Municipal Advisory Services - GO and BI Bonds

The Governor's Office of Management and Budget (GOMB) of Illinois is seeking a pool of up to six qualified Municipal Advisors to serve as the State's Independent Registered Municipal Advisor (IRMA) through a comprehensive Request for Proposals (RFP). The municipal advisory services will support state debt issuance processes, including developing rating agency strategies, analyzing refunding structures, managing debt portfolios, and executing various debt management initiatives for both competitive and negotiated bond structures. Qualified firms must provide detailed proposals demonstrating expertise in bond structuring, pricing options, and strategies to enhance the state's credit rating and investor interest. The RFP requires respondents to submit comprehensive documentation addressing team qualifications, experience, diversity practices, and specific pricing structures based on bond issuance sizes ranging from $100-300MM, $301-600MM, and $601MM-1BN+. Proposals are due on December 23, 2024, at 4:00 PM CST, with a pre-submission conference scheduled and questions accepted until December 16, 2024. The evaluation will consider responsiveness, responsibility, price, and a mandatory Commitment to Diversity component worth 20% of technical points.

The procurement includes an aspirational 30% Business Enterprise Program (BEP) participation goal across bond issuances, encouraging involvement of Women, Minorities, and Persons with Disabilities (WMD) owned businesses. While no specific set-asides are mandated, vendors must complete a comprehensive Commitment to Diversity answer sheet detailing their diversity and inclusion practices, including subcontracting with WMD businesses, diversity-related spending, and workforce demographics. Strict fee limitations are imposed, with a $5 per bond all-in cost of issuance for General Obligation Bonds and a $10 per bond takedown limit for Build Illinois Bonds. The initial contract term will be three years, with potential renewals extending up to ten years total. Importantly, advisory services not directly related to specific bond sales must be provided at no cost to the state. Vendors must submit detailed documentation, including vendor disclosure forms, IPG active vendor registrations, and comprehensive diversity documentation to be considered for the municipal advisory services contract.