RFP 161155 Trustee Services

The Virginia Department of Transportation is requesting sealed proposals for trustee services related to I-66 Inside the Beltway/Virginia Passenger Facility Revenue Bonds under RFP 161155, with proposals due September 18, 2026 at 1:00 PM EST and questions due September 10, 2026 at 4:00 PM EST. All offerors must be registered as eVA vendors and acknowledge Addendum 1 (issued September 8, 2026) prior to bid submission, or risk non-responsiveness.

The scope spans trustee, paying agent, and registrar services for bond proceeds and debt service on bonds with a total aggregate principal amount not exceeding $1 billion, plus issuance costs and reserve funds. The contract extends from award through the life of the bonds, approximately 39 years. Bonds are anticipated to be issued as a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan in the first half of 2027 in an approximate amount of $500 million, though VDOT reserves the right to issue publicly as tax-exempt bonds instead. The RFP presents two separate service scenarios: Scenario 1 requires receipt of gross toll revenues with full disbursement to operations-and-maintenance and major-repairs vendors, bondholders, and reserve funds; Scenario 2 requires receipt of net toll revenues monthly with management of debt service and debt service reserve funds only.

Evaluation criteria are understanding of scope and reporting requirements (25 points), experience and qualifications providing similar services (30 points), three client references (20 points), and price (25 points). The lowest proposed price receives maximum points; other prices are evaluated proportionally. No set-asides are specified. All offerors must submit a Small Business Subcontracting Plan with a Commonwealth goal of 42% of purchases from small businesses.

Proposals must include an Offeror's Data Sheet with years in business and three client references; State Corporation Commission registration; Proprietary/Confidential Information Summary Form; Subcontractor Approval Request; and Pricing Schedule with costs for acceptance of funds, annual administration, transaction fees, registration, maintenance, miscellaneous fees, and legal fees. Submission format requires one original PDF without pricing, one redacted PDF without pricing, and one Pricing Schedule copy, all via eVA. Payment is made within 30 days after receipt of valid invoice and verification of satisfactory work completion.