Independent Registered Municipal Advisor

The City of Pasadena is seeking an Independent Registered Municipal Advisor (IRMA) through a competitive Request for Proposals (RFP) to provide comprehensive financial advisory services for its Finance Department. The selected firm must be registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rule Rulemaking Board, in compliance with Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Key deliverables include providing expert advice on debt issuance, structuring, timing of issuance, call provision options, rating matters, and guidance on existing and proposed financial arrangements. The evaluation criteria will weight proposals based on relevant experience (25%), staffing (30%), approach and techniques (20%), and pricing (15%), with additional 5-point preferences for local Pasadena businesses and small/micro-businesses. Proposal submissions are due by 3:00 pm on May 1, 2024, for an initial five-year contract term. Key requirements include key consultant staff having a minimum of 5 years of experience and $250 million in municipal bond issuance experience across various bond types, including lease-revenue bonds, Certificates of Participation, General Obligation Bonds, and General Fund-backed financings.

The RFP includes several set-aside and compliance requirements, with mandatory forms such as the Conflict of Interest Disclosure, Unique Entity Identifier (UEI) form, and Taxpayer Protection Amendment Disclosure. Local and small businesses receive preferential treatment in the evaluation process. The city has specific near-term financial needs, including a refunding analysis of 2010 B Lease Revenue Build America Bonds related to the Rose Bowl and potential General Obligation Bonds for seismic retrofitting of the main library, pending a November 2024 ballot measure. While a specific award value is not explicitly stated, the city's FY2023 debt service outstanding totals $528,982,000, indicating a significant scope of financial advisory services. Proposers must complete comprehensive documentation, including a Designated Representatives form, Non-Collusion Declaration, and Disqualification Disclosure. The contract will be governed by a Master Services Contract template that includes provisions for compliance with prevailing wage laws, the Pasadena Living Wage Ordinance, and equal employment opportunity practices.