RFP Municipal Financial Advisory Services - Eastford - Updated.pdf

Town of Eastford, Connecticut

REQUEST FOR PROPOSALS (RFP)

For

FINANCIAL ADVISORY SERVICES

The Town of Eastford, Connecticut hereby solicits sealed written proposals from qualified and experienced firms (“Proposers”) to provide Independent Municipal Financial Advisory Services to support the Town’s debt management, and long-term fiscal strategy. The firm selected will advise on matters relating to the issuance and management of municipal debt; assist in the preparation and execution of long-term loans; provide analytical support; assist with pre-audit reviews and furnish ongoing guidance concerning the Town’s financial condition.

Sealed proposals will be received at the Office of the First Selectman, Eastford Town Office Building, 16 Westford Road, Eastford, CT 06242, until October 21, at 12:00 pm, at which time they will be publicly opened.

Awarding of the contract will be done at the regular meeting of the Board of Selectmen on Monday, November 9, 2026.

RFP documents, including any addenda, will be available on the Town of Eastford website: www.eastfordct.gov and on the State of Connecticut Department of Administrative Services (DAS) Contracting Portal at https://portal.ct.gov/das/ctsource/bidboard?language=en_US.

The Town of Eastford reserves the right to reject any or all proposals, to waive any informalities or minor technical defects, and to accept any proposal deemed by the Town to be in its best interest. The Town of Eastford is an Equal Opportunity Employer.

http://www.eastfordct.gov/ https://portal.ct.gov/das/ctsource/bidboard?language=en_US

BIDDER'S INSTRUCTIONS

REQUEST FOR PROPOSALS (RFP)

For

FINANCIAL ADVISORY SERVICES

The following instructions and specifications shall be observed by all proposers:

I. Introduction and Purpose

The Town of Eastford has a population of approximately 1700 residents and encompasses roughly

28.6 square miles of land. For Fiscal Year 2027, the Town operates with a total budget of $7,142,369, including education, and currently holds no significant outstanding debt.

The Town seeks to engage a Registered Independent Municipal Financial Advisor with substantial, demonstrable experience providing advisory services to Connecticut municipalities. The Town anticipates future debt issuance associated with municipal capital improvements, infrastructure, public facilities, and other projects, and seeks an advisor capable of providing reliable, comprehensive, and impartial guidance.

The Town intends to award a multi-year agreement with optional renewal periods, subject to mutual agreement and annual appropriation. The Town has no obligation to issue debt during the contract term and shall incur no financial liability unless and until an Agreement is executed.

II. Definitions

For purposes of this RFP:

“Town” means the Town of Eastford, Connecticut.

“Proposer” or “Firm” means the entity submitting a proposal, including all principals, employees, subcontractors, and agents.

“Financial Advisor” means the firm awarded the contract resulting from this RFP.

III. Availability of Documents

Bid documents are available on the Town of Eastford website at https://www.eastfordct.gov and on the State of Connecticut Department of Administrative Services (DAS) Contracting Portal at https://portal.ct.gov/das/ctsource/bidboard?language=en_US.

IV. SCOPE OF SERVICES

The Financial Advisor shall provide, at minimum, the following services consistent with industry best practices, MSRB rules, and applicable Connecticut statutes:

A. Debt Issuance Advisory Services https://www.eastfordct.gov/ https://portal.ct.gov/das/ctsource/bidboard?language=en_US

1. Review and recommend structure, maturity, amortization, timing, and method of sale for all municipal debt.

2. Prepare detailed financing calendars outlining all required steps of the issuance.

3. Coordinate with Town officials, bond counsel, rating agencies, underwriters (if applicable), and other stakeholders.

4. Assist in drafting, editing, proofing, and distributing Preliminary and Final Official Statements.

5. Assist with printing, electronic posting, and investor distribution of offering documents.

6. For competitive sales: evaluate bids, confirm compliance with bidding requirements, calculate True Interest Cost (TIC), and recommend award.

7. For negotiated sales: evaluate pricing, spreads, and market conditions; advise on role of underwriter(s).

8. Coordinate closing and settlement and ensure proper transfer of proceeds to Town accounts.

B. Credit Rating and Investor Relations Support

1. Prepare credit rating presentations and narrative materials.

2. Participate in rating agency meetings and calls.

3. Advise on strategies for maintaining or improving the Town’s credit profile.

C. Long Range Financial Analysis

1. Prepare multi-year debt affordability analyses, tax impact projections, and forecasting models.

2. Evaluate alternative financing methods including grants, notes, bonds, and lease financing- options.

D. Refunding, Restructuring, and Specialized Analysis

1. Monitor markets and identify refunding or restructuring opportunities.

2. Perform present value savings calculations and recommend action as appropriate.

3. Prepare special reports, sensitivity analyses, or cost benefit studies as requested.

E. Meetings and Ongoing Advisory Support

1. Attend meetings of the Board of Selectmen, Town Meeting, or other bodies as needed.

2. Provide timely communication, follow-up, and advisory support to the First Selectman and Town staff.

3. Maintain availability for consultation, including urgent needs related to market conditions.

V. SOLICITATION CONTACT

All questions, clarification requests, and communications concerning this RFP shall be directed to:

First Selectman’s Office Email: Deborah.richards@eastfordct.gov Phone: 860-974-0133 ext. 3

VI. SUBMISSION DIRECTIONS AND TIMELINE

Sealed proposals must be marked “EASTFORD FINANCIAL ADVISORY SUBMISSION” and either hand delivered or mailed to:

Town of Eastford Office of the First Selectman 16 Westford Rd Eastford, CT 06242

The following is the anticipated schedule for this solicitation. The Town reserves the right to modify these dates at any time, with notice issued via addendum:

Release date: October 1, 2026

Bid Submission Deadline: October 21, 2026

Bid Opening: October 21, 2026, at 12 pm at the Eastford Town Office Building at 16 Westford Rd, Eastford, CT 06242

Firm interviews: The week of November 2, 2026

Anticipated Selection of Firm: November 9, 2026

Proposers shall assume the Town will adhere to this schedule unless amended by written addendum.

VII. PROPOSAL SUBMISSION REQUIREMENTS

A complete proposal must include the following sections in the order listed:

A. Firm Qualifications mailto:Deborah.richards@eastfordct.gov

• History, ownership, and organizational structure.

• Description of municipal financial advisory services provided.

• Statement confirming independence, and that no disallowed broker dealer- affiliations exist under MSRB Rule G-23.

• Statement confirming SEC and MSRB registration.

B. Personnel Qualifications

• Identification of the Lead Financial Advisor.

• Detailed resumes for all personnel assigned to Eastford.

• Roles and responsibilities of each team member.

C. Relevant Municipal Experience

• List of Connecticut municipalities served within the last three years.

• Summary of all bond and note transactions completed within the past three years including issuer, par amount, date, type, sale method, and purpose.

D. Legal Issues and Conflict Disclosures

• Disclosure of regulatory actions or violations within the past three years.

• Disclosure of pending or active litigation.

• Identification of any conflicts of interest.

• If none apply, a statement affirming that.

E. Technical Approach

A comprehensive narrative describing the firm’s approach to:

• Managing debt issuance

• Providing analytical and financial planning support

• Maintaining compliance with applicable regulations

• Coordinating with Town officials and other parties

• Ensuring responsiveness, quality assurance, and timely deliverables

F. Fee Proposal

A detailed fee schedule including:

• Hourly rates (if applicable)

• Fixed fee- services

• Fees for bond and note issuance and calculation method

• Minimum fees or retainers, if any

• Reimbursable costs (if any)

G. References

Five (5) municipal references, including contact name, title, phone, email, and description of services provided.

VIII. EVALUATION CRITERIA

The Town will evaluate proposals based on:

1. Firm qualifications and depth of municipal advisory experience

2. Qualifications and experience of assigned personnel

3. Thoroughness, clarity, and responsiveness of the proposal

4. Demonstration of understanding of municipal finance and Eastford’s needs

5. References and performance history

6. Fee structure

7. Disclosure of legal issues or conflicts

Interviews may be conducted at the Town’s discretion.

IX. INSURANCE REQUIREMENTS

The selected firm must provide certificates of insurance demonstrating the following minimum coverage:

• Professional Liability (E&O): $3,000,000 per claim / $5,000,000 aggregate

• General Liability: $1,000,000 per occurrence / $2,000,000 aggregate

• Umbrella/Excess Liability: $1,000,000

• Workers’ Compensation: Statutory

The Town of Eastford must be named as Additional Insured. Each policy must provide 30 days’ written notice prior to cancellation.

X. ADDENDA

All addenda shall become part of the RFP. Proposers are responsible for checking for and acknowledging addenda.

XI. WITHDRAWAL AND ACCEPTANCE OF PROPOSALS

Proposals may be withdrawn prior to the submission deadline. Proposals shall remain valid for 60 days after opening unless extended by mutual written agreement.

The Town of Eastford reserves the right to reject any or all proposals, to waive any informalities or minor technical defects, and to accept any proposal deemed by the Town to be in its best interest.

XII. FREEDOM OF INFORMATION ACT

All proposals shall be made available for public inspection, in accordance with the provisions of Connecticut General Statutes § 1-210, Freedom of Information. Copies of any information resulting from any proposal opening are generally not available until a contract has been awarded or a purchase order issued.

XIII. NON-COLLUSION

By submitting a proposal, the Proposer certifies that the submission is made without collusion or fraud, and that no Town officer or employee has any financial interest in the proposal.

XIV. Equal Opportunity and Legal Compliance

The Town of Eastford is an Equal Opportunity entity and conducts all procurement activities in accordance with all applicable local, state, and federal laws, regulations, ordinances, and executive orders. By submitting a proposal, the Proposer affirms that it will comply with all legal requirements governing nondiscrimination, ethical conduct, public contracting, and any other obligations imposed by law throughout the performance of any contract resulting from this

RFP.

XV. CONTRACT EXECUTION

Upon award, the Town will issue a Notice of Acceptance.

The final contract shall consist of:

1. This RFP

2. All issued addenda

3. The successful firm’s proposal

4. Any negotiated amendments

Services shall not begin until all insurance documents are approved, and written authorization to proceed is issued.