RFQ – Financing Assistance for Aquatic Recreation Center
Request - Assistance with Financing Aquatic Recreation Center
Point of Contact Information:
Overview
The City of Princeton (the "Issuer") is soliciting Statements of Qualifications solely from financial institutions or investment banking firms to select a firm to provide assistance with financing for the issuance of bonds in connection with the Issuer's Aquatic Recreation Center Project.
The bonds are being issued to fund the Issuer's Aquatic Recreation Center Project, with bonds anticipated to occur in the amount of $3,991,751.00. The Issuer invites you to submit your qualifications in accordance with the terms set forth herein.
The retained firm(s) will be subject to supervision and direction by the Issuer and other persons or entities designated by the Issuer. The successful firm(s) will agree to perform all services requested and required for the successful issuance and delivery of the Bonds with the standard of care normally given to matters of this nature.
Scope of Services
The firm will be responsible for providing the following services:
1. Assist the Issuer and/or its designated advisors in the preparation and/or review of relevant documents necessary in connection with the issuance of the Bonds.
2. Assist in the preparation of documents related to the issuance of the Bonds in accordance with current disclosure guidelines of the Municipal Securities Rulemaking Board and the Government Finance Officers Association.
3. Provide recommendations to specific language and provisions that could enhance current and future bond transactions.
4. Consult with the Issuer and/or its designated advisors on proposed and actual changes in all applicable tax laws and finance market changes that could affect the bond issue, including, but not limited to, arbitrage regulations.
5. Consult with the Issuer's officials, staff, and designated advisors; attend meetings to discuss the issuance of the Bonds, as reasonably requested.
6. Market the Bonds and provide a firm commitment loan agreement or bond purchase contract to purchase the Bonds at prevailing market interest rates.
7. Coordinate with and assist bond counsel and local counsel as to the preparation, signing, and delivery of the Bonds, as well as all other aspects of the closing.
8. Provide such additional services as may reasonably be deemed necessary or appropriate to properly complete the financing.
Proposal Submission Requirements
If you desire to have your firm considered for the provision of such services related to financing and issuance of the Bonds, please provide your response to the provided Request for Qualifications ("RFQ"). Responses are due on or before August 9th at 4:00 p.m. Only responses postdated or hand-delivered on, or before the due date will be reviewed with six (6) copies sent to:
ATTN: Samuel Lusk, Economic Development Director
Princeton City Hall
800 Bee Street
Princeton, WV 24740
PROPOSAL REQUIREMENTS
1. Provide a brief description of your firm and its capabilities. In particular, describe your firm's loan or public finance department, its position and level of importance in the firm, and your firm's commitment to this area.
2. Provide relevant background information for the actual individuals in your firm who will be assigned to provide services and their specific duties.
3. Summarize your firm and/or staff experience in similar revenue-backed transactions.
4. Describe three (3) similar transactions in which your firm has provided such financing. For each transaction listed, please provide the issuer name, issue date, par amount and a brief description of how the transaction highlights your firm's abilities to serve in the requested role(s) identified above.
5. Please describe any structuring recommendations which would enhance the transaction.
6. Provide proposed transaction cost of issuance and fees for the firm's counsel (include firm name and assigned attorney) to prepare the loan agreement or bond purchase agreement, offering document, etc.
Qualification Requirements
Selection of a firm will be based on the following criteria:
1. Experience in financing tax-exempt bonds.
2. Experience in financing West Virginia revenue bonds, specifically with issuers similar in size and credit to the Issuer.
3. Professional qualifications of the firm and the specific individuals assigned to the financing.
Additional Requirements
Each firm responding to this RFQ agrees to the following:
1. The Issuer reserves the absolute right to reject any and all qualifications, to determine who is the successful applicant for the work described in this RFQ, to waive any irregularities or informalities, if applicable, and to select the firm(s) considered the most advantageous to the Issuer.
2. The firm shall not assign any interest in any executed agreement with the Issuer and shall likewise not transfer any portion of the work to be performed under same without the prior written consent of the Issuer.
3. Proposers, their agents, and/or associates are prohibited from contacting any official or employee of the Issuer during the time this RFQ is outstanding unless such contact is directed to Samuel Lusk, Princeton's Economic Development Director, at [email address removed] regarding either technical clarification relating to this solicitation or for the attainment of publicly available information. Violation of this prohibition will result in disqualification.
4. The institution shall not require a prepayment penalty to be included in any loan documents.
5. The institution be willing to have a shared first or subsequent loan position to USDA, and the institution must be willing to sign a private-public partnership agreement with USDA and the City of Princeton (Building Commission) or equivalent document.
Document Title | Upload | Posted On |
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RFQ Document | RFQ - City of Princeton Financing Assistance | 07/19/2024 |