Courtesy Posting: AGO Bond and Issuers Counsel

The State of Utah Office of the Attorney General is requesting proposals for bond counsel and issuer's counsel services under RFP Solicitation FB26-40, with proposals due June 29, 2026 at 12:00 PM and questions due June 11, 2026 at 12:00 PM. The procurement establishes a prequalified vendor pool of law firms to provide bond counsel and issuer's counsel services for revenue bond issuances on behalf of charter schools in Utah on a per-issuance basis.

The scope requires a single law firm to develop bond documentation, issue legal opinions on legality and tax-exempt status, assist with official statements, coordinate with municipal advisors, and attend closings. As issuer's counsel (assigned on select transactions), the firm will review documentation to protect state interests, prepare additional legal documents, review charter school applications, and coordinate with municipal advisors. All out-of-pocket expenses remain the charter school's responsibility if services do not result in a successful bond issue; the charter school incurs no attorney fee liability in such cases.

Minimum qualifications include current bar membership, a minimum of eight years of continuous legal practice in public finance including conduit financing experience, and professional liability insurance of at least $3 million with a securities transaction rider or without a securities exclusion. Firms must identify primary lawyers and certify the limited-liability terms for unsuccessful transactions.

Evaluation employs eight mandatory pass/fail requirements covering firm qualifications, attorney certifications, and licensing. Seven additional scoreable technical criteria are weighted: prior bond transaction experience in the last three years (40%), percentage of transactions governed by Utah law (15%), access to tax and real estate expertise (15%), continuing disclosure and compliance experience (15%), client references (5%), regulatory or litigation history (5%), and conflict of interest disclosures (5%). Proposals must achieve a minimum of 75 points to be eligible for contract award. Bond counsel fees are negotiated per transaction; issuer's counsel fees are fixed at 40% of bond counsel fees, ranging from $15,000 to $30,000 per transaction. The AGO will use an alphabetical rotation system to assign issuer's counsel from the pool, with a mechanism to accommodate conflicts of interest.