CHANGE ORDER NOTICE -Bond Underwriting Services

The state of Illinois, through the Illinois Tollway, is seeking to extend existing contracts for Bond Underwriting Services for an additional 90-day period from October 15, 2022 to January 12, 2023. The current contracts, established through a competitive procurement process under RFP #16-0155, are set to expire on October 14, 2022. The extension is necessary to allow the Tollway to complete a new procurement process for these services, which has been delayed due to a pending Congressional Hearing. The Bond Underwriting Services contracts are with eleven senior underwriters and ten co-managing underwriters, and are primarily utilized to market and underwrite Tollway bonds sold to institutional investors. This no-cost extension will maintain continuity of these critical services until the new procurement can be finalized.

The extension of these contracts is being issued in accordance with Illinois procurement regulations, which require notification of contract renegotiations and changes that increase the cost or duration. The Tollway has determined that the circumstances necessitating this extension were not reasonably foreseeable at the time the original contracts were signed. There are no set-aside designations or restrictions on the types of organizations that can respond to the upcoming procurement, which will likely maintain the current roster of bond underwriters. The total value of the bond underwriting services is not specified, but the Tollway is seeking to ensure these critical financial services remain in place while the new procurement is completed.