FLORIDA MUNICIPAL POWER AGENCY REQUEST FOR PROPOSALS (RFP) FOR INVESTMENT PRACTICE REVIEW AND ADVISORY SERVICES

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1 REQUEST FOR PROPOSALS (This is not an order) Date Issued: August 10, 2016 PROPOSALS MUST BE ED BY 5:00 P.M. ON AUGUST 31, 2016 TO: Copies also to: The attached invitation shall become part of any purchase order or contract resulting from this Request for Proposal. DESCRIPTION FLORIDA MUNICIPAL POWER AGENCY REQUEST FOR PROPOSALS (RFP) FOR INVESTMENT PRACTICE REVIEW AND ADVISORY SERVICES See attached Request for Proposal, General Conditions, Specifications, and Proposal Forms for detailed description. It is the intent and purpose of FMPA that this Request for Proposal promotes competitive bidding. It shall be the proposer's responsibility to advise if any language, requirements, etc. or any combination thereof, inadvertently restricts or limits the requirements stated in this Request for Proposal to a single source. Such notification must be submitted in writing and must be received by FMPA not later than ten (10) days prior to the proposal due date. RFP No

2 TABLE OF CONTENTS Section I A. Introduction...1 B. Objectives...1 C. RFP Schedule...1 D. Minimum Qualifications to Propose...1 E. Selection Criteria...2 F. Length of Contract...2 G. Terms and Conditions...2 H. Right of Rejection: Invitation Only...3 I. Proprietary Confidential Business Information...3 J. Public Entity Crimes Statement...4 K. Drug-Free Workplace Statement...4 Section II L. Scope of Investment Practice Review and Advisory Services...5 Section III M. Proposal Instructions...6 Attachments Response to Proposal...A Drug-Free Workplace Compliance Form...B Statement of No Proposal...C

3 SECTION I RFP No A. INTRODUCTION Florida Municipal Power Agency ( FMPA or the Agency ) is a governmental legal entity, organized and existing under (i) Section of the Florida Statutes (the Florida Interlocal Cooperation Act ), (ii) Chapter 361, Part II of the Florida Statutes (the Joint Powers Act ), and (iii) an interlocal agreement creating FMPA among the 31 member municipal electric utilities of FMPA (the Members ). B. OBJECTIVES The objective of this Request for Proposal ( RFP ) is to identify the firm(s) that can offer the highest quality service at the best value to the Agency. (Proposers are sometimes referred to herein as the firm(s). ) FMPA intends to select a provider for investment practice review and advisory services. C. RFP SCHEDULE 1. SCHEDULE FMPA s timetable for this RFP process is shown below. Note that the dates shown are only estimates and may be modified at any time by FMPA. RFP Available for Distribution: August 10, 2016 Public Notice of RFP: Posting on FMPA Website August 10, 2016 Electronic Proposal Due Date: August 31, 2016 at 5:00 p.m. The award to Proposer(s) will be made in October 2016 or within 7 business days after a relevant decision(s) by FMPA s Executive Committee and Board of Directors have been made. 2. STATEMENT OF NO PROPOSAL Firms who receive this RFP from FMPA, but decide not to submit a proposal, are requested to complete a Statement of No Proposal (Attachment C) and return it to FMPA by the Proposal Due Date. Failure of a firm, who has received this RFP from FMPA, to submit a proposal or submit a Statement of No Proposal may result in that firm not receiving future solicitations from FMPA. 1

4 D. MINIMUM QUALIFICATIONS TO PROPOSE 10 years of relevant experience. Portfolio management, investment advisor experience, investment activity management or the auditing of investment practices are examples of relevant investment practice experience. All Proposers must provide a listing of five (5) other local government, municipal utility accounts or similar entities served by the firm, indicating contact person(s) at the governmental units. All Proposers must list any and all instances within the last 24 months in which your firm has resigned, been asked to resign, or been dismissed in the capacity as an investment advisor. Please provide the name and telephone number of the client contact for each individual occurrence. All proposals are encouraged to include the information required in this RFP, including the specific information provided for in Attachment A as not doing so may negatively impact your firm s consideration. E. SELECTION CRITERIA FMPA will award investment practice review services to the Proposer(s) that demonstrate the ability to provide the highest quality of service at the best value to our organization. The criteria for selection shall include, but not be limited to the following: Ability to meet the requirements of the proposal. Quality, quantity and relevance of the Proposer s experience and resources. Charges for services provided. Ability to provide services efficiently and effectively. References from other local government, municipal utility or similar entities. F. LENGTH OF CONTRACT The scope of desired services is varied and each deliverable may not be offered by each proposing Firm. Depending on which services are being offered, the length of the contract will vary, with any contract period not exceeding five years. Any existing service providers that meet the qualification set out herein are not excluded from submitting proposals. At the end of any contract term, the incumbent provider can be included in the new competitive selection process. The selected Firm may perform the services requested on a negotiated fee basis. Prices, terms and conditions shall remain firm throughout this contract period unless modified or canceled in accordance with provisions of this RFP. Either party may, upon 60-days written notice, terminate the contract for any reason. 2

5 G. TERMS AND CONDITIONS FMPA may waive any irregularities or non-conformities and select the best proposal(s) in the opinion of FMPA. FMPA will not be liable for any costs incurred in the preparation of any proposals. Failure to observe any of the instructions or conditions in this Request for Proposals may constitute grounds for rejection. In the event that the Proposer to whom the contract is awarded does not execute a contract within thirty (30) calendar days of the award, FMPA may award the contract to the next most qualified Proposer or request new proposals as determined by the Executive Committee and the Board of Directors. By submitting a proposal, the Proposer certifies that he/she has fully read and understands this RFP and has full knowledge of the scope, nature, quantity and quality of work to be performed, the detail requirements of the services to be provided and the conditions under which the services are to be performed. H. RIGHT OF REJECTION: INVITATION ONLY This RFP is not an offer establishing any contractual rights. This RFP is solely an invitation to submit proposals. FMPA reserves the right to: Reject any and all proposals received in response to this RFP. Waive any requirement in this RFP. Not disclose the reason for rejecting a proposal. Not select the proposal with the lowest price. Seek and reflect clarifications to proposals. I. PROPRIETARY CONFIDENTAL BUSINESS INFORMATION All replies and proposals are the property of FMPA. Pursuant to Section (1)(b)2., Florida Statutes, all proposals and replies submitted to FMPA in response to this RFP are exempt from the compulsory disclosure requirements of Section (1), Florida Statutes and Section 24(a), Article I of the Florida Constitution until such time as FMPA provides notice of an intended decision or until 30 days after opening the proposals or 3

6 final replies, whichever is earlier. Each page of a proposal or reply that contains proprietary confidential business information must be labeled clearly PROPRIETARY CONFIDENTIAL BUSINESS INFORMATION at the top of the page. If FMPA receives a public records request or other demand or request for any information labeled PROPRIETARY CONFIDENTIAL BUSINESS INFORMATION, FMPA shall promptly give written notice of the same to the Proposer by . If the Proposer desires to attempt to maintain the confidentiality of such information, it shall have the duty and obligation to defend against the disclosure or release of information designated as PROPRIETARY CONFIDENTIAL BUSINESS INFORMATION. Upon giving such notice to the Proposer, FMPA shall, within the limitations of applicable law, make a reasonable effort to cooperate with the Proposer in its efforts to maintain the confidentiality of such information. If FMPA is compelled by law, and/or any lawful order, opinion, or declaration of any tribunal or governmental entity having proper jurisdiction to enter such an order, opinion, or declaration, or FMPA independently decides that it has a legal obligation, to disclose any information designated by the proposer as PROPRIETARY CONFIDENTIAL BUSINESS INFORMATION, then FMPA shall disclosure such Proposer information to the extent required by such order, opinion, or declaration, or as FMPA independently determines is required. By submitting a proposal, each Proposer waives all rights against FMPA for any disclosure of PROPRIETARY CONFIDENTIAL BUSINESS INFORMATION. FMPA reserves the right to disclose any or all information contained in proposals to its consultants, representatives, agents, or employees, including, but not limited to, its lawyers, auditors, and other external advisors, when FMPA deems such disclosure necessary or appropriate for such persons or entities to perform the functions for which they were retained, hired, or employed. J. PUBLIC ENTITY CRIMES STATEMENT Pursuant to Section (2)(a), Florida Statutes, all proposers should be aware of the following: 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 or 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 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 in excess of the threshold amount provided in Section , for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list. By submitting a proposal to FMPA and signing the proposal documents, all proposers certify that they have read the previous statement and are qualified to submit a bid under Section (2)(a), Florida Statutes. K. DRUG FREE WORKPLACE 4

7 A Drug-Free Workplace Statement should be completed, signed, and returned to FMPA prior to award of proposal. This form (attached to this RFP as Attachment B) will be used whenever two or more proposals that are identical with respect to price, quality, delivery, and service are received; a proposal received from a business that certifies that it has implemented a drug-free workplace program shall be given preference in the award process. SECTION II L. SCOPE OF INVESTMENT PRACTICE REVIEW AND ADVISORY SERVICES Due to the breadth of the following scope of services, FMPA understands that Firms may not be positioned to do all of the following items. For example, a Firm may only be qualified to provide ongoing investing advice. Likewise, a Firm may not be qualified to do, or desire to do compliance testing, for example. FMPA therefore asks that each Firm that responds specifically identify the scope and associated pricing for separately. It is absolutely not required to respond to all work scope items. 1. INVESTMENT PORTFOLIO / INVESTMENT PERFORMANCE BENCHMARKING Firm shall benchmark investment portfolio performance for the last four quarters of the year for each project. Firm may recommend the use of benchmarks that the Agency is not currently using. FMPA has the following Projects: 1. All Requirements Power Supply Project 2. St. Lucie Project 1 3. Stanton Project 4. Stanton II Project 5. Tri-City Project FMPA currently has $543,000,000 par value of investments to manage in approximately sixty different accounts. The agency holds funds for investment in these accounts for short, medium and long term investment. 1 The St. Lucie Project has a Forward Delivery Agreement (Decommissioning Fund) and a Forward Sale Agreement (Forward Sale Account). These agreements require the project to make certain investment purchases at predetermined dates in exchange for the delivery of investments to yield fixed rates of interest. 5

8 2. COMPLIANCE TESTING The Firm will test compliance of our investments with the Bond Resolution and the Investment Policy for each Project. (These documents will be attached to this RFP) 3. ONGOING ADVICE The Firm will be available for advice on any matter related hereto, including investment choices. Maximum initial contract period is 5 years. 4. OTHER INVESTMENT PRACTICE REVIEW OBSERVATIONS The Firm will make observations and recommendations for any changes they suggest in portfolio investments, maturities, duration, concentration, diversification, overall risk level, etc. as well as provide suggestions for changes to portfolio management strategies, investment policy and investment function practice. It is the desire of FMPA to provide the Firm with broad discretion to propose areas of FMPA s investment activities it believes would be fruitful to have reviewed for improvement opportunities. Prior to actual performance of work, FMPA and the Firm would agree on which of the proposed areas would be reviewed. 5. FEES AND EXPENSES Complete details of fees and prices for such recommended changes must be included. Also include a detailed description of any recommended technology necessary to implement recommendations and suggested changes. SECTION III M. PROPOSAL INSTRUCTIONS 1. DELIVERY OF PROPOSALS Electronic proposals will be received until 5:00 P.M. EST on August 31, 2016 ("Proposal Due Date") at the addresses provided below. Each proposer is required to submit a Proposer Information Form (included in this RFP package), other forms included in this package as appropriate, and any other information necessary to allow a complete evaluation of the proposal. The complete proposal, meeting all requirements of this RFP must be submitted by in an Adobe Acrobat (.pdf) file format. FMPA will open all proposals received on the business day after the Proposal Due Date. All proposers known to FMPA will be notified through the issue of RFP addenda of any change in the Proposal Due Date or other necessary revision to information contained in this RFP. FMPA reserves the right to reject all proposals received after the Proposal Due Date. 6

9 The proposal (in the required file format), titled RFP Investment Practice Review Services, must be received by FMPA to the following addresses: Copies also to: 2. INTERPRETATIONS AND ADDENDA All questions regarding interpretation of this RFP, technical or otherwise, must be submitted in writing to the following: Copies also to: Only written responses provided by FMPA to Proposer s questions will be considered official. A verbal response by FMPA will not be considered an official response. Written responses to questions and requests for interpretations will be provided to all Proposers. 3. BIDDER S ETHICS AND COLLUSION Collusive Bidding: Any firm that submits more than one proposal in such a manner as to make it appear that one of the proposals submitted is competitive with that of a different bidder, or any two or more firms that agree to fix their respective proposals in such a manner as to be awarded the contract shall be disqualified from further consideration of award of this contract and may be subject to applicable penalties under the law. Conflict of Interest: Any firm that knows of any FMPA official having a material direct or indirect financial interest in such bidder s financial affairs shall be required to submit a statement, along with the proposal, detailing such interest. Failure to disclose such financial interest, if known, shall result in the firm s disqualification from further consideration of award of this contract. 7

10 THIS PROPOSAL MUST BE RECEIVED AT FLORIDA MUNICIPAL POWER BY AUGUST 31, :00 p.m. TO THE ATTENTION OF: Copies also to: NAME OF FIRM: CONTACT PERSON: STREET ADDRESS: CITY/STATE/ZIP: TELEPHONE NUMBER: FAX NUMBER: ADDRESS(ES):

11 ATTACHMENT A RESPONSE TO PROPOSAL 1. Provide a description of your approach and methodology in providing services contained in Section II Scope of Investment Practice Review and Advisory Services. 2. Provide contact information in a representative list of current local government, municipal utility or similar entities with whom you have provided similar services.

12 ATTACHMENT B DRUG-FREE WORKPLACE COMPLIANCE FORM The undersigned, in accordance with Section , Florida Statutes, hereby certifies that does: (Name of business) 1. Publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace and specifying the actions that will be taken against employees for violations of such prohibition. 2. Inform employees about the dangers of drug abuse in the workplace, the business's policy of maintaining a drug-free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. 3. Give each employee engaged in providing the commodities or contractual services that are under proposal a copy of the statement specified in Subsection In the statement specified in Subsection 1, notify the employees that, as a condition of working on the commodities or contractual services that are under proposal, the employee will abide by the terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo contendere to, any violation of Chapter 1893 or of any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. 5. Impose a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is so convicted. 6. Make a good faith effort to continue to maintain a drug-free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this form complies fully with the above requirements. Authorized Signature and Title Date Printed Name and Title

13 ATTACHMENT C STATEMENT OF NO PROPOSAL Florida Municipal Power Agency 8553 Commodity Circle Orlando, FL We, the undersigned, have declined to submit a proposal on your Request for Proposal for Investment Practice Review and Advisory Services due, for the following reasons: We do not offer this service/product. Our schedule would not permit us to perform. Unable to meet specifications. Other Firm Name: By: (Authorized Person's Signature) (Print or type name and title of signer) Firm Address: Telephone Number: Toll Free Number: Fax Number: Date: