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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 cholderness@standrewspsd.org. 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

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Proposed Schedule

❖ January 1, 2018 RFP issued

❖ January 12, 2018

➢ All inquiries related to the RFP must be submitted via email to cholderness@standrewspsd.org 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

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➢ 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.

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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,

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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)

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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

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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

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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

cholderness@standrewspsd.org. 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

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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.

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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

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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.

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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

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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

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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: