Page 1 of 14
St. Andrews Public Service District
Request for Proposal
Independent Registered Municipal Advisor (IRMA)
SAPSD 1702 RFP
Closing date/time: January 19, 2018 at 5:00 p.m.
St. Andrews Public Service District (SAPSD) is seeking proposals for an Independent
Registered Municipal Advisor (IRMA) to provide financial advisory services for the
SAPSD’s bond issues as described herein and other financial advisory services as
needed.
All communications concerning the RFP shall be directed via email to Christie
Holderness, District Manager, at [email protected]. Respondents shall
not contact other staff, employees or Commissioners at St. Andrews Public Service
District.
For any possible amendments to this RFP during the posting period, please refer to the
Community/FAQ section of St. Andrews Public Service District’s website
(www.standrewspsd.org).
Date issued:
January 1, 2018
Page 2 of 14
Proposed Schedule
❖ January 1, 2018 RFP issued
❖ January 12, 2018
➢ All inquiries related to the RFP must be submitted via email to [email protected] by 5 P.M.
❖ January 19, 2018 Proposal due by 5 P.M.
❖ Week of January 22, 2018 Interviews (if required)
❖ End January-Early February, 2018 IRMA candidate selected
Page 3 of 14
➢ SECTION I: PROJECT AND SCOPE OF WORK
St. Andrews Public Service District (SAPSD) is proposing to enter into contractual
agreements for construction of facility(ies) replacements/improvements to include
associated furnishings and equipment as well as the purchase of up to four (4) fire
trucks varying in size, capacity and function. Payment shall be made via various
sources including general obligation bonds SAPSD intends to issue in an amount yet to
be determined but estimated to be between $8,000,000 and $13,000,000. The bonds to
be issued will be general obligations of SAPSD, secured by its full faith and credit and
taxing power. The payment of principal and interest on the bonds shall be supported by
SAPSD’s power and statutory authority under Section 5 - Tax levies-use of proceeds - of
the South Carolina General Assembly Act 443 adopted on July 1, 1949 to levy ad valorem
taxes on all taxable property in the territorial limits of St. Andrew’s Public Service District,
without limitation as to rate or amount. The Chief Financial Officer of SAPSD under
supervision of the District Manager has the primary role in facilitating and structuring the
issuance of general obligation bonds and is responsible for, but not limited to, ensuring
that all special accounts for bonds are properly maintained.
➢ SECTION II: ANTICIPATED SCOPE IS AS FOLLOWS:
The selected firm or individual shall meet with the District Manager, Christie Holderness
(DM) as the principal contact, together with the Chief Financial Officer (CFO) who
together will provide information and make decisions concerning the services to be
provided. The requirements for financial advisory services shall be reviewed and
established. The IRMA collects information from SAPSD and other sources to identify
and document any characteristics that may influence the services to be provided.
The selected firm or individual shall perform the following phased functions and other
necessary requirements as part of the Scope of Work in conjunction with the bond issue
and other financial advisory services:
A. Review SAPSD financial records, bank balances, and borrowing options in order to
make recommendations regarding the best use of funds available for payment of said
projects.
B. Make recommendations regarding the timing, structure, conditions and form of the
sale, competitive or negotiated, including evaluation of bond insurance costs and final
distribution of bond proceeds.
C. Assist, as requested, in the post offering responsibilities for each sale, including
ensuring SAPSD compliance with continuing disclosure filing requirements and
providing a post transaction summary report.
Page 4 of 14
D. Assist in the development and evaluation of requests for proposals for other services
needed to complete bond issue transactions, including procurement of bond insurance.
E. Assist in communicating with rating agencies and addressing their requirements that
will aide in securing SAPSD’s first bond rating.
F. Assist in the preparation of official statements or other necessary financing documents.
G. Assist in the negotiation of the terms or evaluating bond purchasers including
preparations for and participation in discussions and meetings with underwriters.
H. Assist in any competitive sale of bonds, including providing a list of prospective
purchasers, preparing bid specs and assisting in the preparation of notices of sale,
reviewing and confirming all bids received, providing any necessary issue price
certificates, and providing all other services customarily provided by an independent
registered municipal advisor in a competitive bond sale.
I. Assist, if requested, in the closing of various transactions involved with the issuance.
J. Prepare bond amortization schedules at the level necessary to calculate future debt
service payments and satisfy accounting, budgetary and borrowing requirements.
➢ SECTION III: COST PROPOSAL AND EVALUATION CRITERIA
The general purpose of the proposal is to demonstrate the qualifications, competence
and capacity of the proposer to undertake the responsibilities of serving as financial
advisor to SAPSD.
The IRMA will act as financial advisor in conjunction with bond issues and/or other
financial advisory services pertaining to the construction/purchase of facilities/fire
apparatus that may take place in FY-2018 and subsequent years. As such, proposing
firms or individuals must include the following information in their submittals in the exact
order listed here with separating page tabs in an 8.5 by 11 page format: (please include
page tabs).
The submission shall include a one-page cover letter plus a maximum of twenty-five (25)
pages to address the criteria specified herein (including resumes). The table of contents
and divider pages will count towards the total page count.
Failure to comply with the following criteria may be grounds for disqualification:
● Receipt of submittal by the specified cut-off date and time.
● The number of originals and/or copies of the submittal specified.
● Adherence to maximum page requirements.
Adherence to the maximum page criteria is critical; each page side (maximum
8-1/2” x 11”) with criteria information will be counted. Pages that have photos,
Page 5 of 14
charts and graphs will be counted towards the maximum number of pages.
Minimum font size: 11pt Arial or Times New Roman. Please number all pages
(including table of contents and dividers)
A. LETTER OF INTEREST
A letter stating your interest in this project signed by the person who will have
authority over this project and stating that the contents of the submittal are true
and accurate. Provide an overview of the key areas of the proposal and summarize
the proposer’s position as to why the firm or individual should be selected. Address
briefly the history of your firm and your ability to meet schedule. Please state in
this letter that you can meet the insurance/bonding requirements of the SAPSD
and that you are willing to execute a standard agreement with SAPSD. (10 points)
B. EXPERIENCE
Must have a minimum of three years or more of verifiable or documented
experience in providing financial advisory services to various municipal bond
issuers in South Carolina for both negotiated and competitive transactions as well
as provide financial advisory services to a similar municipality. Identify the financial
advisors and/or other industry professionals and staff that will be assigned to work
under the SAPSD including professional resume(s) that fully described their
qualifications, experiences and the function each would perform. Also, include a
short bio for all personnel you feel are key to the project. (40 points)
C. PROJECT UNDERSTANDING/APPROACH
Describe your understanding of project scope including familiarity with SAPSD and
any issues that may exist that may affect its ability to issue debt. Include ability
and willingness to respond to questions for SAPSD Staff, SAPSD Commission
Chairman or designee and others designated by the SAPSD Staff or SAPSD
Commission Chairman or designee concerning the administration of the process.
Additionally, include any innovative or alternative value-added processes or
approach that may be considered applicable to this project. (30 points)
D. COMPANY BACKGROUND/LOCATION/RELATED SERVICES
Description of firm, including locations of offices, person responsible for financial
advisory services, location where the contract authority resides and location of
individuals to be assigned to this project. Include an organization chart showing
the working relationship of the management structure. Please make it clear out of
which offices you propose the work to be and assign a percentage of work that is
likely from each location. (15 points)
Page 6 of 14
E. RECENT, CURRENT AND PROJECTED WORKLOADS
Description of the firm’s recent, current, and projected workloads that may affect
the firm’s ability to manage the project and meet the time and budget requirements
of the SAPSD.
F. REFERENCES
Include the name of a responsible individual, address, phone number/fax number
and email of three (3) client references for most similar projects in the last three
years. DO NOT USE CURRENT SAPSD STAFF AS REFERENCES. (5 points)
G. COST PROPOSAL
Proposals should include all costs associated with providing the services
described in the Project and Scope of Work. Proposals may include a
compensation approach that includes the hourly rate for each individual who
would be assigned to SAPSD for services performed or a cost by category for all
major activities as related to the issuance of bonds and other financial advisory
services. Your firm’s standard method of compensation, which may include
minimum hourly rates for assigned personnel, should also be proposed. Cost
proposals should be included in a separate, sealed envelope marked “Dollar
Cost Proposal”. Cost proposals should specify which fees are proposed on a
“not-to-exceed” basis, describe any conditions attached to the fee proposal and
explicitly state which costs are included in the fee proposal versus those that are
to be reimbursed. In no case should any MSRB fees imposed upon the advisor
be passed on to SAPSD. All cost as presented in the proposals must be valid for
a period of 120 days from the date of the RFP.
H. ADDITIONAL REQUIREMENT
Explain GFOA’s Best Practices related to selling bonds. The firm or individual
must be registered with the SEC and MSRB and provide a statement to that effect
as part of the proposal.
Include copy of Certificate of Insurance for consultant. Proposer’s Certification
must be signed and provided utilizing the attached form (Attachment A). Statement
of Prior SAPSD Experience must be provided utilizing the attached form
(Attachment B).
➢ SECTION IV: SUBMITTAL
Each firm or individual shall submit three (3) copies of its proposal and an
electronic copy of the same proposal. At least one submittal must have an original
signature. If only one original signature is submitted, please mark on the outside
Page 7 of 14
of the submittal which is the original. Submittals shall not exceed 25 pages.
Three (3) sets of the proposal and an electronic copy shall be submitted in a
SEALED envelope, clearly marked on the outside as follows:
SAPSD-1702-RFP – Independent Registered Municipal Advisor (IRMA)
(NAME, ADDRESS, & TELEPHONE NUMBER OF PROPOSING FIRM OR
INDIVIDUAL)
The PSD will receive submittals until 5:00 P.M. on January 19, 2018. Any submittals
received after that time will not be considered.
All submittals must be delivered to:
Selection Committee C/O St. Andrews Public Service District
1775 Ashley River Road Charleston, SC 29407
➢ SECTION V: EVALUATION OF THE SUBMITTALS
Submittals will be evaluated by a Selection Committee to ascertain which
qualifications best meet the needs of the SAPSD based on criteria set forth in section
III. SAPSD reserves the right to reject any or all proposals and/or waive any minor
irregularities or qualifications that the SAPSD determines to be in the best interest of
SAPSD.
Please note that evaluation & selection of the Independent Registered Municipal
Advisor (IRMA) is intended to be completed in accordance with State of South
Carolina selection process for professional service to be based upon but not
necessarily be limited to:
● Interest
● Experience
● Understanding Approach
● Background/Location
● References
The firm or individuals found most qualified may be short-listed and asked to make
presentation(s). The SAPSD reserves the option to select in a one or two step evaluation
process or to reject any/all proposals received. This means the SAPSD may select the
Independent Registered Municipal Advisor (IRMA)(s) from written submittals (step one)
or after a second step of evaluation, which may or may not include
presentations/discussions with the Selection Committee. The SAPSD will select the firm
Page 8 of 14
or individual found to be best suited to provide the needed services at its discretion. If a
second step process is adopted, evaluation scores on step one will not count toward the
final selection determination.
A. SECTION VI: MISCELLANEOUS Questions/Requests for Clarification/Addenda:
In order to ensure consistent and correct information, prospective firms or
individuals shall submit all questions and requests for clarification in writing to
SAPSD Selection Committee, Attention: Christie Holderness, via email at
[email protected]. Telephone inquiries will not be accepted. If
information requested is deemed beyond common knowledge, a written
addendum will be issued. It will be the responsibility of the company to ascertain if
any addenda have been issued, to obtain all such addenda, and then acknowledge
receipt of the addenda. The SAPSD will not respond to questions submitted less
than five (5) business days prior to the proposal due date. Deadline for submitting
questions is 5:00 P.M. on January 12, 2018.
B. Modifications: The SAPSD reserves the right to modify, alter or change the
scope, size or other aspects of this project.
C. Level Playing Field: The contents of this Request for Proposal are intended to
provide a level playing field on which firms or individuals may base their responses.
D. Public Entity Crime Affidavit: As required by the State of South Carolina, a person
or affiliate who has been placed on the convicted vendor list following a conviction
for a Public Entity Crime may not submit a bid on a contract to provide any goods
or services to a Public Entity, may not submit a bid on a contract with a Public
Entity for the construction or repair of a public building or a public work, may not
submit bids on leases of real property to a Public Entity, may not be awarded or
perform work as a contractor, supplier, subcontractor, or consultant under a
contract with any Public Entity, and may not transact business with any Public
Entity for a period of 36 months from the date of being placed on the convicted
vendor list. Any person must notify the SAPSD within 30 days after a conviction of
a Public Entity crime applicable to that person or to an affiliate of that person. In
addition, notification must be made of any violations of federal, state or local
regulations/laws within the past 3 years and any pending or current litigation.
E. Contract: The selected firm or individual shall be expected to execute a contract
negotiated in accordance with SAPSD Policies and Procedures. This agreement
may be terminated by the SAPSD for its convenience upon thirty (30) days prior
Page 9 of 14
written notice to the Consultant.
F. Insurance:
The firm or individual shall provide evidence of errors and omissions coverage, to
include the level of coverage, as well as any fiduciary or professional liability
insurance the firm/individual carries. Please provide a list of insurance carrier(s)
supplying the coverage.
(i) All policies of insurance shall be endorsed and contain the following
provisions: (1) name the SAPSD, its officers, and employees as additional
insureds as to all applicable coverage with the exception of Workers
Compensation Insurance and Professional Liability; and (2) provide for at
least thirty (30) days prior written notice to the SAPSD for cancellation of
the insurance; (3) provide for a waiver of subrogation against the SAPSD
for injuries, including death, property damage, or any other loss to the extent
the same is covered by the proceeds of insurance, except for Professional
Liability Insurance. The Professional shall provide written notice to the
SAPSD of any material change of or to the insurance required herein.
(ii) All insurance companies providing the required insurance shall be
authorized to transact business in South Carolina and rated at least “A” by
AM Best or other equivalent rating service.
(iii) A certificate of insurance and copies of the policy endorsements evidencing
the required insurance shall be submitted prior to commencement of
services and upon request by the SAPSD. The insurance coverage shall
remain during the term hereof in full force and effect. All contracting firms
and/or individuals shall be fully and completely responsible to pay the
deductible.
Page 10 of 14
INDEMNIFICATION
SAPSD SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGE, OR INJURY OF ANY
KIND OR CHARACTER TO ANY PERSON OR PROPERTY ARISING FROM THE
SERVICES OF THE PROFESSIONAL PURSUANT TO THIS AGREEMENT.
PROFESSIONAL HEREBY WAIVES ALL CLAIMS AGAINST SAPSD, ITS OFFICERS,
AGENTS AND EMPLOYEES (COLLECTIVELY REFERRED TO IN THIS SECTION AS
“SAPSD”) FOR DAMAGE TO ANY PROPERTY OR INJURY TO, OR DEATH OF, ANY
PERSON TO THE EXTENT ARISING AT ANY TIME AND FROM ANY CAUSE OTHER
THAN THE NEGLIGENCE OR WILLFUL MISCONDUCT OF SAPSD OR BREACH OF
SAPSD’S OBLIGATIONS HEREUNDER. PROFESSIONAL AGREES TO INDEMNIFY,
DEFEND, AND SAVE HARMLESS SAPSD FROM AND AGAINST LIABILITIES,
DAMAGES, CLAIMS, SUITS, COSTS (INCLUDING COURT COSTS, REASONABLE
ATTORNEYS’ FEES AND COSTS OF INVESTIGATION) AND ACTIONS OF ANY KIND
BY REASON OF INJURY TO OR DEATH OF ANY PERSON OR DAMAGE TO OR LOSS
OF PROPERTY TO THE EXTENT CAUSED BY THE PROFESSIONAL’S NEGLIGENT
PERFORMANCE OF SERVICES UNDER THIS AGREEMENT OR BY REASON OF ANY
NEGLIGENT ACT OR OMISSION ON THE PART OF PROFESSIONAL, ITS OFFICERS,
DIRECTORS, SERVANTS, EMPLOYEES, REPRESENTATIVES, CONSULTANTS,
LICENSEES, SUCCESSORS OR PERMITTED ASSIGNS (EXCEPT WHEN SUCH
LIABILITY, CLAIMS, SUITS, COSTS, INJURIES, DEATHS OR DAMAGES ARISE
FROM OR ARE ATTRIBUTED TO NEGLIGENCE OF THE SAPSD, IN WHOLE OR IN
PART, IN WHICH CASE PROFESSIONAL SHALL INDEMNIFY SAPSD ONLY TO THE
EXTENT OR PROPORTION OF NEGLIGENCE ATTRIBUTED TO PROFESSIONAL AS
DETERMINED BY A COURT OR OTHER FORUM OF COMPETENT JURISDICTION).
THE PROFESSIONAL’S OBLIGATIONS UNDER THIS SECTION SHALL NOT BE
LIMITED TO THE LIMITS OF COVERAGE OF INSURANCE MAINTAINED OR
REQUIRED TO BE MAINTAINED BY PROFESSIONAL UNDER THIS AGREEMENT.
THIS PROVISION SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT.
G. Limitations: This request does not commit the SAPSD to the award of a contract or to
pay any costs incurred in the preparation for a response to this request. There is no
obligation on the part of the SAPSD to select and award any submitting response or to
any firm or individual submitting a response. No work is guaranteed under this RFP. A
professional services agreement will be negotiated with the selected firm or individual
which will not guarantee any work either.
H. South Carolina Statutes: All offerors are advised that under Open Records Act/South
Page 11 of 14
Carolina Public Information Act, all responses are deemed a public record and open to
public scrutiny as provided for in said statute.
I. Annual Appropriations: The SAPSD’s performance and obligation to pay under a
contractual agreement is contingent upon annual appropriation of funds.
J. Conflict of Interest: All vendors must disclose in their RFP, the name of any officer,
director or agent who is also an employee of SAPSD, or any of its agencies. All vendors
must disclose the name of any SAPSD employee who owns, directly or indirectly, an
interest of ten (10%) or more or $15,000 of the firm’s market value in the vendor’s firm or
any of its subs/branches. SAPSD reserves the unqualified right to disqualify any firm
and/or individual or cancel any contract for any potential conflict of interest issues raised
initially and/or during the life of this contract.
K. Financial Ability: The selected vendor may be required to demonstrate financial stability
as evaluated at the sole discretion of the SAPSD.
L. Evaluation of Submittal Criteria: Points are selected and evaluated at the discretion of
the Selection Committee in accordance with the evaluation criteria outlined in Section III
of these specifications. Recommendations are submitted to SAPSD Commission for final
approval.
M. Utilization of Contract by Other Entities: If mutually agreeable to the Vendor, other
governmental entities may wish to utilize a “piggyback” to this agreement subject to the
rules and regulations of that governmental entity. The SAPSD accepts no responsibility
for other agreements entered into utilizing this method.
Page 12 of 14
Attachment A
PROPOSER’S CERTIFICATION
I have carefully examined this Request for Proposal (RFP) which includes scope, requirements
for submission, general information and the evaluation and award process.
I acknowledge receipt of the following addenda, and the cost, if any, of such revisions
has been included in the price of the proposal.
Addendum# Date: Addendum# Date: Addendum# Date: Addendum# Date: Addendum# Date: Addendum# Date: Addendum# Date: Addendum# Date: I hereby propose to provide the services requested in this proposal. I agree that the SAPSD terms and conditions herein shall take precedence over any conflicting terms and conditions submitted with the proposal and agree to abide by all conditions of this document. I certify that all information contained in the proposal is truthful to the best of my knowledge and belief. I further certify that I am duly authorized to submit this proposal on behalf of ______________________________________ (Name of Business) as its agent and that ______________________________________ (Name of Business) is ready, willing and able to perform if awarded a contract. I further certify, under oath, that this proposal is made without prior understanding, agreement, connection, discussion, or collusion with any other person, company or corporation submitting a proposal for the same product or service; no officer, employee or agent of the SAPSD or of any other company who is interested in said proposal; and that the undersigned executed this Proposer’s Certification with full knowledge and understanding of the matters therein contained and was duly authorized to do so.
NAME OF BUSINESS MAILING ADDRESS
AUTHORIZED SIGNATURE CITY, STATE & ZIP CODE
NAME, TITLE, TYPED TELEPHONE NUMBER/FAX NUMBER
E-MAIL ADDRESS
Page 13 of 14
State of _____________________ County of _______________
This foregoing instrument was acknowledged before me this _________ day of ____________,
2018, by __________________________ who is personally known to me or produced
_______________ as identification.
Signature of Notary
Expiration Date: ______________
Attachment B
Page 14 of 14
VOLUME OF WORK CERTIFICATION
Volume of previous work summary to be filled out and returned with RFP by all
Independent Registered Municipal Advisor (IRMA)s for the last five years preceding the
issuance date of the RFP. Information is subject to verification by the SAPSD.
Consultant shall complete and submit this form as part of submittal:
Volume of Work Previously Awarded/ Directly Contracted with St. Andrews PSD
$0 to $50,000
$50,001 to $150,000
$150,001 to $300,000
$300,001 to $500,000
$500,001 +
Consultant Name: