Records Management Officer no later than seven (7) days after the date the person begins contract discussions or negotiations with the BRA, or submits an application or response to a Request for Proposals, correspondence, or another writing related to a potential agreement with the BRA. Updated Questionnaires must be filed in conformance with Chapter 176.

A copy of the CIQ is attached. If you have any questions about compliance, please consult your own legal counsel. Compliance is the individual responsibility of each person or agent of a person who is subject to the filing requirement. An offense under Chapter 176 carries a penalty up to a Class A misdemeanor. . For your convenience, the current BRA Board of Directors can be found here: https://brazos.org/about-us/about-the-bra/board-of-directors

7. Disclosure of Interested Parties Pursuant to Section 2252.908 of the Government Code, the selected Firm in contracts for the sale or purchase of property, goods, or services with a local government entity (i.e., BRA) anticipated to have a value of at least $250,000/$500,000 must submit a Disclosure of Interested Parties Form to the local government entity that discloses all persons at the Selected Firm who have a controlling interest in the selected Firm or who actively participated in facilitating the contract or negotiating the terms of the contract.

The requirements of Section 2252.908 of the Government Code are subject to change, and if you have any questions about compliance, please consult your own legal counsel.

https://www.ethics.state.tx.us/whatsnew/elf_info_form1295.htm

8. Term of Agreement The term of this Contract shall be for a period of two (2) years, commencing on the Effective Date, and may be renewed by subsequent agreement of the parties for up to two (2) additional two (2) year periods, for a total potential term of six (6) years.

9. Selection Process Proposals will be evaluated and scored based on the factors listed below.

1. Respondent Qualification 25%

2. Respondent Experience 25%

3. Respondent’s Proposed Plan for Providing Services 25%.

4. Proposed fees and compensation. 25%

THE ADMINISTRATION AND AUDIT COMMITTEE WILL CONDUCT IN-PERSON

INTERVIEWS WITH THE TOP THREE PROPOSERS ON SEPTEMBER 16, 2026. IF

REQUESTED, PLEASE SECURE YOUR FIRM’S AVAILABILITY TO PARTICIPATE ON

THIS DATE. THE BRA RESERVES THE RIGHT TO CONSIDER INTERVIEW

RESPONSES IN ITS FINAL EVALUATION AND SELECTION OF THE HIGHEST-

RANKED RESPONDENT.

https://brazos.org/about-us/about-the-bra/board-of-directors https://www.ethics.state.tx.us/whatsnew/elf_info_form1295.htm

RFP No. 26-1396 Investment Advisory Services Page 10 of 12

10. Contract The executed contract between BRA and the selected Respondent shall be a BRA standard form contract for Professional Services. Contract terms are not subject to modification and Respondent will be expected to execute the contract in substantially the form provided.

Respondent should not base a proposal on an expectation that BRA will modify its contract terms.

Compensation for services provided under the professional services contract to be entered into with the selected Firm will be based on a mutually agreeable not-to-exceed amount. Individual tasks under the contract will also be billed on a not-to-exceed amount for such task.

The BRA reserves the right to award contract(s) without any negotiations and reserves the right to not make awards. The BRA reserves the right to conduct studies and other investigations as necessary to evaluate any submittal. Submission of a proposal confers no legal right upon any Respondent.

The decision of BRA, or its designee with regard to the above, shall be administratively final.

BRA, in its sole discretion, may waive administrative deficiencies and/or minor technicalities in submittals received.

11. Insurance Requirements The Respondent shall, at Respondent’s sole expense, maintain insurance coverage as determined acceptable to the BRA. The Respondent must obtain the following minimum insurance requirements and provide proof to the BRA prior to entering into a contract:

I. Workers’ Compensation Statutory II. Commercial General Liability Insurance:

a. Single Limit $1,000,000 per occurrence

b. Aggregate $2,000,000

The policy should contain the following provisions:

i. Blanket contractual liability coverage for liability assumed under the Agreement and all agreements relative to the Services.

ii. Independent Contractors coverage

iii. Thirty (30) day Notice of Cancellation in favor of the BRA, endorsement.

iv. Waiver of Transfer of Rights of Recovery Against Others in favor of the BRA’s endorsement.

v. Additional Insured, endorsement

III. Professional Liability Insurance

a. Minimum Limit $1,000,000 per claim

b. Aggregate $1,000,000

- All insurance carriers must be licensed to do business in the State of Texas and rated A- or better by A.M. Best.

Before beginning any work under this agreement, the Respondent is required to register with myCOItracking.com and upload documentation that meets the insurance requirements outlined in this agreement. Work WILL NOT commence until the certificate of insurance is approved as compliant. The Respondent must add

RFP No. 26-1396 Investment Advisory Services Page 11 of 12 registration@myCOItracking.com and certificaterequest@myCOIsolution.com to their safe sender list to ensure receipt of essential communications from myCOI. If any issues arise during registration, please contact the myCOItracking support team at (317) 759- 9426.

12. Recycled and Recyclable Products The BRA encourages the use of recycled products and products that may be recycled or reused.

13. Delivery of Proposal Submittals Proposals may be submitted in one of the following manners:

Electronic Transmission. Electronic submittals will be received on the following platform.

BidNet Direct requires you to register at no charge.

Drop Box Submission Prior to Proposal Submission Deadline: Hand delivery of one sealed, clearly identified original signed paper copy submission may be received up to the proposal submission deadline contained in the solicitation at the Brazos River Authority, 4600 Cobbs Drive, Waco, TX. 76710, utilizing the secure drop box located near of the office building. The BRA shall not be responsible for submissions that are not properly identified.

Proper identification of Respondent’s proposal is the sole responsibility of the Respondent and failure to do so may result in the submission not being included in the proposal opening.

Mail-In Delivery: Mailed by commercial carrier, overnight or express mail, one sealed clearly identified original signed paper copy submission may be accepted by the Purchasing Agent or other designee up to the proposal submission deadline contained in the solicitation at the Brazos River Authority 4600 Cobbs Drive, Waco, TX. 76710. The BRA shall not be responsible for submissions that are not properly identified. Proper identification of Respondent’s proposal is the sole responsibility of the Respondent and failure to do so may result in the submission not being included in the proposal opening.

RFP No. 26-1396 Investment Advisory Services Page 12 of 12

RFP NO. 26-1393

ACKNOWLEDGMENT OF REQUEST FOR PROPOSALS AND

RECEIPT OF ADDENDA

RESPONDENT MUST ACKNOWLEDGE RECEIPT OF THIS REQUEST FOR PROPOSALS

AND ADDENDA BY SIGNING BELOW AND SUBMITTING THIS ACKNOWLEDGEMENT

WITH YOUR PROPOSAL. FAILURE TO SIGN THIS ACKNOWLEDGEMENT WILL

DISQUALIFY THE PROPOSAL AS NON-RESPONSIVE. SIGNATURE MAY BE DIGITAL,

ELECTRONIC OR HANDWRITTEN.

This acknowledgement shall become part of your response and the subsequent contract documents if applicable.

ACKNOWLEDGMENT OF REQUEST FOR PROPOSALS:

Respondent hereby acknowledges that it has received and read the Request for Proposals and all Addenda, and that this Proposal is made in accordance with the provisions thereof.

Respondent acknowledges that this Proposal meets or exceeds all terms, requirements, conditions, and/or specifications set forth in the Request for Proposals and Addenda, and exceptions or deviations from such terms, requirements, conditions, and/or specifications, if any, have been clearly and conspicuously identified as such in the Proposal.

Does your company have ten (10) or more full time employees? Check one box only.

YES NO

Name of Firm (Respondent)

Signature – Authorized Representative

Printed Name

Date

E-mail Address

Telephone Number

TAB A | Example Response to Litigation History Question

List litigation involving owners and/or general contractors that your company has been a party to in the last five (5) years, under your current company name or any other company name. Include only litigation that involves business units in your company that are proposed for performing services under this RFP.

To be fully responsive, provide the level of detail illustrated in the table below as well as a name and phone number to contact an authorized representative of your company in the event that the BRA needs to clarify your response. Failure to be fully responsive will be sufficient grounds for the BRA to disqualify your company.

Date Parties Nature/Description of Litigation Outcome

2021 XYZ, Inc. v. Owner Owner brought suit against XYZ, Inc.

claiming flawed design of a concrete pad.

XYZ, Inc.

Nonsuited

2023 XYZ, Inc. v. Owner XYZ, Inc. retained to design bike path, the path collapsed in construction and owner sued XYZ, Inc. and contractor

Settled

2025 XYZ, Inc. v. Contractor

Contractor claimed XYZ, Inc. was negligent on a project where Contractor was constructing a tower and the tower allegedly incorporated incorrect materials.

XYZ, Inc. disputes the allegations.

Ongoing

Form W-9 (Rev. March 2024)

Request for Taxpayer Identification Number and Certification

Department of the Treasury

Internal Revenue Service Go to www.irs.gov/FormW9 for instructions and the latest information.

Give form to the requester. Do not send to the IRS.

Before you begin. For guidance related to the purpose of Form W-9, see Purpose of Form, below.

P ri n t o r ty p e

S e e S p ec if ic

In st ru ct io n s o n p a g e

1 Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner’s name on line 1, and enter the business/disregarded entity’s name on line 2.)

2 Business name/disregarded entity name, if different from above.

3a Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only one of the following seven boxes.

Individual/sole proprietor C corporation S corporation Partnership Trust/estate

LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership)

Note: Check the “LLC” box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.

Other (see instructions)

3b If on line 3a you checked “Partnership” or “Trust/estate,” or checked “LLC” and entered “P” as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions

4 Exemptions (codes apply only to certain entities, not individuals;

see instructions on page 3):

Exempt payee code (if any)

Exemption from Foreign Account Tax

Compliance Act (FATCA) reporting code (if any)

(Applies to accounts maintained outside the United States.)

5 Address (number, street, and apt. or suite no.). See instructions.

6 City, state, and ZIP code

Requester’s name and address (optional)

7 List account number(s) here (optional)

Part I Taxpayer Identification Number (TIN)

Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a

TIN, later.

Note: If the account is in more than one name, see the instructions for line 1. See also What Name and

Number To Give the Requester for guidelines on whose number to enter.

Social security number or Employer identification number

Part II Certification

Under penalties of perjury, I certify that:

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and

2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue

Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

3. I am a U.S. citizen or other U.S. person (defined below); and

4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and, generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.

Sign Here

Signature of

U.S. person Date

General Instructions Section references are to the Internal Revenue Code unless otherwise noted.

Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9.

What’s New Line 3a has been modified to clarify how a disregarded entity completes this line. An LLC that is a disregarded entity should check the appropriate box for the tax classification of its owner. Otherwise, it should check the “LLC” box and enter its appropriate tax classification.

New line 3b has been added to this form. A flow-through entity is required to complete this line to indicate that it has direct or indirect foreign partners, owners, or beneficiaries when it provides the Form W-9 to another flow-through entity in which it has an ownership interest. This change is intended to provide a flow-through entity with information regarding the status of its indirect foreign partners, owners, or beneficiaries, so that it can satisfy any applicable reporting requirements. For example, a partnership that has any indirect foreign partners may be required to complete Schedules K-2 and K-3. See the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

Purpose of Form An individual or entity (Form W-9 requester) who is required to file an information return with the IRS is giving you this form because they

Cat. No. 10231X Form W-9 (Rev. 3-2024)

Form W-9 (Rev. 3-2024) Page 2 must obtain your correct taxpayer identification number (TIN), which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.

• Form 1099-INT (interest earned or paid).

• Form 1099-DIV (dividends, including those from stocks or mutual funds).

• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds).

• Form 1099-NEC (nonemployee compensation).

• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers).

• Form 1099-S (proceeds from real estate transactions).

• Form 1099-K (merchant card and third-party network transactions).

• Form 1098 (home mortgage interest), 1098-E (student loan interest), and 1098-T (tuition).

• Form 1099-C (canceled debt).

• Form 1099-A (acquisition or abandonment of secured property).

Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.

Caution: If you don’t return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later.

By signing the filled-out form, you:

1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);

2. Certify that you are not subject to backup withholding; or

3. Claim exemption from backup withholding if you are a U.S. exempt payee; and

4. Certify to your non-foreign status for purposes of withholding under chapter 3 or 4 of the Code (if applicable); and

5. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting is correct. See What Is FATCA Reporting, later, for further information.

Note: If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester’s form if it is substantially similar to this Form W-9.

Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:

• An individual who is a U.S. citizen or U.S. resident alien;

• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;

• An estate (other than a foreign estate); or

• A domestic trust (as defined in Regulations section 301.7701-7).

Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding. Payments made to foreign persons, including certain distributions, allocations of income, or transfers of sales proceeds, may be subject to withholding under chapter 3 or chapter 4 of the Code (sections 1441–1474). Under those rules, if a Form W-9 or other certification of non-foreign status has not been received, a withholding agent, transferee, or partnership (payor) generally applies presumption rules that may require the payor to withhold applicable tax from the recipient, owner, transferor, or partner (payee). See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

The following persons must provide Form W-9 to the payor for purposes of establishing its non-foreign status.

• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the disregarded entity.

• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the grantor trust.

• In the case of a U.S. trust (other than a grantor trust), the U.S. trust and not the beneficiaries of the trust.

See Pub. 515 for more information on providing a Form W-9 or a certification of non-foreign status to avoid withholding.

Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person (under Regulations section 1.1441-1(b)(2)(iv) or other applicable section for chapter 3 or 4 purposes), do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515). If you are a qualified foreign pension fund under Regulations section 1.897(l)-1(d), or a partnership that is wholly owned by qualified foreign pension funds, that is treated as a non-foreign person for purposes of section 1445 withholding, do not use Form W-9. Instead, use Form W-8EXP (or other certification of non-foreign status).

Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.

If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.

1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.

2. The treaty article addressing the income.

3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.

4. The type and amount of income that qualifies for the exemption from tax.

5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.

Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S.