RFP_41027_Invest_Mgnt_Serv.pdf

RFP 41027

- 1 -

THE GOVERNING BOARD OF THE

ST. JOHNS RIVER WATER MANAGEMENT DISTRICT

REQUEST FOR PROPOSALS 41027 – INVESTMENT MANAGEMENT SERVICES

The Governing Board of the St. Johns River Water Management District (the “District”) requests that interested parties respond to the solicitation below by 2:00 p.m., April 23, 2025. Further information is available through DemandStar at demandstar.com, Vendor Registry at vendorregistry.com, Central Bidding at centralauctionhouse.com, the State of Florida’s MyFloridaMarketPlace (“MFMP”) at myfloridamarketplace.com or the District’s website at sjrwmd.com. Solicitation packages may be obtained from DemandStar, Vendor Registry, Central Bidding, MFMP or the District by calling or emailing Kendall Siemiatkoski, Contracts Manager, at 386-312-2324 or ksiemiat@sjrwmd.com. Responses will be opened in the Procurement Conference Room, Administration Bldg, Palatka Headquarters, 4049 Reid Street, Palatka, Florida 32177-2571.

Description of Services:

The District is currently seeking proposals from qualified Investment Managers of demonstrated professional competence and experience to perform investment management services to supervise and direct the investments of the District. The District intends to select one management firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisor’s Act of 1940 who will act in a fiduciary capacity for the District, providing investment management services described herein. Investment management services will be performed on a contract fee basis. The term of this contract will be three (3) years (October 1, 2025 – September 30, 2028). The contract may be renewed for two (2) 2-year terms with mutual written consent from both parties.

The District’s current investment manager is Public Trust Advisors, LLC. The services were procured in 2020, and the final renewal term expires September 30, 2025.

The District’s cash and investments were approximately $144 million as of September 30, 2024. Approximately $20 million of the funds are restricted and are outside the services to be provided by Respondent. Respondents are instructed that for the purposes of Request for Proposals, 41027, Respondent will base its Proposal on having $100 million available for investment purposes.

The services that are the subject of this solicitation (“the Work”) are set forth in the District’s Standard Agreement at Attachment A — Statement of Work (“SOW”). Upon award, the Successful Respondent shall provide the services in the SOW. Custodial services are not included within the scope of this solicitation.

The firm selected as the District’s Investment Manager and its affiliates will be restricted from selling to the District, or buying from the District, any securities to or from that firm’s own inventory account. The Investment Manager will manage the District’s funds in accordance with its Investment Policy (Attachment B) and applicable Florida law. The Investment Manager will also be restricted from placing into the District portfolio any securities for which it, or an affiliate is the issuer (i.e., CD’s commercial paper, etc.). The Investment Manager 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 Manager will be compensated pursuant to the provision of its agreement with the District.

Non-Mandatory Virtual Pre-Proposal Meeting:

NON-MANDATORY VIRTUAL PRE-PROPOSAL CONFERENCE IS SCHEDULED FOR 1:00 P.M.,

MONDAY, APRIL 7, 2025.

Microsoft Teams Need help?

Join the meeting now Meeting ID: 227 054 756 326 Passcode: 4Ui9L2Fj

Dial in by phone +1 386-256-1151,,529565285# United States, Daytona Beach Find a local number Phone conference ID: 529 565 285# https://aka.ms/JoinTeamsMeeting?omkt=en-US https://teams.microsoft.com/l/meetup-join/19%3ameeting_NTUwZDI0OWItODBhYy00ZGE0LWIwNWEtZGE4ZDNkYTVmOTgx%40thread.v2/0?context=%7b%22Tid%22%3a%22b0c8375f-daa7-40b9-a01b-690d8d3723b9%22%2c%22Oid%22%3a%223576c7e9-9bce-4636-9019-6bd94f4b230c%22%7d tel:+13862561151,,529565285 https://dialin.teams.microsoft.com/d800fb02-53bd-4b87-8f55-63ef938c3e9a?id=529565285

- 2 -

Attachment(s) accompanying this solicitation are as follows:

• Standard Agreement

• Attachment A – Statement of Work

• Attachment B – District Investment Policy 320

• Attachment C – Insurance Requirements

• Attachment D – District’s Supplemental Instructions Example

• Attachment E – Common Carrier or Contracted Carrier Attestation

• Attachment F – Affidavit of Compliance with Foreign Entity Laws

• Attachment G – Human Trafficking Attestation

• Attachment H – District Standard Non-Disclosure Contract

Exhibit(s) to this solicitation are as follows:

• Exhibit 1 – Investment Portfolio Strategy Review of the District’s Investments of the Quarter Ended December 31, 2024.

• Exhibit 2 – Economic Update of the District’s Investments as of January 09, 2025.

The District’s Evaluation Committee (“Committee”) will meet at District Headquarters at 4049 Reid Street, Palatka, Florida 32177, to evaluate and rank Proposals as follows:

Date Description April 7, 2025, 1:00 p.m. Non-Mandatory Pre-Proposal Conference (virtual only) April 23, 2025, 2:00 p.m. Proposals due May 6, 2025, 1:00 p.m. Committee meets to review and discuss the responses; finalize the initial rankings to develop a shortlist for oral presentations, if needed, to assist in facilitating the evaluation process in determining a final recommendation; and to discuss negotiation strategies. If no oral presentations are needed, the Evaluation Committee will finalize the rankings of Respondents (District HQ, 4049 Reid St., Palatka, FL 32177, Conf. Rm. 147, Admin. Bldg.) One or more members of the Committee may participate via communications media technology through phone or web conferencing.

May 19-20, 2025 (approx.) Conduct oral presentations, if needed, immediately followed by an evaluation meeting to establish the final rankings (District HQ, 4049 Reid St., Palatka, FL 32177, Conf. Rm. 147, Admin. Bldg.). Respondents selected for oral presentations will be notified in advance. The Evaluation Committee may also discuss negotiation strategies. One or more members of the Committee may participate via communications media technology through phone or web conferencing.

May 20, 2025 (approx.) District Issues Notice of Intended Decision (NOID) notifying Respondents of Rankings (shortlist for oral presentations or final rankings).

June 10, 2025 District Governing Board consideration to approve a ranking of designated firms and competitive negotiations be instituted.

June 11, 2025 (approx.) District enters negotiations with respondents in ranked order.

Americans with Disability Act The District does not discriminate on the basis of disability in its services, programs, or activities. Special accommodations for disabilities may be requested through Kendall Siemiatkoski, or by calling (800) 955-8771 (TTY), at least five business days before the date needed.

- 3 -

TABLE OF CONTENTS

INSTRUCTIONS TO RESPONDENTS ....................................................................................................... - 4 -

1. CONTRACT ADMINISTRATION .............................................................................................. - 4 -

2. WHERE TO SUBMIT PROPOSAL ............................................................................................. - 4 -

3. OPENING OF PROPOSALS ........................................................................................................ - 4 -

4. PREPARATION AND ORGANIZATION OF PROPOSAL ....................................................... - 5 -

5. INQUIRIES AND ADDENDA .................................................................................................... - 8 -

6. MINIMUM QUALIFICATIONS ................................................................................................. - 8 -

7. PROPOSAL GUARANTY ........................................................................................................... - 9 -

8. SUBCONTRACTORS NOT AUTHORIZED. ............................................................................. - 9 -

9. SIGNATURE AND CERTIFICATION REQUIREMENTS ........................................................ - 9 -

10. DISQUALIFICATION OF RESPONDENTS .............................................................................. - 9 -

11. REJECTION OF PROPOSAL .................................................................................................... - 10 -

12. WITHDRAWAL OF PROPOSAL ............................................................................................. - 10 -

13. EVALUATION AND AWARD PROCEDURES ...................................................................... - 10 -

14. EVALUATION CRITERIA ....................................................................................................... - 12 -

15. FLORIDA SALES TAX ............................................................................................................. - 12 -

16. EXAMINATION OF AGREEMENT DOCUMENTS AND WORK AREA ............................ - 12 -

17. EXECUTION OF AGREEMENT .............................................................................................. - 13 -

18. PUBLIC ENTITY CRIMES/DISCRIMINATORY VENDORS ................................................ - 13 -

19. USE BY OTHER FLORIDA GOVERNMENTAL ENTITIES ................................................. - 13 -

20. NOTICES AND SERVICES THEREOF.................................................................................... - 14 -

21. PROHIBITION AGAINST CONSIDERING SOCIAL, POLITICAL, OR

IDEOLOGICAL INTERESTS IN GOVERNMENT CONTRACTING .................................................... - 14 -

22. PROTEST PROCEDURES ......................................................................................................... - 14 - FORMS........................................................................................................................................................ - 16 - PROPOSAL FORM .................................................................................................................................... - 16 - CERTIFICATE AS TO ENTITY’S AUTHORITY TO DO BUSINESS IN FLORIDA ............................ - 18 -

AFFIDAVIT AS TO NON-COLLUSION AND CERTIFICATION OF MATERIAL

CONFORMANCE WITH SPECIFICATIONS .......................................................................................... - 19 - QUESTIONNAIRE: GENERAL ............................................................................................................... - 20 - QUESTIONNAIRE: INVESTMENT MANAGEMENT EXPERIENCE .................................................. - 21 - QUALIFICATIONS — SIMILAR ENGAGEMENTS ............................................................................... - 22 - QUALIFICATIONS — CLIENT REFERENCES ...................................................................................... - 24 - NO RESPONSE FORM .............................................................................................................................. - 27 - STANDARD AGREEMENT ...................................................................................................................... - 28 - ATTACHMENT A — STATEMENT OF WORK ..................................................................................... - 41 - ATTACHMENT B — DISTRICT INVESTMENT POLICY 320 ............................................................. - 43 - ATTACHMENT C — INSURANCE REQUIREMENTS ......................................................................... - 44 - ATTACHMENT D — DISTRICT’S SUPPLEMENTAL INSTRUCTIONS (SAMPLE) ......................... - 45 - ATTACHMENT E - COMMON CARRIER OR CONTRACTED CARRIER .......................................... - 46 - ATTACHMENT F — AFFIDAVIT OF COMPLIANCE .......................................................................... - 47 - ATTACHMENT G — HUMAN TRAFFICKING ATTESTATION ......................................................... - 48 - ATTACHMENT H - STANDARD NON-DISCLOSURE CONTRACT ................................................... - 49 -

- 4 -

INSTRUCTIONS TO RESPONDENTS

1. CONTRACT ADMINISTRATION

All inquiries related to this solicitation may only be directed to the Contracts Manager:

Kendall Siemiatkoski, Contracts Manager Phone: 386-312-2324 Email: ksiemiat@sjrwmd.com

Between the release of this solicitation and the posting of the notice of intended decision, Respondents to this solicitation or persons acting on their behalf may not contact any employee or officer of the District concerning any aspect of this solicitation, except the procurement employee listed above.

Violation of this provision is grounds for rejecting a response.

2. WHERE TO SUBMIT PROPOSAL

Respondent must submit its Proposal in electronic format (no paper copies) either by: uploading to DemandStar directly at www.demandstar.com OR to Central Bidding directly at www.centralauctionhouse.com (NOT BOTH); OR (2) delivering all files on a single pin/thumb/jump drive either by mail or hand delivery in a sealed envelope labeled as follows:

SEALED PROPOSAL – DO NOT OPEN

Respondent’s Name:

Request for Proposals: 41027 Opening Time: 2:00 p.m.

Opening Date: April 23, 2025

Kendall Siemiatkoski, Contracts Manager St. Johns River Water Management District District Headquarters 4049 Reid Street Palatka, FL 32177

Please note that the United States Postal Service does not deliver regular mail or express mail to the above address. The District’s experience is that Federal Express and United Parcel Service will.

DO NOT SUBMIT YOUR PROPOSAL BY EMAIL — THIS WILL RESULT IN THE PROPOSAL

BEING REJECTED AS NON-RESPONSIVE.

3. OPENING OF PROPOSALS

Respondents or their authorized agents are invited to attend the opening of the Proposals at the following time and place:

2:00 p.m., April 23, 2025 St. Johns River Water Management District Headquarters 4049 Reid Street, Palatka, Florida 32177-2571

The Florida Public Records Act, §119.071(1)(b), Fla. Stat., exempts sealed Proposals from inspection and copying until such time as the District provides notice of an intended decision pursuant to §120.57(3)(a), Fla. Stat., or until 30 days after opening of bids, proposals, submittals, or final replies, whichever is earlier. This exemption is not waived by the public opening of the Proposals.

Unless otherwise exempt, Respondent’s Proposal is a public record subject to disclosure upon expiration of the above exemption period. If any information submitted with the Proposal is a trade http://www.demandstar.com/ https://www.centralauctionhouse.com/main.php

- 5 -secret as defined in §812.081, Fla. Stat., and exempt from disclosure pursuant to §815.04, Fla. Stat., Respondent must clearly identify any such material as “CONFIDENTIAL TRADE SECRET” in its Proposal and explain the basis for such exemption. The District reserves the right, in its sole judgment and discretion, to reject a Proposal for excessive or unwarranted assertion of trade secret confidentiality and return the Proposal to Respondent.

4. PREPARATION AND ORGANIZATION OF PROPOSAL

(a) Respondent must submit its Proposal in an electronic format as directed in section 2, above, or the Proposal may be deemed non-responsive.

(b) All blank spaces on the solicitation documents must be typewritten or legibly printed in ink. In the event you decline to submit a response, the District would appreciate submittal of the “No Response Form” provided at the end of the FORMS section to describe the reason for not submitting a response.

(c) The file naming conventions for the solicitation must clearly identify specific information, such as the solicitation number and the respondent’s name (Example: RFP 12345, ABC Company).

(d) Please do not password protect files saved to a pin/thumb/jump drive. The District recommends that Respondents confirm their Proposal will open correctly on a non-company owned computer.

Any electronic Proposal received by the District that does not open on a District-owned computer is subject to rejection as a defective response.

(e) Respondent must adhere to the following organized structure for their Proposal document:

Tab 1: Transmittal Letter, Required Forms, and Investment Manager Questionnaire.

(1) Respondents must include a transmittal letter on Respondent’s letterhead. It must include the following elements:

a. Request for proposal’s subject.

b. Respondent’s firm name.

c. Date of proposal.

d. A brief written description of the Respondent and services provided.

e. Name, address, phone number and email address for Respondent contact, and must specify the authorized individual who will execute the Agreement.

f. Statement that the proposal is a firm and irrevocable offer for the engagement period.

g. Acknowledgement of joint and several liabilities - if Respondent is a general partnership, joint venture or consortium, state that each partner/member of the general partnership, joint venture or consortium will have joint and several liabilities if awarded the Agreement.

h. Additional elements - the transmittal letter may include any information deemed relevant by Respondent.

i. Authorized Signature – the transmittal letter must be signed by a representative of Respondent who is authorized to sign such material and to commit Respondent to the obligations contained in the Response. By signing the transmittal letter, the Respondent’s representative is certifying that they have such authority.

i. If Respondent is a general partnership, joint venture, or consortium,

- 6 -all partners/members of the general partnership, joint venture, or consortium shall sign the letter.

ii. If Respondent is a corporation or a limited liability company, an authorized officer shall sign his/her name and indicate his/her title beneath the full corporate name.

(2) Respondent must complete and submit the forms below in PDF format (these forms are in the FORMS section of this document).

a. Proposal Form.

b. Certificate as to Entity’s Authority to do Business in Florida.

c. Affidavit as to Non-collusion and Certification of Material Conformance with

Specifications.

d. Drug-Free Workplace (will be used if a tie occurs).

(3) Investment Management Services Questionnaire (Attachment I; separate Excel file)

Tab 2: Expertise and Experience

(1) A written description of the Respondent’s organizational structure.

(2) A written description of Respondent’s experience in providing Investment Management services to public entities, and how that experience positions the Respondent as the best choice for the award of the agreement.

(3) For all proposed assigned personnel, provide:

a. Names and functions of assigned personnel;

b. Brief description of experience, special expertise, and licensures; and

c. Resumes.

(4) Qualifications – General form.

(5) Qualifications – Similar Engagements form.

(6) List of Florida public entities under management during the ten years immediately prior to the date set for receipt of Proposals.

(7) Provide the total portfolio value of the Florida public entities under management during the ten years immediately prior to the date set for receipt of Proposals.

(8) Provide the total number of public entities under management nationwide during the ten years immediately prior to the date set for receipt of Proposals.

(9) Provide the total portfolio value of the public entities under management nationwide during the ten years immediately prior to the date set for receipt of Proposals.

(10) Provide a copy of Respondent’s most recent Securities and Exchange Commission Form

ADV, Part 2A (disclosure statement).

(11) Provide a list of clients that terminated Respondent’s services in the past five years and the reason for the termination. If not applicable, please provide a statement to that effect.

(12) Provide the average turnover of professional staff during the past three years?

**NOTE: All things being otherwise equal, those Respondents with experience managing portfolios of State of Florida public entity clients will be viewed more favorably.

Tab 3: Client References

(1) Qualifications – Client References form.

Tab 4: Ability to Meet Service Requirements and Understanding of Statement of Work

(1) Briefly describe Respondent’s investment management philosophy.

- 7 -

(2) Describe the types of securities you propose to purchase, and how you will provide liquidity.

(3) Describe the primary strategies employed by Respondent for adding value to portfolios (e.g., market timing, credit research, etc.)

(4) Describe how investment ideas are originated and how researched, and how the ultimate investment decision is made. Explain how investment decisions are then implemented, monitored, and evaluated.

(5) Provide suggested performance benchmarks for the District’s portfolio.

(6) Describe the daily procedures for portfolio review and client contact.

(7) Include documentation that demonstrate Respondent’s understanding of the District’s

Investment Policy (Attachment B).

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

(9) Describe your firm’s process for ensuring investment policy compliance, preventing and correcting investment policy exceptions, and reporting of such compliance issues to the District.

(10) Describe your firm’s protocol for ensuring knowledge and compliance with applicable regulatory and professional requirements (e.g., Florida statutes, AIMR, GASB)

(11) Describe your firm’s experience in developing, reviewing, and working within the investment policies of Florida governmental agencies.

(12) Describe the reporting capabilities that your firm can provide without additional charges.

Identify frequency, format, and online capabilities. Include sample reports.

(13) Provide an explanation of Respondent’s account reconciliation and analysis process (include sample statements).

Tab 5: Cost Effectiveness

(1) Proposal and Addenda Acknowledgement Form.

(2) Fee Schedule.

Tab 6: Additional Information (Information included under this tab will not receive a score)

(1) Standard brochures and specifications may be submitted as additional material but shall not be submitted as the qualification data.

(2) Respondents may suggest additional services, which in their opinion, would be in the best interest of the District. Respondent should also present such services, if any, for discussion during the negotiation phase of the solicitation process.

The Respondent is encouraged to include as much pertinent data and information under each section as necessary to ensure proper evaluation of the proposal. Each section shall be evaluated separately on its own merit.

If you need assistance or have any questions about the format, please email or call Kendall Siemiatkoski at ksiemiat@sjrwmd.com or 386-312-2324.

All of the forms and questionnaires in the solicitation package are available upon request in Microsoft® Word to aid the Respondent in submitting its Proposal.

A RESPONDENT’S PROPOSAL MAY BE REJECTED AS NON-RESPONSIVE FOR (1) FAILING

TO COMPLETE ALL FORMS AND QUESTIONNAIRES; (2) FAILING TO PROVIDE ALL

REQUIRED MATERIALS; OR (3) OTHERWISE FAILING TO COMPLY WITH INSTRUCTIONS

FOR PREPARATION AND ORGANIZATION OF PROPOSAL.

- 8 -

5. INQUIRIES AND ADDENDA

District staff are not authorized to orally interpret the meaning of the specifications or other Agreement documents, or correct any apparent ambiguity, inconsistency, or error therein. In order to be binding upon the District, the interpretation or correction must be given by the Contracts Manager and must be in writing. The Contracts Manager may orally explain the District’s procedures and assist Respondents in referring to any applicable provision in the Request for Proposals documents, but the Respondent is ultimately responsible for submitting the Proposal in the appropriate form and in accordance with written procedures.

Every request for a written interpretation or correction must be received at least nine days prior to opening of Proposals in order to be considered. Requests may be submitted by email at ksiemiat@sjrwmd.com. Interpretations, corrections, and supplemental instructions will be communicated by written addenda to this solicitation posted on all of the solicitation portals referenced on page 1 of this document to all prospective Respondents (at the respective addresses furnished for such purposes) no later than five days before the opening of Proposals.

Submission of a Proposal constitutes acknowledgment of receipt of all addenda. Proposals will be construed as though all addenda had been received. Failure of the Respondent to receive any addenda does not relieve Respondent from any and all obligations under the Proposal, as submitted. All addenda become part of the Agreement.

6. MINIMUM QUALIFICATIONS

Respondent must provide the requested information and use the forms and questionnaires provided in this solicitation to document its minimum qualifications listed below. Failure to provide this information, forms and/or questionnaires with the Proposal may be considered non-responsive.

(a) Respondent (or a combination of the firm, individual, or project manager assigned to the work) must be managing or have successfully managed at least three engagements, within the five years immediately preceding the date set for receipt of proposals (April 22, 2025).

Two of the three portfolios referenced in subparagraph (a), above, must be public entity clients (State of Florida entities preferred) meeting the following requirements:

• Each client portfolio must have a minimum beginning value of at least $100 million.

• Each client portfolio must have been under Respondent’s management for at least three years immediately preceding the date set for receipt of proposals (April 22, 2025).

(District provided Qualifications – Similar Engagements Form)

NOTE: All things being otherwise equal, those Respondents with experience managing portfolios of State of Florida public entity clients will be viewed more favorably.

(b) Respondent must have no less than ten years of experience in managing fund assets for state agencies, taxing districts and/or local governments, including managing portfolios with assets in excess of $100 million dollars.

(c) Respondent personnel assigned to the project must have expertise in managing the types of investments authorized in the District’s Investment Policy (copy attached as Attachment B to the Agreement.)

(District provided Investment Management Experience Questionnaire)

(d) Respondent must provide three client references. Up to two of the client references may be from the similar engagements listed in response to subparagraph (a), above. No more than one of the references may be from a District engagement.

(District provided Qualifications – Client References Form.)

- 9 -

(e) Respondent must be registered with the Securities and Exchange Commission under the Investor Advisor’s Act of 1940 as amended and be properly registered to provide investment management services in Florida.

(Respondent-provided documentation under Tab 2: Expertise and Experience)

(f) The total portfolio value of the public entity assets Respondent has under management must be at least $5 billion during the entire year immediately prior to the date set for receipt of Proposals; and at least a $3 billion average total portfolio value of public entity assets during the five years immediately prior to the date set for receipt of Proposals.

((District provided Investment Management Experience Questionnaire)

Irrespective of the minimum qualifications stated above, the District may make such investigations as it deems necessary to determine the ability of the Respondent to perform the Work. The District reserves the right to reject any Proposal if the evidence submitted by such Respondent and/or the District’s independent investigation of such Respondent fails to satisfy the District that such Respondent is properly qualified to carry out the obligations of the Agreement and complete the Work in a manner acceptable to the District within the time period specified.

7. PROPOSAL GUARANTY

For the purpose of this Proposal, a Proposal guaranty is not required.

8. SUBCONTRACTORS NOT AUTHORIZED.

Respondent shall not subcontract any portion of the performance of the Work contemplated in this solicitation.

9. SIGNATURE AND CERTIFICATION REQUIREMENTS

An individual submitting a Proposal must sign his/her name therein and state his/her address and the name and address of every other person interested in the Proposal as principal.

If a firm or partnership submits the Proposal, state the name and address of each member of the firm or partnership.

If a corporation submits the Proposal, an authorized officer or agent must sign the Proposal, subscribing the name of the corporation with his or her own name and affixing the corporate seal. Such officer or agent must also provide the name of the state under which the corporation is chartered, and the names and business addresses of the President, Secretary, and Treasurer. Corporations chartered in states other than Florida must submit evidence of registration with the Florida Secretary of State for doing business in the State of Florida.

Respondent must certify that all persons or entities having an interest as principal in the Proposal or in substantial performance of the Work have been identified in the Proposal forms.

10. DISQUALIFICATION OF RESPONDENTS

Any of the following causes will be considered as sufficient grounds for disqualification of a Respondent and rejection of the Proposal:

(a) Contacting a District employee or officer other than the procurement employee named in this solicitation about any aspect of this solicitation before the notice of intended decision is posted.

(b) Submission of more than one Proposal for the same subject matter by an individual, firm, partnership, or corporation under the same or different names.

(c) Evidence of collusion among Respondents.

- 10 -

(d) Submission of materially false information.

(e) Information gained through checking of similar projects investment management services/client references or other sources which indicates that Respondent may not successfully perform the Work.

(f) Respondent is failing to adequately perform on any existing contract with the District.

(g) Respondent has defaulted on a previous contract with the District.

(h) The evidence submitted by Respondent, or the District’s investigation of Respondent, fails to satisfy the District that Respondent is properly qualified to carry out the obligations of the Agreement in a manner acceptable to the District and within the time period specified.

(i) Any other cause that is sufficient to raise doubt regarding the ability of a Respondent to perform the Work in a manner that meets the District’s objectives for the Work.

11. REJECTION OF PROPOSAL

Proposals must be delivered to the specified location and received before the Proposal opening in order to be considered. Untimely Proposals will be returned to the Respondent unopened. Proposals will be considered irregular and may be rejected if they show material omissions, alterations of form, additions not called for, conditions, limitations, or other material irregularities. The District may consider incomplete any Proposal not prepared and submitted in accordance with the provisions specified herein and reserves the right to waive any minor deviations or irregularities in an otherwise valid Proposal.

The District reserves the right to reject any and all Proposals and cancel this Request for Proposals when it determines, in its sole judgment and discretion, that it is not in its best interest to award the agreement.

12. WITHDRAWAL OF PROPOSAL

Respondent may withdraw its Proposal if it submits such a written request to the District prior to the designated date and hour of opening of Proposals. Respondent may be permitted to withdraw its Proposal no later than 72 hours after the Proposal opening for good cause, as determined by the District in its sole judgment and discretion.

13. EVALUATION AND AWARD PROCEDURES

(a) Proposals will be evaluated by a staff evaluation committee based upon the criteria and weighting set forth in “EVALUATION CRITERIA. The committee members will meet at District headquarters or other location as appropriate to discuss the Proposals and their individual evaluations. Each committee member completes an electronic evaluation form, from which the overall ranking of Proposals is compiled. Evaluation forms may be submitted at or subsequent to the evaluation committee meeting.

(b) The committee will meet to evaluate and rank the Proposals in the location(s), time(s) and date(s), stated at the beginning of this RFP package. If it is determined that it will assist the committee’s evaluation for some or all Respondents to make an oral presentation, such presentations will be scheduled at District headquarters, other location, or conducted remotely as appropriate. If the Committee determines that not all Respondents will be asked to make an oral presentation, the committee members will perform an initial evaluation of the proposals utilizing the Evaluation Criteria to produce an initial ranked list of Respondents. The initial ranked list will be used to determine which Respondents will be asked to make an oral presentation. After oral presentations are completed, the committee members will conduct a final evaluation of the Proposals utilizing the evaluation criteria. The initial evaluation scores will not be considered in the final evaluation. All Respondents will be notified in writing of the evaluation committee’s final ranking of Proposals.

- 11 -

(c) Section 286.0113, Fla. Stat., exempts from being open to the public, any portion of a meeting at which: (1) a negotiation with a Respondent is conducted pursuant to a competitive solicitation;

(2) a Respondent makes an oral presentation as part of a competitive solicitation; (3) a Respondent answers questions as part of a competitive solicitation; or (4) negotiation strategies are discussed.

Also, recordings of, and any records presented at, the exempt meeting are exempt from §119.07(1) and §24(a), Art. I of the State Constitution (Public Records) until such time as the District provides notice of an intended decision or until 30 days after opening the bids, proposals, submittals, or final replies, whichever occurs earlier. A complete recording shall be made of any portion of an exempt meeting. No portion of the exempt meeting may be held off the record.

(d) Pursuant to §286.0113, Fla. Stat., if the District rejects all Proposals and concurrently provides notice of its intent to reissue the competitive solicitation, the recording and any records presented at any exempt meeting shall remain exempt from §119.07(1) and §24(a), Art. I of the State Constitution (Public Records) until such time as the District provides notice of an intended decision concerning the reissued competitive solicitation or until the District withdraws the reissued competitive solicitation. A recording and any records presented at an exempt meeting are not exempt for longer than 12 months after the initial District notice rejecting all Proposals.

(e) Following the evaluation process, the District will submit the final ranking of Proposals to the Governing Board for approval, except for those instances in which the authority to approve and execute the Agreement has been delegated by the Governing Board to the Executive Director, or designee.

(f) Contract negotiations will commence with the Respondent submitting the highest-ranked Proposal.

If negotiations fail with the highest-ranked Respondent, negotiations will proceed with the next highest-ranked Respondent, and so forth.

(g) The Agreement will be awarded to the Respondent having the highest ranked Proposal, which successfully concludes negotiations with the District (the “Successful Respondent”). The Agreement may be modified based on the District’s acceptance of any alternatives listed in the Proposal that the District deems in its best interest.

(h) If two or more Proposals are equal in all respects, the Agreement will be awarded as follows: (1) to the Respondent that certifies compliance with §287.087, Fla. Stat., via the Drug-Free Workplace Form; (2) to a Respondent university in the State University System pursuant to §373.63, Fla. Stat.;

or (3) by lot.

(i) In the event the Successful Respondent fails to enter into the Agreement or the Agreement with said Respondent is terminated within 90 days of the effective date, the District reserves the right to negotiate with the other respondents in ranked order, if available, and award an Agreement.

(j) All Respondents will be notified of the District’s intent to award or decision to award the Agreement. For the purpose of filing a protest under §120.57(3), Fla. Stat., the time period will commence as provided in NOTICES AND SERVICES THEREOF.

- 12 -

14. EVALUATION CRITERIA

The staff evaluation committee will evaluate the Proposals using the evaluation criteria below. Failure by Respondent to include the required information may result in the Proposal being considered non-responsive or may receive a correspondingly low score pursuant to the evaluation rating scale. The evaluation rating scale for the Proposal is as follows:

More than adequate.........................................8 – 10 Less than adequate ................................................ 1 – 4 Adequate .........................................................5 – 7 Not covered in Proposal

TAB CRITERIA – PROPOSAL WEIGHT SCORE TOTAL

1 Transmittal Letter, Required Forms, and Investment Manager Questionnaire

(Refer to Paragraph 4 — PREPARATION AND ORGANIZATION OF PROPOSAL)

15%

2 Expertise and Experience

20%

3 Client References

5%

4 Ability to Meet Service Requirements and Understanding of Statement of Work

25%

5 COST EFFECTIVENESS - The Respondent whose proposal is the lowest fees (as calculated assuming $100,000,000 in investments) will receive a Cost Effectiveness score of 10. All other responses will be scored proportionately.

35%

TOTAL SCORE 100%

15. FLORIDA SALES TAX

The District is exempt from payment of State of Florida sales tax pursuant to §212.08(6), Fla. Stat.

Any tangible personal property that is the subject of this Request for Proposals is intended to remain tangible personal property and not become part of a public work owned by the District.

16. EXAMINATION OF AGREEMENT DOCUMENTS AND WORK AREA

Respondent is solely responsible for being fully informed of the conditions under which the Work is to be performed in relation to existing conditions. Respondent is responsible for carefully examining the

- 13 -general area of the Work, the requirements of the drawings and other contract documents related to the Work, the time in which the Work must be completed, and any other details of the Work. Respondent must satisfy itself from its own personal knowledge and experience or professional advice as to the character of the Work, the conditions and materials to be encountered, the character, quality, and quantities of the Work, and any other conditions affecting the Work, including surrounding land.

Failure to satisfy the obligations of this paragraph will not relieve a Successful Respondent of its obligation to furnish all material, equipment, and labor necessary to perform the Agreement and to complete the Work for the consideration set forth in its proposal. Any such failure will not be sufficient cause to submit a claim for additional compensation.

No verbal agreement or conversation with any District officer, agent or employee, either before or after the execution of the Agreement, will affect or modify any of its terms.

17. EXECUTION OF AGREEMENT

Submittal of a Proposal binds the Successful Respondent to perform the Work upon acceptance of the Proposal and execution of the Agreement by the District.

Unless all Proposals are rejected the Successful Respondent must provide the District with each of the following:

(a) A completed Internal Revenue Service Form W-9.

(b) Satisfactory evidence of all required insurance coverage.

(c) Proof satisfactory to the District of the authority of the person or persons accepting the terms and conditions of this Solicitation on behalf of Respondent.

(d) All other information and documentation required by the Agreement.

The District will not execute the Agreement until the above documents have been executed and delivered to the District. The Agreement will not be binding until executed by the District. A copy of the fully executed Agreement will be delivered to the Successful Respondent. The District reserves the right to cancel award of the Agreement without liability at any time before the Agreement has been fully executed by all parties and delivered to the Successful Respondent.

Failure upon the part of the Successful Respondent to execute the Agreement or timely submit the required evidence of insurance coverage, or any other matter required by the Agreement, will be just cause, if the District so elects, for the recommended award to be annulled.

18. PUBLIC ENTITY CRIMES/DISCRIMINATORY VENDORS

In accordance with §287.133 and §287.134, Fla. Stat., a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime or placed on the discriminatory vendor list may not submit a bid, proposal, or reply on a contract to provide any goods or services to a public entity; may not submit a bid, proposal, or reply on a contract with a public entity for the construction or repair of a public building or public work; may not submit bids, proposals, or replies on leases of real property to a public entity; may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity; and may not transact business with any public entity in excess of the threshold amount provided in §287.017 for CATEGORY TWO ($35,000) for a period of 36 months following the date of being placed on the convicted or discriminatory vendor lists.

19. USE BY OTHER FLORIDA GOVERNMENTAL ENTITIES

Respondent may provide services to other State of Florida governmental entities pursuant to the terms and conditions of the Agreement. These governmental entities include other water management

- 14 -districts, State of Florida agencies (including members of the state university system and community college system), counties, school boards, municipalities, special districts, and other local public agencies or authorities. References to the St. Johns River Water Management District in the Agreement will be replaced with the purchasing entity and the District will not be a party to any other governmental entity’s agreement to purchase. Nor will the District be responsible for payment for any goods or services delivered or performed for any other governmental entity that utilizes Respondent pursuant to this paragraph.

20. NOTICES AND SERVICES THEREOF

The District will publish notice of specifications and criteria, including addenda, intended agency decisions, or other matters pertinent to this solicitation on the portals identified on the first page of this document and may also be accessed through the District’s website at sjrwmd.com.

Notices will be posted for a minimum of 72 hours. The time period for filing a Notice of Protest pursuant to §120.57(3), Fla. Stat., and Rule 28-110.003, Fla. Admin. Code, commences at the time notices are posted.

As a courtesy to Respondents, the District may send copies of the notices of intended agency decisions via email or facsimile to Respondent. These courtesy communications neither constitute official notice nor vary the times of receipt set forth above.

21. PROHIBITION AGAINST CONSIDERING SOCIAL, POLITICAL, OR IDEOLOGICAL

INTERESTS IN GOVERNMENT CONTRACTING

Notice is hereby provided that pursuant to §287.05701, Fla. Stat., the District (1) will not request documentation of or consider a Respondent’s social, political, or ideological interests when determining if the Respondent is a responsible respondent and (2) may not give preference to a Respondent based on the Respondent's social, political, or ideological interests.

22. PROTEST PROCEDURES

Pursuant to §120.57(3), Fla. Stat., and Rule 28-110.003, Fla. Admin. Code, any person adversely affected by the terms, conditions, or specifications contained in a solicitation, including addenda, must file a Notice of Protest within 72 hours after its posting.

Pursuant to §120.57(3), Fla. Stat., and Rule 28-110.003, Fla. Admin. Code, any person adversely affected by a District decision or intended decision to award a contract, or to reject all bids, proposals, or qualifications, must file a written Notice of Protest within 72 hours after posting of the decision or intended decision.

Pursuant to §120.57(3), Fla. Stat., and Rule 28-110.004, Fla. Admin. Code, the protester must also file with the District Clerk a Formal Written Protest within ten days after the date the Notice of Protest is filed with the District. The Formal Written Protest must state with particularity the facts and law upon which the protest is based. Pursuant to §287.042(2)(c), Fla. Stat., any person who files an action protesting the decision or intended decision must post with the District Clerk at the time of filing the formal written protest a bond, cashier’s check, or money order made payable to the St. Johns River Water Management District in an amount equal to one percent (1%) of the District’s estimated contract amount.

No additional time will be added for mailing. All filings must comply with Rule 28-106.104, Fla.

Admin. Code, and must be addressed to and received by the District Clerk at the District Headquarters in Palatka, Florida within the prescribed time periods. The District will not accept as filed any electronically transmitted facsimile pleadings, petitions, Notice of Protest or other documents.

The District’s acceptance of pleadings, petitions, Notice of Protest, Formal Written Protest, or other documents filed by email is subject to certain conditions set forth in the District’s Statement of Agency

- 15 -

Organization and Operation (issued pursuant to Rule 28-101.001, Fla. Admin. Code), which is available for viewing at sjrwmd.com. These conditions include, but are not limited to, the document being in the form of a PDF or TIFF file and being capable of being stored and printed by the District.

Failure to file a protest within the time prescribed in §120.57(3), Fla. Stat., or failure to post the bond or other security required by law within the time allowed for filing a bond will constitute a waiver of proceedings under Chapter 120, Fla. Stat. Mediation under §120.573, Fla. Stat., is not available.

- 16 -

FORMS

PROPOSAL FORM

Include this form with response under Tab 5 of the submittal

RESPONDENT:

The undersigned, as Respondent, hereby declares and certifies that the only person(s) or entities interested in this Proposal as principal(s), or as persons or entities who are not principal(s) of Respondent but are substantially involved in performance of the Work, is or are named in the Certificate of Entity’s Authority to do Business in Florida, and that no person other than herein mentioned has any interest in this proposal or in the Agreement to be entered into; that this Proposal is made without connection with any other person, company, or parties making a proposal; and that this Proposal is in all respects fair and in good faith without collusion or fraud; and that the person signing below has the authority to represent and bind the Respondent to the terms and conditions of the Request for Proposal and the offer made through Respondent’s Proposal.

Respondent represents to the District that, except as may be disclosed in an addendum hereto, no officer, employee or agent of the District has any interest, either directly or indirectly, in the business of Respondent to be conducted under the Agreement, and that no such person shall have any such interest at any time during the term of the Agreement, should it be awarded to Respondent.

Respondent further declares that it has examined the Agreement and informed itself fully in regard to all conditions pertaining to this solicitation; it has examined the specifications for the Work and any other Agreement documents relative thereto; it has read all of the addenda furnished prior to the proposal opening, as acknowledged below; and has otherwise satisfied itself that it is fully informed relative to the Work to be performed.

Respondent agrees that if its Proposal is accepted, Respondent shall contract with the District, in the form of the attached Agreement and all other solicitation documents (advertisement for proposals; Instructions to Respondents, including all attachments and exhibits; addenda, certifications, and affidavits; and proposal) and shall furnish everything necessary to complete the Work in accordance with the specified time for completion and shall furnish the required evidence of the specified insurance.

Acknowledgment is hereby made of the following addenda (identified by number) received:

Addendum No. Date Addendum No. Date

Respondent (firm name) Date

Address

Email address

Signature Telephone number

Typed name and title

- 17 -

FEE SCHEDULE

Include this form with response under Tab 5 of the submittal

Proposal to be opened at 2:00 p.m., April 23, 2025

To: ST. JOHNS RIVER WATER MANAGEMENT DISTRICT

In accordance with the advertisement requesting proposals for the Investment Management Services (Request for Proposals 41027), subject to the terms and conditions of the solicitation, all of which so far as they relate to the Proposal are made a part thereof, the undersigned proposes to perform the specified work.

(a) Investment Management Services

TOTAL PROPOSED FEES (The table below is based on the Respondent submitting a flat fee rate.)

Portfolio Value Assets Under Management Basis % of Account Market Value

All Assets $0 – $_______________ million % (_________ basis points)