RFR Arbitrage Rebate RFR ~1.pdf

MSBA-RFR-ARBITRAGE-2020

Request for Responses

Massachusetts School Building Authority

Address: 40 Broad Street, Suite 500, Boston, MA 02109

Telephone: (617) 720-4466; Fax (617) 720-5260

Web Address: http://www.massschoolbuildings.org

RFR File Name/Title: Arbitrage Rebate Compliance Services

RFR File Number: MSBA-RFR-ARBITRAGE-2020

RFR Contact Person: Siobhan Tolman, Procurement and Contracts Specialist

SECTION I. SUMMARY

The Massachusetts School Building Authority (“MSBA”) requests Responses from qualified firms interested in providing arbitrage rebate compliance services, and to review the MSBA’s ongoing obligations with respect to any such liabilities on a bi-annual basis.

Minority and woman-owned firms are encouraged to submit Responses.

At the conclusion of this RFR, the MSBA intends to directly contract with the responsive and responsible firm or firms submitting the most advantageous proposal, taking into consideration qualifications, experience, capacity, references, approach to providing the services requested, and price.

A. OBJECTIVES

The MSBA issues tax-exempt debt to finance approximately 70% of capital grants it provides to Massachusetts cities, towns and Districts for the construction and renovation of K-12 public schools. The issuance of tax-exempt debt by MSBA subjects it to compliance with Section 148 of the Internal Revenue Code and related Treasury regulations (collectively, the “Code”).

B. SCOPE OF WORK

The selected firm is expected to provide arbitrage rebate compliance services and will be responsible for assisting MSBA in completing tasks which may include, but are not limited to, the following:

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1. Gather and review all necessary documentation. This includes relevant bond documents, investment and expenditure records and any other records necessary.

2. Identify, and separately account for, all “gross proceeds” (as that term is defined in the Code) of the bond issues, including those requiring allocation analyses due to “transferred proceeds” and “commingled funds” circumstances.

3. Verify whether the gross proceeds of the issues are subject to rebate and/or yield restriction by determining what general and elective exceptions are available, such as spending exceptions and bona fide debt service fund exceptions.

4. Calculate the bond yields.

5. Calculate each issue’s arbitrage rebate and/or yield reduction payment liability, and the investment return on all gross proceeds subject to the rebate/yield restriction requirements.

6. Deliver a comprehensive report for each issue that includes: (a) a detailed description of the tax arbitrage rebate calculations, the rebate liability, and any yield restriction issues; (b) an opinion letter regarding the calculations that will provide, among other things, that such calculations were performed in compliance with federal tax law; and (c) an executive summary identifying the methodology employed, major assumptions, conclusions, and any recommendations for changes in the MSBA’s recordkeeping and investment program.

7. Developing models for calculating accrued and projected arbitrage rebate liability several years into the future for financial reporting and budgeting purposes.

8. Providing bi-annual liability estimates as of December 31 and June 30 of each year.

9. Prepare and deliver a report that includes an executive summary describing the methodologies employed, major assumptions, conclusions, and if a payment is necessary, the IRS Form 8038-T completed and ready for signature not later than fifteen days prior to the date on which a payment is required to be made.

10. Reviewing and analyzing the portfolio of investments and the funds and accounts in which the investments are held. Determining, as necessary, the fair market price or present value of all investments.

11. Consult with the MSBA’s staff and bond and tax counsel, as necessary, regarding tax arbitrage-related matters; recordkeeping and compliance; strategies to maximize investment earnings while complying with tax regulations; and changes in tax laws and their effects on outstanding issues and future issuance.

12. Consult with and provide guidance and training to staff as requested.

13. Maintain all necessary records, including a database of all issues for the MSBA’s bonding program and advise the MSBA of any important dates as they occur, e.g.

yield restrictions, calculations, payment dates, and current status of all issues in the program.

14. Assist as necessary in the event of an IRS inquiry.

15. Evaluate alternative methods permitted by the Treasury Regulations to reduce arbitrage rebate/yield restriction liabilities.

16. Assisting the MSBA with the transition to another consultant at the completion of the contract or termination.

C. FEES

Provide your firm’s fee schedule for providing the required services for the Bonds, including estimates of costs for both bi-annual calculations and five-year reporting.

Provide estimates of any other expenses of providing such services with a not-to-exceed annual fee.

SECTION II. MSBA BACKGROUND

Chapter 208 of the Acts of 2004 established the Massachusetts School Building Authority.

The MSBA is an independent public authority not subject to the supervision and control of any other executive office, department, commission, board, bureau, agency or political subdivision of the Commonwealth. The MSBA’s Board consists of the State Treasurer, who serves as chair, the Secretary of Administration and Finance, the Commissioner of

Education, and four additional members appointed by the State Treasurer.

Prior to the establishment of the MSBA, the Department of Education administered and managed the former school building assistance program. Chapter 208 eliminated the former program and created a new program for school building construction, renovation and repair projects (the “Program”), administered by the MSBA. The new Program provides assistance to cities, towns, regional school districts and independent agricultural and technical schools to finance school building projects. The MSBA has adopted regulations necessary to administer the Program and to review and approve applications for reimbursement for school building construction projects. Since it was established by

Chapter 208 of the Acts of 2004, the MSBA has made more than $14.5 billion in grant payments to Massachusetts communities and currently has more than 95 projects in its

Capital Pipeline.

Since 2005 the MSBA has issued fifteen (15) series of bonds with an aggregate original par of $8.5 billion to raise capital funds, including two series of Build America Bonds and two series of Qualified School Construction Bonds. MSBA has also issued commercial paper for new projects, however no commercial paper is currently outstanding. The MSBA has also executed six (6) tax-exempt and two (2) taxable refunding bond issues with an aggregate original par amount of $4.8 billion to refund prior bonds. The MSBA also has a program of annually defeasing bonds from revenues on hand. The MSBA expects to authorize grants to school districts annually during the next five year period. The MSBA anticipates that approximately 70% of these grants will be paid from bond proceeds during this period. The MSBA may also issue refunding bonds and defease debt, dependent upon market conditions and other factors.

For more information about the MSBA and its program, please visit our website at www.massschoolbuildings.org and refer to Massachusetts General Laws Chapter 70B, Chapter 208 of the Acts of 2004, and 963 CMR 2.00 et seq.

SECTION III. GENERAL INFORMATION

All terms, conditions, requirements, and procedures included in this RFR must be met for a Response to be qualified as responsive. The MSBA reserves the right to waive or permit cure of non-material errors or omissions. The MSBA reserves the right to modify, amend or cancel the terms of this RFR at any time. All Responses must be submitted in accordance with the specific terms of this RFR. Responses to this RFR must be submitted electronically.

A. SPECIFICATIONS

1. Respondent Communication. All communication regarding this RFR must be in writing to the contact person designated in Section III of the RFR. Any individuals and/or firms that intend to submit a Response are prohibited from contacting any employee of the MSBA other than the contact person regarding this RFR. Failure to observe this rule will result in disqualification.

Furthermore, no other individual MSBA employee or representative is authorized to provide any information or respond to any question or inquiry concerning this

RFR. Respondents should notify in writing the contact person for this RFR in the event it is incomplete or the Respondent is having trouble obtaining any required attachments electronically through COMMBUYS or from the MSBA’s website.

2. Reasonable Accommodation. Respondents that seek reasonable accommodation because of disabilities or other hardship, which may include the receipt of RFR information in an alternative format, may communicate such requests in writing to the contact person. Requests for accommodation will be addressed on a case-by-case basis.

3. Public Records. All Responses and related documentation and information submitted in Response to this RFR are subject to the Massachusetts Public

Records Law, M.G.L. c. 66, §10; c. 4, §7(26)(h), regarding public access to such documents. Any statements in submitted Responses that are inconsistent with the provisions of these statutes will be void and disregarded. Respondent agrees that the MSBA shall not be liable under any circumstances for the subsequent disclosure of any information submitted to it by Respondent pursuant to this RFR and/or in connection with any contract entered into between Respondent and the

MSBA as a result of the RFR process.

Respondents are advised that all proposals are deemed sealed, and therefore their contents will be treated as confidential and will not be disclosed to competing

Respondents until the evaluation process has been completed and the contract has been awarded.

4. Submission of Proposed Materials and Oral Presentation. All materials, representations, and submissions made within the proposal and at oral presentation are subject to becoming part of the contract binding the selected

Respondent to uphold the materials, representations, and submissions made by the selected Respondent within the proposal and at the oral presentations, if any.

5. Conflict of Interest. Prior to award of any contract and/or qualification, the

Respondent shall certify in writing that no relationship exists between the

Respondent and the procuring or contracting agency that interferes with fair competition or is a conflict of interest, and no relationship exists between the

Respondent and another person or organization that constitutes a conflict of interest. No official or employee of the MSBA who exercises any function or responsibility in the review or approval of the undertaking or carrying out of this project shall, prior to the completion of the project, voluntarily acquire any personal interest, either directly or indirectly, in this contract or proposed contract.

The Respondent shall provide assurance that it presently has no interest and shall not acquire any interest, either directly or indirectly, which will conflict in any manner or degree with the performance of its services hereunder. The Respondent shall also provide assurances that no person having any such known interest shall be employed during the performance of this contract.

6. Best Value Selection and Negotiation. The MSBA may select the Response(s) that demonstrates the “Best Value” overall, including proposed alternatives that will achieve the procurement goals of the MSBA. The MSBA and the selected

Respondent(s) may negotiate a change in any element of contract performance or cost identified in the original RFR or the selected Respondent’s Response which results in lower costs or in a more cost effective or better value than was presented in the selected Respondent’s or contractor’s original Response.

7. Costs. The MSBA will not reimburse any individual or firm for any costs associated with the preparation or submittal of any Response to this RFR or for any travel and/or per diem incurred in any presentation of such Responses. Costs that are not specifically identified in the Respondent’s submissions and accepted by the MSBA as part of a contract, will not be compensated.

8. MSBA Website and COMMBUYS. This RFR has been distributed electronically using the COMMBUYS system and can be accessed at www.COMMBUYS.com.

RFR Attachments that are referenced are available either as separate files along with the RFR, or in the COMMBUYS Forms and Terms section. The RFR and

Attachments are also available at the MSBA’s website:

www.massschoolbuildings.org

Respondents are solely responsible for obtaining and completing required attachments that are identified in this RFR and for checking COMMBUYS and the MSBA’s website for any addenda or modifications that are subsequently made to this RFR or attachments. The MSBA accepts no liability and will provide no accommodation to Respondents who fail to check for amended

RFRs and submit inadequate or incorrect Responses. Respondents are advised to check the MSBA’s website and COMMBUYS "last change" field on the summary page of RFRs for which they intend to submit a Response to insure that they have the most recent RFR files. Respondents may not alter (manually or electronically) the RFR language or any RFR component files. Modifications to the body of this

RFR, specifications, terms and conditions, which change the intent of this RFR are prohibited and may disqualify a Response.

9. Validity of Response. Responses must remain in effect for at least 120 days from the submission deadline and thereafter until either the Respondent withdraws the

Response in writing, a contract is executed with Respondent, or the procurement is canceled, whichever occurs first.

10. Prohibition against Distribution of Information. Any Respondent awarded a contract under this RFR is prohibited from selling or distributing any information collected or derived from the contract and/or procurement process, including lists of participating or eligible MSBA employee names, telephone numbers, or addresses, including email addresses.

11. Right to Modify. The MSBA reserves the right to modify, amend, or cancel the terms of this RFR at any time prior to the closing date. The MSBA reserves the right to negotiate with the selected Respondent(s) as to any element of cost or performance, including without limitation, elements identified in the RFR and/or the selected Response in order to achieve the best value for the MSBA.

B. PROCUREMENT CALENDAR

The following is the tentative time schedule for the MSBA’s selection of qualified firms interested in providing arbitrage rebate compliance services for the MSBA. All dates are subject to modification by the MSBA with notice.

Issuance of RFR: October 9, 2020

Question Deadline: October 16, 2020 at 12:00 PM

Responses to Questions Posted: October 21, 2020

RFR Response Deadline: October 28, 2020 at 3:00 PM

Oral Presentations (If conducted): Week of November 9, 2020

Award of the Contract: Anticipated November 2020

Questions concerning this RFR may be submitted to the RFR Contact Person in writing via email (No Telephone Calls):

Siobhan Tolman, Procurement and Contracts Specialist

Attn: “MSBA-RFR-ARBITRAGE-2020”

E-Mail Address: Siobhan.Tolman@massschoolbuildings.org

SECTION IV. RESPONSE REQUIREMENTS

1. Contents of the Response

All Responses to this RFR must include the following information:

a) Mandatory Cover Letter: Each Response must be accompanied by a cover letter of not more than two pages. Each Respondent must certify in the cover letter that it meets the minimum qualifications of Section V of this RFR. The letter, which shall be considered an integral part of the submission, shall be signed by an individual who is authorized to bind the firm contractually, giving his or her title. The letter must acknowledge Addenda to the RFR, if any, and certify that all information contained in the Response is accurate and complete. Inaccurate or incomplete information may adversely affect the evaluation of the submission.

b) Contact Person

Provide the name, title, address, e-mail address, telephone number and fax number of the person who will serve as the primary contact regarding this

RFR.

c) Firm Overview

Provide a brief description of your firm, its organizational structure, including the location(s) of the office(s) from which the primary work on this engagement is to be performed.

d) Firm Experience

Describe your firm’s experience in providing arbitrage compliance services.

Include a sample arbitrage rebate report in an appendix.

e) Understanding of Requested Scope of Services

Discuss your understanding of the scope of services requested and how your firm plans to implement rebate compliance services based on your understanding of the structure of the Bonds.

f) Technical Resources

Provide a brief description of your firm’s technical resources and proficiency including a description of the computer models/software used to perform calculations.

g) Staff Qualifications and Professional Experience

Identify the key personnel who will be assigned to this engagement and describe their relevant experience. All Respondents also must identify the individual(s) who will have primary responsibility for contacts and communications with the MSBA. The MSBA reserves the right to reject the use of any personnel, within its sole discretion. Provide resumes of all personnel to be assigned to this engagement. Resumes may be provided in an appendix.

h) Approach to Providing Services: A description of the firm’s approach to providing the Scope of Work described in Section I, Item B, specifically addressing any timelines described in this RFR. Also, all Responses must include a table that describes the role of each member of your professional team that will be assigned to work on this project.

i) Additional Information

Provide any other information that you feel would be relevant to the selection process.

j) MBE/WBE Certification: A list of any certifications the firm has as a minority or woman-owned business.

k) Statement of Limitations: Provide a statement clearly describing any limitations to the submitted Response (such as scope of proposed services, geography, etc.).

l) Business References: Respondents must identify three (3) client references for which the bidder has performed similar services as the services described in this RFR.

m) Supplier Diversity Program Plan Form: The MSBA is committed to developing and strengthening Minority and Woman-Owned Business

Enterprises (M/WBE’s) and expanding equal opportunity in the primary and secondary industries affected by this RFR. All Respondents must submit a

Supplier Diversity Program Plan Form (Attachment “D”) with its Response.

Respondents that clearly demonstrate the intent to further the development of

M/WBE’s or the existence of a relationship with does further those goals will receive favorable consideration. Additionally, a Respondent which is a

Massachusetts Supplier Diversity Office-certified vendor may be found

“Advantageous” based on the Respondent’s certification status.

n) Anti-Discrimination Policy: Each Respondent must include a detailed copy of its policy relative to affirmative actions/equal opportunity and the prohibition of discriminatory employment practices.

o) Authorized Respondent’s Signature and Acceptance Form: If the Respondent is a corporation, partnership, or other business entity, complete Attachment

“A” as indicated.

p) Invest in Massachusetts Data Form: The MSBA encourages investment in our local economy and is committed to advancing the creation and preservation of jobs in the Commonwealth. Consequently, all Respondents must submit an

Invest in Massachusetts Data Form (“IMD Form”) (Attachment “E”).

q) Mandatory Certifications: (an example of a comprehensive certification statement is attached as Attachment “B”):

a. Certification of Compliance with Massachusetts Child Care Laws.

b. Certification of Compliance with the Revenue Enforcement and Protection

Program.

c. Certification Regarding Companies Doing Business in Northern Ireland.

d. Certification of Disclosure.

e. Certification of No Conflicting Relationship.

f. Certificate Statement Regarding Criminal Actions and Pending Litigation

g. Certification of Solvency

h. Certification of Good Standing and Licensure

i. Statement of Compliance with RFR Requirements

j. Statement of Confidentiality

2. Instructions for Submission

Responses to this RFR must be summitted electronically by the submission deadline or the response will not be considered. Hard copy submissions will not be accepted. Responses and

Attachments must be submitted by email to Procurement@MassSchoolBuildings.org no later than October 28, 2020 at 3:00 P.M. EST.

Responses and Attachments received after this deadline date and time will not be evaluated. Responses and Attachments should be emailed to:

Procurement@MassSchoolBuildings.org mailto:Procurement@MassSchoolBuildings.org

When responding to this RFR, firms should take note of the following provisions.

a) Responses should include the information and documents listed in Section

IV, Item 1 – “Contents of the Response.”

b) The MSBA reserves the right to request additional information from firms responding to this Request. Additionally, upon reviewing the Responses the

MSBA may decide to have certain firms make oral presentations.

c) The MSBA reserves the right to reject any and all Responses to this request, to waive any minor informality in a Response, to request clarification of information from any firm responding and to effect any agreement deemed by the MSBA to be in the MSBA’s best interest with one or more of the firms responding. The MSBA reserves the right to amend or cancel this RFR at any time. All Responses and their contents will become the sole property of the

MSBA upon receipt by it.

d) The duration of any contract that may result from this RFR will be for five

(5) years with a one-year option of MSBA to renew.

3. Submission Format Requirements

Respondents are cautioned to read carefully and conform to the requirements for this specific RFR. Failure to comply with the provisions of this RFR may serve as grounds for rejection of a Response.

a) All Responses must be submitted by email to

Procurement@MassSchoolBuildings.org. The specific organization and orientation of the Response is at the Respondent’s discretion, but it is recommended that the Response be laid out in such a manner that the reader doesn’t need to be constantly rotating the proposal.

b) Submissions must be limited to 15 pages, plus the cover letter, appendix for resumes, a detailed copy of your firm’s policy relative to the prohibition of discriminatory employment practices, affirmative actions/equal opportunity, the use of M/WBE’s, and the Mandatory Certifications listed above in Section

IV, Item 1(m).

c) Submissions must be in a font of 12 point or larger.

d) Responses must be delivered electronically to:

Procurement@MassSchoolBuildings.org

e) Please do not submit hard copies of Responses. Any and all data, materials, and documentation submitted to the MSBA in Response to this RFR shall become the MSBA’s property and shall be subject to public disclosure under the Massachusetts Public Records Act. In this regard, Respondents are required to sign the Authorized Respondent’s Signature and Acceptance

Form, set forth as Attachment “A” hereto.

RESPONDENTS PLEASE NOTE: BY EXECUTING THE AUTHORIZED

RESONDENT’S SIGNATURE AND ACCEPTANCE FORM AND SUBMITTING

A RESPONSE TO THIS RFR, RESPONDENT AGREES THAT THE MSBA

SHALL NOT BE LIABLE UNDER ANY CIRCUMSTANCES FOR THE

DISCLOSURE OF ANY MATERIALS SUBMITTED TO THE MSBA PURSUANT

TO THIS RFR OR UPON RESPONDENT’S SELECTION AS A PREQUALIFIED

CONTRACTOR.

4. Disqualification

a) Late Proposals. Proposals that are received after the deadline date and time shall be disqualified. A hard copy or facsimile Response will not qualify as a

“submission” for deadline purposes in advance of or in lieu of an electronic submission.

b) Nonresponsive Proposals. Proposals which are not responsive or which fail to comply with mandatory requirements of the RFR shall be deemed nonresponsive and shall be disqualified. Nonresponsive proposals shall include, but not be limited to, those that fail to address or meet any mandatory item and those submitted in insufficient number. The MSBA reserves the right to disqualify from consideration those Responses that are submitted in an incorrect format if the MSBA determines, in its sole discretion, that the formatting error is prejudicial to the interests of other Respondents and fair competition.

c) Collusion. Collusion by two or more Respondents agreeing to act in a manner intended to avoid or frustrate fair and open competition is prohibited and shall be grounds for rejection or disqualification of a proposal or termination of this contract.

d) Debarred Bidders or Subcontractors. A Respondent who is currently subject to any Commonwealth or federal debarment order or determination shall not be considered for evaluation by the Procurement Team. If a bidder’s proposal is dependent upon the services of a named subcontractor and the disqualification of this named subcontractor would materially alter the proposal, then that proposal shall be deemed unresponsive if the named subcontractor is found to be debarred. Proposals that indicate that subcontractors will be used but do not rely on any specifically named subcontractor shall not be deemed unresponsive if the disqualification of a proposed subcontractor will not materially alter the proposal

SECTION V. MINIMUM QUALIFICATIONS AND EVALUATION

PROCESS

The RFR Evaluation Process will be conducted in two phases. MSBA staff will complete the Phase One Review for all submitted Responses. The purpose of the Phase One

Review is to eliminate any Respondents that do not meet the minimum qualifications and/or whose Responses are nonresponsive to the requirements of the RFR. Responses that are deemed to be complete and responsive based on the Phase One Review will be submitted to a committee of MSBA staff for additional review. The Phase Two Review will evaluate the Responses based on highly advantageous, advantageous and not advantageous ratings. The selection committee will make a recommendation of the qualified firms and/or individuals to the Executive Director of the MSBA who will then accept or reject the recommendation.

(Phase One and Phase Two Reviews of this RFR will be Conducted Separately)

A. MINIMUM QUALIFICATIONS

In order to be eligible for further review and selection, each Respondent must certify in its cover letter that it meets the following minimum qualifications. Any Respondent that fails to include such certification in its Response, demonstrating that these criteria have been met, will be rejected without further consideration.

Minimum qualifications that respondents must meet in order to provide this service include all necessary qualifications, certifications and registrations required by relevant regulatory agencies, including but not limited to the Securities and

Exchange Commission (SEC) and the Municipal Securities Rulemaking Board. In addition, respondents (or the principal member(s) of its proposed team) must have a minimum of 10 years in the business of providing arbitrage rebate services to governmental issuers with debt portfolios similar in size and complexity to the

MSBA.

B. PHASE ONE REVIEW

Responses will be reviewed based on the completeness of Responses, including mandatory attachments and compliance to submission criteria, legal, and other requirements as described in Section IV of the RFR. Responses that do not comply with these components will be rejected and will not proceed to Phase Two Review. The

MSBA reserves the right to waive or permit cure of non-material errors or omissions.

Phase One of the Review will ensure compliance with the submission criteria in Section

IV.

C. PHASE TWO REVIEW

In addition to the specific requirements set forth below, all Respondents must demonstrate that they have significant experience, knowledge, and abilities with respect to providing the services described in the scope of work in Section 1, B. The MSBA will evaluate Responses based on criteria that shall include, but not be limited to, the following:

During review process, criteria 1-5 listed below will be scored as follows:

• Highly Advantageous: 3

• Advantageous: 2

• Not Advantageous: 1

The following weights will be given to criteria 1-5:

• Experience 20

• Knowledge and Understanding 25

• Qualifications 20

• Capacity 15

• Proposed overall Approach 10

Number 6 below will be evaluated as deemed appropriate by the MSBA and in the best interests of the MSBA, in its sole discretion.

1. Demonstrated Experience – Highly Advantageous, Advantageous, and Not

Advantageous

Highly Advantageous: Respondent’s firm and proposed team clearly demonstrates the depth, quality, length of time in the business and representative client base required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Advantageous: Respondent’s firm and proposed team demonstrates some but not all of the depth, quality, length of time in the business and representative client base required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Not Advantageous: Respondent’s firm and proposed team do not demonstrate the depth, quality, length of time in the business and representative client base required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

2. Knowledge and Understanding of Arbitrage Rebate Compliance Services –

Highly Advantageous, Advantageous, and Not Advantageous

Highly Advantageous: Respondent’s firm and proposed team clearly demonstrates the knowledge and understanding of arbitrage rebate compliance services required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Advantageous: Respondent’s firm and proposed team demonstrates some but not all of the knowledge and understanding of arbitrage rebate compliance services required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Not advantageous: Respondent’s firm and proposed team does not demonstrate the knowledge and understanding of arbitrage rebate compliance services required to provide and support the satisfactory and timely performance of the services sought in

3. Qualifications, Licensing and Education – Highly Advantageous, Advantageous and Not Advantageous

Highly Advantageous: Respondent’s firm and proposed team clearly demonstrates the qualifications, licensing and education that would be required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Advantageous: Respondent’s firm and proposed team demonstrates some but not all of the qualifications, licensing and education that would be required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Not Advantageous: Respondent’s firm and proposed team does not demonstrate the qualifications, licensing and education that would be required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

4. Capacity and Organizational Structure – Highly Advantageous, Advantageous and Not Advantageous

Highly Advantageous: Respondent clearly demonstrates the adequacy, quality and depth of its personnel resources to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Advantageous: Respondent demonstrates some, but not all of the requirements related to demonstrating the adequacy, quality and depth of personnel resources that would be required to support the satisfactory and timely performance of the services sought in

Not Advantageous: Respondent does not demonstrate the adequacy, quality and depth of personnel resources that would be required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

5. Proposed Overall Approach

Highly Advantageous: The Respondent’s Proposed Overall Approach demonstrates a comprehensive understanding of the MSBA’s debt portfolio, debt management objectives and the relevant technical expertise and experience required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters. .

Advantageous: The Respondent’s Proposed Overall Approach demonstrates some but not a fully comprehensive understanding of the MSBA’s debt portfolio, debt management objectives and the relevant technical expertise and experience required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

Not Advantageous: The Respondent’s Proposed Overall Approach does not demonstrate sufficient understanding of the MSBA’s debt portfolio, debt management objectives and the relevant technical expertise and experience required to support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

6. Value

The MSBA may select the Response that demonstrates the “Best Value” overall, including proposed alternatives that will achieve the procurement goals of the MSBA. The MSBA and the selected Respondent) may negotiate a change in any element of contract performance or cost identified in the original RFR or the selected Respondent’s Response which results in lower costs or in a more cost effective or better value than was presented in the selected

Respondent’s or contractor’s original Response.

C. ORAL PRESENTATIONS

After Phase One and Phase Two reviews, the MSBA shall have the option to invite one or more Respondents to make oral presentations. Oral presentations provide the MSBA with an opportunity to evaluate a Respondent through the presentation of their proposal.

The MSBA may limit the number of oral presentations conducted. Respondents will not be informed of their preliminary ranking at the time of the oral presentations. After oral presentations the MSBA reserves the right to adjust any preliminary ranking in the Phase

Two review.

The time allotments and format shall be the same for all oral presentations. Respondents will be given a maximum of 30 minutes to present their proposals followed by a 15-minute question and answer period. The MSBA will give notice of at least five (5) business days prior to the date of an oral presentation. Due to restrictions and conditions related to COVID-19, oral presentations will be scheduled on Zoom, WebEx, Microsoft

Teams or such other platform as may be approved in advance by the Authority to conduct oral presentations. The MSBA may require the Respondent’s assigned key personnel to conduct the oral presentation.

A Respondent is limited to the presentation of material contained in its Response, with the limited exception that a Respondent may supplement its Response to address specific questions posed by the MSBA and provide clarification of information contained in its

Response. A Respondent’s failure to agree to an oral presentation may result in disqualification from further consideration.

SECTION VI. COMPONENTS OF THE PROCUREMENT

A. DURATION AND RENEWAL OPTIONS

The MSBA intends to select one or more qualified Respondents to provide the services solicited in this RFR for a five-year term. The MSBA may, at its option, extend the term for an additional one year, under the same terms and conditions.

The selected Respondent(s) will be required to execute the standard Master Services

Agreement, a copy of which is attached hereto as Attachment “C.” RESPONDENTS

ARE REQUIRED TO SPECIFY ANY EXCEPTIONS TO THE MASTER

SERVICES AGREEMENT AND TO MAKE ANY SUGGESTED

COUNTERPROPOSAL WITH THEIR RESPONSE. A FAILURE TO SPECIFY

EXCEPTIONS AND/OR COUNTERPROPOSALS WILL BE DEEMED AN

ACCEPTANCE OF THE MASTER SERVICES AGREEMENT’S TERMS AND

CONDITIONS.

B. CONTRACT PERFORMANCE AND BUSINESS SPECIFICATIONS

1. Rejection of Proposals

The MSBA reserves the right to reject any and all proposals submitted under this solicitation.

2. Withdrawn/Irrevocability of Responses

A firm may withdraw and resubmit a Response prior to the deadline. No withdrawals or re-submissions will be allowed after the deadline.

3. Subcontracting and Joint Ventures

Respondents must obtain prior approval from the MSBA for subcontracting any portion of the Contract. Respondent’s intention to subcontract or partner or joint venture with other firm(s) must be clearly stated in the Response. The MSBA reserves the right to reject any and all subcontracts, partners, or joint venture firms.

4. Price Limitation

The Respondent must agree that no other customer of similar size and similar terms and conditions shall receive a lower price for the same commodity and service during the contract period, unless this same lower price is immediately effective for the

MSBA. The Respondent must also agree to provide current or historical pricing offered or negotiated with other governmental or private entities at any time during the contract period upon the request of the MSBA.

5. Security Breach Law, M.G.L. c. 93H

The bidders hereby acknowledge and agree to comply with the requirements and responsibilities, including those of providing notice and Response, as set forth in G.L.

c. 93H concerning Security Breaches and any regulations implemented to effectuate security of “personal information” as defined in § 1 of G.L. c. 93H.

SECTION VII. ATTACHMENTS

This RFR consists of a 17-page Request for Responses and the following Attachments:

Attachment A: Authorized Respondent’s Signature and Acceptance Form

Attachment B: Certification Statement

Attachment C: Master Services Agreement

Attachment D: Supplier Diversity Program Plan Form

Attachment E: Invest in Massachusetts Form

SECTION VIII. ADDITIONAL INFORMATION

It is recommended that Respondents refer to chapter 70B of the Massachusetts General

Laws, chapters 201, 208, and 210 of the Massachusetts Acts of 2004, and 963 CMR 2.00 et seq. for additional information about the MSBA.

Your interest in working with the Massachusetts School Building Authority is appreciated.

John K. McCarthy

Executive Director

Massachusetts School Building Authority