The City’s financial advisor will be responsible for all duties and services necessary or advisable to facilitate the issuance of bonds or other obligations, including but not limited to:
1. devising and recommending to the Board a proposed method of sale and a plan of financing for bonds to be issued, which plan shall include a maturity schedule and other terms and conditions, as will result in the most advantageous terms to the City, consistent with a minimum effective interest rate;
2. participating in document preparation and assisting bond counsel in the coordination of the offering;
3. preparing such information, as necessary, for the rating agencies and upon City approval, assisting in the presentation to such agencies;
4. participating in preliminary official statement and official statement preparation;
5. advising the City concerning the need for credit enhancement and assisting in the negotiations in connection therewith;
6. assisting in the approval process of the Board and any other agency as required for the issuance of the bonds;
7. assisting in closing details and post-closing duties, including the development of a closing memorandum and a final report to the Board to include a verification of all costs of issuance;
8. answering questions or requests for additional information from prospective investors;
9. evaluating any bids submitted for the purchase of bonds;
10. advising the City with respect to the investment of bond proceeds and the accounting of arbitrage earnings;
11. assisting the City in providing information to the state legislature and other state agencies as required;
12. advising the City of ongoing developments in the bond industry as they affect the City;
13. monitoring and controlling the costs of fees and expenses incurred in connection with the issuance of the bonds;
14. monitoring and advising the City on refunding opportunities, derivatives and other financial products that would help the City lower its cost of borrowing;
15. assist in the evaluation of proposals for underwriting services and other professional services; and
16. all other matters necessary or incidental to the issuance and administration of debt obligations.
In addition, the financial advisor shall advise the City on any matters that might have an effect on the City or any of its outstanding issues.
The City of Siloam Springs invites qualified firms to submit a proposal to provide the services listed above. Firms must be listed on the MSRB as having qualified representatives who have passed the Series 50 exam to be considered for this proposal. Firms must submit a complete response to each of the items below. Failure to submit all requested information or to follow instructions set forth in the RFP may result in rejection of the proposal. Responses to each item should be concise.
Respondents shall be expected to provide:
• Five copies of written proposal.
• Description of firm, including profile, experience and background, branch offices (if any), number of financial advisors specializing in municipal finance.
• Names, mailing address, telephone number and electronic mail of the principal contact person for the firm and the principal author of the submission.
• Names, roles, and professional experiences of the people who will work on this project and a statement regarding which ones have passed the Series 50 exam.
• A statement of the firm’s specific qualifications to perform the standard bond counsel services required for issuing a bond of this type and scope in a timely manner. Please include in this statement if your firm has any experience with funding from the Arkansas National Resource Commission.
• Relationships or activities that might present a conflict of interest for the issuer.
• Level of malpractice insurance carried, including the deductible amount, to cover errors and omissions, improper judgments, or negligence.
• Identify all malpractice litigation or claims made against your firm, within the past five (5) years and the disposition of the same.
• Fee structure for this type of bond, including expenses that may fall outside of the stated fee.
• State any exceptions taken to this Request for Proposal.
General Information and Requirements:
The Respondent, by submitting a proposal agrees that any cost incurred in response to this RFP or activities associated with this request, is borne by the respondent and cannot be billed to the City of Siloam Springs.
The right is reserved to reject any proposals and to accept the proposal which is deemed by the City of Siloam Springs to be in the best interest of the City. The City of Siloam Springs reserves the right to waive any irregularities and/or informalities in the bid process. Should the City elect to waive a right it will not constitute an automatic waiver of that right in the future nor will it impact any other right or remedy.
All proposals shall become the property of the City of Siloam Springs and shall not be returned.
In accordance with Arkansas law, all bids received, and all materials contained therein, once opened are public record. All items are subject to disclosure to any person and organization, to include other firms responding to this invitation to bid.
Proposers warrant by virtue of submission of bids that all prices, terms, and conditions stated shall be honored for a period of ninety (90) days after the opening of bids.
The original bid shall be signed by a corporate officer, partner, or proprietor with full authority to bind the business or firm submitting the proposal.
The City reserves the right to negotiate with the selected proposer the exact terms and conditions of the contract.
The City reserves the right to reject any or all proposals, if deemed to be in the best interest of the City.
The City reserves the right to request references after submission of the Response.
In the event the City of Siloam Springs fails to obligate requisite funds necessitating cancellation of the resultant agreement, the successful proposer shall agree to hold the City of Siloam Springs free from any charge other than authorized work completed.
The selected firm shall abide by the laws and regulations of the City of Siloam Springs, the State of Arkansas, and the United States of America. The firm may not discriminate against any person employed in the performance of services, or against any applicant for employment, for any legally prohibited reason.
Additional Information Requests:
If you have any additional questions or need any additional information, you may contact the City of Siloam Springs at (479)524-5136.