Renewal Notice - GOMB Municipal Advisor Pool

The State of Illinois Governor's Office of Management and Budget (GOMB) is seeking to establish a qualified pool of up to six municipal advisory firms to serve as the State's Independent Registered Municipal Advisor (IRMA) for an initial term of three years, with the option to renew for up to an additional four years. The selected firms will provide a range of financial advisory services to the State, including reviewing underwriter financing ideas, analyzing bond structuring and pricing options, advising on rating agency matters, participating in pricing discussions, and providing other municipal advisory services as requested. The RFQ outlines the required services, submission requirements, and pricing format. The State indicates that it will not pay for any expenses incurred by the vendors, and there is a $5.00 per bond cost of issuance limit for the State's General Obligation Bonds and Build Illinois Bond program. The RFQ also notes that the resulting contracts may be partially or fully funded with federal funds, and that the State reserves the right to negotiate the structure and amount of compensation.

The RFQ clarifies that while the State strongly supports the goals of the Business Enterprise for Minorities, Women and Persons with Disabilities Act Participation and Utilization Plan, and the Veteran Small Business Participation and Utilization Plan, these plans will be non-mandatory under this solicitation. The State's preference is for proposing firms to submit responses individually rather than as joint proposals, and subcontracting will be allowed but is not required. The selected firms comprising the renewed municipal advisor pool include Acacia Financial Group, Inc., Columbia Capital Management LLC, PFM Financial Advisors, LLC, Public Resources Advisory Group (PRAG), and Sycamore Advisors LLC, with Swap Financial Group, LLC being removed due to the dissolution of the firm. The firms in the renewed pool are not guaranteed to be selected for any given transaction during the term of the pool, and the pricing terms, set asides, and funding requirements are not specified.