Park Hill School District reserves the right to reject any or all proposals and to waive informalities or irregularities in any proposal.

Transcription

1 REQUEST FOR PROPOSAL Park Hill School District 7703 NW Barry Road Kansas City, MO Independent Financial Advisor District Bond Issues & Debt Detailed Proposal Information is available on District Website Bid Closing Date: Friday, January 9, 2015 Bid Closing Time: 1:00 p.m. CST Park Hill School District reserves the right to reject any or all proposals and to waive informalities or irregularities in any proposal. 1 of 12

2 PARK HILL SCHOOL DISTRICT Request for Proposal Independent Financial Advisor District Bond Issues & Debt To Receive A Copy of this RFP: Contact: Mary Carrier Title: Accounting Coordinator Phone #: (816) carrierm@parkhill.k12.mo.us RETURN PROPOSAL NO LATER THAN: Friday, January 9, 2015 at 1:00 p.m., CST RETURN PROPOSAL AND ANY ADDENDA TO: Park Hill School District ATTN: Mary Carrier, Accounting Coordinator 7703 NW Barry Road Kansas City, MO The Proposer hereby declares understanding, agreement and certification of compliance to provide the items and/or services, at the prices quoted, in accordance with all terms and conditions, requirements and specifications of the original Request for Proposal (RFP) and as modified by any addenda thereto. All proposals must be complete and properly executed by the Financial Advisor and received by the date and time noted above to be considered. 2 of 12

3 DISTRICT BACKGROUND The Park Hill School District (hereinafter referred to as the District ) has determined that a Financial Advisor is needed to monitor the proper time to call, refinance, or refund outstanding bonds, and to serve as Financial Advisor for any new issue bonds that may be appropriate during the next three to five years. This document is a formal Request for Proposal (RFP) soliciting fee proposals for a Financial Advisor. This proposal will be for a minimum of three (3) years with the option for a yearly extension up to two additional years. Park Hill School District serves approximately 10,700 students in K-12, 400 students in Pre-K and employs 1,376 full time, 195 part-time, and 300 substitute staff members. The District s revenue budget for the school year is in excess of $144.5 million. The District has two high schools, three middle schools, ten elementary schools, a day treatment school, and an Early Education Center. GENERAL INFORMATION A. The District reserves the right to reject any or all proposals and to waive informalities or irregularities in any proposal. In consideration for the District s review and evaluation of its proposal, the Financial Advisor waives and releases any claims against the District arising from any rejection of any or all proposals, including any claim for costs incurred by the Financial Advisor in preparation and presentation of proposals submitted in response to this RFP. In addition, the Financial Advisor waives the costs of providing additional information as requested. B. All proposals and Financial Advisor conduct shall be in accordance with all applicable local, state and federal laws and regulations. C. It is expected that all products and services being proposed in the RFP are under the direct ownership and/or supervision of the Financial Advisor submitting a proposal. The Financial Advisor agrees not to assign or sublet any or all of the contract unless it has written permission from the District. If accepted, the Financial Advisor assumes all responsibility for the secondary Financial Advisor and all Financial Advisors will agree to comply with the District RFP requirements. D. Proposals are not to include sales tax. E. The District accepts no responsibility for any error in the Financial Advisor s responses. The Financial Advisor are liable for all errors or omissions contained in their responses. F. At any time before the time and date set for submittal of proposals, a Financial Advisor may submit a modification of a proposal previously submitted in the same form and manner as the original proposal. G. Proposals may be withdrawn by written notice, which must be received prior to the exact hour and date specified for the receipt of proposals. A proposal may also be withdrawn in person by the Financial Advisor, provided their identity is made known and they sign a receipt for the proposal, but only if made prior to the hour and date specified for the receipt of proposals. H. The District reserves the right to cancel or reissue the RFP at any time, or extend the date and time for submitting proposals. I. Proposals, modifications and withdrawals of proposals received after the exact hour and date specified will not be considered. Late proposals, modification and withdrawals will be returned 3 of 12

4 unopened. J. The District shall assume no responsibility for delay in the U.S. Postal Service or any other mail services resulting in a proposal arriving late. The Financial Advisor is responsible to ensure their proposal has been received and signed for in accordance with the exact hour and date. K. Properly received proposals will be opened and reviewed after the closing date and time. A final proposal tabulation will be available after the Board of Education has awarded the contract. All proposals submitted become the property of the District and are a matter of public record after the Board of Education has awarded the contract. L. Park Hill School District reserves the right to make an award without further discussion of the response(s) submitted. M. Park Hill School District has the right to waive any informality or irregularity in any proposal(s) received and to accept the proposal(s) which, in its judgment, is in the best interest of the District. They may choose to not award any contract after the process of the RFP. If an award of contract is made, the District and the Financial Advisor will sign a Notice to Proceed with mutual terms, conditions and specifications agreed upon. N. By submitting a proposal, the Financial Advisor certifies they have not, either directly or indirectly, entered into any agreement, participated in any collusion or otherwise taken any action in restraint of the free competitive process. If the District determines that collusion has occurred, none of the proposals for the participating Financial Advisors will be considered. O. The District s determination will be final. A tentative presentation date for approval to the Park Hill School District Board of Education s recommendation is at the February 12, 2015 Board Meeting. The District and the awarded Financial Advisor will work out a detailed project schedule that is mutually agreed upon and ultimately approved by the District. P. The selected Financial Advisor is expected to enter into a contract with the District based upon the Financial Advisor s response to this RFP and the terms and conditions of the RFP. Failure to complete contract negotiations will result in disqualification. A contract shall be signed and valid before any monies, products or services are exchanged. In the event of a disqualification the next Financial Advisor in succession will be given an opportunity at contract negotiations. Q. The District may conduct investigations, as it deems necessary, to assist in the evaluation of any proposal. This will be to establish the qualification, financial stability and the ability for the Financial Advisor to comply with their stated proposal. R. By submitting a RFP, the Financial Advisor ensures that no gratuities were offered or given to any person, officer or agent of the District regarding this RFP. S. The Financial Advisor will note any and all relationships that might be a conflict of interest and shall include such information with their proposal submitted. T. All factors will be considered in evaluating each RFP including, but not limited to; price, references in the school industry, past performance, prior experience or history with the District, the degree in which all RFP requirements are met or exceed the requirements and other reasonable criteria. U. The Park Hill School District shall have the right to terminate its contract should the firm fail to fulfill, in a timely and proper manner, the obligations agreed to by the firm. A written notice will be given of termination by the District. In this event, the firm shall be entitled to just and equitable compensation for any satisfactory work completed. 4 of 12

5 SCOPE OF WORK OF A FINANCIAL ADVISOR The services required of the financial advisor will include, but not limited to the following: A. Review and analyze all outstanding bond issues. This should be done, at a minimum, on a quarterly basis. The analysis should be summarized in a detailed report and should indicate if it is financially beneficial to refund, refinance, call, repurchase, or otherwise alter the repayment schedule of all or any part of any outstanding issue. Reports should be formatted in both calendar and fiscal years. B. In the event that the District decides to refund, refinance, call, repurchase, or otherwise materially affect the outstanding issues, the Financial Advisor will be required to advise the District on the various structures and or methods available to achieve its goals and the financial impact. This would include, but not be limited to, the following: Preparation of recommended maturity schedules and debt service projections that are cost effective and beneficial to the District. Advise and assist the District in evaluating the cost effectiveness of credit enhancement. Assist the District in obtaining the best possible credit rating from the various rating agencies, including attendance at any presentation to such agencies. Function as receiver and evaluator of all underwriting bids to determine the best bid, including verification of interest rates and other pertinent data. The Financial Advisor will be responsible for coordinating and supervising the work of all parties involved in the restructuring to ensure accuracy and that the events are completed in a timely manner. C. The Financial Advisor will attend all meetings required by the District. D. The Financial Advisor will work jointly with bond counsel and underwriters to prepare, print and distribute any necessary documents. The approximate cost of printing and distributing such documents must be included as part of the proposal. E. The Financial Advisor will communicate all relevant current developments, including among others, innovative financing techniques, market trends, federal influences on the debt market, and court rulings impacting debt management practices. This includes any SEC rulings and material events that may impact the school district. 5 of 12

6 PREPARATION AND SUBMITTAL OF PROPOSAL A. Please return the proposal, together with a cashier s check in the amount of $2,500, payable to the Park Hill School District, in a sealed envelope marked FINANCIAL ADVISOR RFP in the lower left hand corner of the envelope. Each cashier s check will be returned after the Financial Advisor approval by the Board of Education. Three (3) copies of the RFP must be submitted and must include all information requested in this RFP. The bid must be signed in the name of the bidder and must bear the signature in longhand of the person or persons duly authorized to sign the bid. The name, address, and telephone number of the point of contact must be clearly identified. The street address of the Financial Advisor s principal business address must be included. B. Proposals must be mailed or hand carried to Mary Carrier, Accounting Coordinator, Park Hill School District, 7703 NW Barry Road, Kansas City, Missouri All proposal are due no later than Friday, January 9, 2015 at 1:00 p.m. CST. No other form of RFP (oral, telephonic, fax or electronic) will be considered. C. By submitting a proposal, the Financial Advisor understands the RFP requirements and their proposal is made in accordance. Park Hill School District in no case is responsible for loss of unanticipated costs that may be suffered by the Financial Advisor as a result of not understanding the conditions pertaining to the RFP and contract. D. Any Financial Advisor submitting a proposal, who is in doubt as to the true meaning of any part of the proposal documents, or finds discrepancies in or omissions from the proposal documents, shall submit to Mary Carrier, Accounting Coordinator, a written request via for interpretation or correction thereof. Such request shall be submitted and received by the District no later than Monday, January 5, 2015 at 5:00 p.m. CST to carrierm@parkhill.k12.mo.us. Any interpretation or correction of the proposal documents will be made in an addendum to all Financial Advisors. E. The RFP must include the following signed documents: the Federal Work Authorization Program ( E-VERIFY ) Addendum, Attachment A, Price Proposal Form, W-9. 6 of 12

7 REQUIRED COMPONENTS OF THE RFP A. The proposal should accurately state the services to be provided by the Financial Advisor. It may restate the services described in this RFP, modify the services described in this RFP, and/or add to the services described in this RFP based on experience and judgment of the Financial Advisor. The services described should be for the initial three (3) years. The proposal should contain information for a yearly extension up to two additional years. B. The proposal should accurately state all qualifications for providing the required services and any experiences relevant to the required services. Please address the following areas in the same order as below, with corresponding labels/headers matching the following outline: I. Overall Experience. Overall experience in serving as a Financial Advisor II. Engagement. Identify the engagement in connection with tax-exempt financing and advisory services rendered by your firm since January 1, III. Special Elements. Cite your experience with regard to special elements of taxexempt financings, including optional early redemption provisions (i.e., call provisions), arbitrage considerations, bond refunding, and forward contracts. IV. Profile. The proposal should identify the individuals within your firm who would be responsible for this engagement, include job title and describe the qualifications and relevant experience of each person named. In addition, present an overview of your firm s support/advisory resources, if any, related to public financing in such areas as debt structure, bond refinancing and refunding, and alternative financial strategies. Include the individual who would actively work with the Park Hill School District s account. Provide any additional information about the project team. V. Fees. The proposal can be based on an hourly rate, fixed fee or contingency basis, with a contingency basis being preferred by the District. i. If an hourly rate is proposed, please indicate your total estimate hours for this project. ii. If a fixed fee is proposed, please indicate an hourly rate for additional services, if required. VI. Expenses. The proposal should address any out-of pocket expenses to be reimbursed by the District. VII. References. The proposal should include a minimum of three (3) references in the field of public finance for whom services similar to those described in the RFP have been performed. All references must be current two years or less. References should include the name of the client; the contact names and phone numbers, the nature of the representation and the dates and duration of representation. Include the approximate number and size of general obligation bond issues, general obligation refunding issues, certificates of participation issues and variable rate debt issues, and other issues which the Financial Advisor has 7 of 12

8 participated with these references. VIII. IX. The District reserves the right to contact additional references, which are known to the District but may not have been provided in the proposal. History. The Financial Advisor should provide no more than 15 bond issues that best demonstrate the Financial Advisor s capabilities to perform the services required under the Contract and provide the following information in tabular form (an Information Chart ). On the chart list type of issue (e.g. general obligation bonds; certificates of participation and variable rate debt programs such as commercial paper and auction rate securities.) Name of Issuer Date of Issuer Size of Issuer Private placement versus public issue Exceptional results provided by use of Financial Advisor Optimal Pricing. The Financial Advisor should provide a description of their approach to provide optimal pricing to the District. Discuss in general terms your firm s approach to competitive financing, and the methodology you use to assure optimal pricing for your clients. Discuss in general terms your firm s approach to negotiated financing, and the methodology you use to assure optimal pricing for your clients. X. Conflict of Interest. The Financial Advisor will disclose any professional or personal financial interest, which could be a possible conflict of interest in representing the District. XI. Sample Reports. Provide sample reports that will be submitted to the school district on a quarterly basis outlining debt structure and any analysis that would alter repayment schedule or be beneficial to the District. C. To maintain its independence, the selected Financial Advisor shall be in agreement to be excluded from acting as an underwriter or placement agent on any financing arranged under this scope of services whether through the issuance of securities or as commercial loans with banks or other financial institutions. 8 of 12

9 PRICE PROPOSAL FORM (The following must be included in the sealed envelope) Year 1 Year 2 Year 3 Year 4 Year 5 Consulting Services: Hourly Rate: Annual Rate: $ $ Monitoring Outstanding Debt Annual Rate: $ Refunding or new money issues your traditional pricing structure (per project) $ Pricing for Issuance of New Debt (per project) $ Other (indicate hourly, annual or other pricing structure) $ Provide examples of out of pocket reimbursable items that are typically charged to your clients: By: (Signature) Print Name and Title: For and on behalf of: (Financial Advisor Name) 9 of 12

10 (The following must be included in the sealed envelope) FEDERAL WORK AUTHORIZATION PROGRAM ( E-VERIFY ) ADDENDUM Pursuant to Missouri Revised Statute , all business entities awarded any contract in excess of five thousand dollars ($5,000) with a Missouri public school district must, as a condition to the award of any such contract, be enrolled and participate in a federal work authorization program with respect to the employees working in connection with the contracted services being provided, or to be provided, to the District (to the extent allowed by E-Verify). In addition, the business entity must affirm the same through sworn affidavit and provision of documentation. In addition, the business entity must sign an affidavit that it does not knowingly employ any person who is an unauthorized alien in connection with the services being provided, or to be provided, to the District. Accordingly, your company: a) Agrees to have an authorized person execute the attached Federal Work Authorization Program Affidavit and deliver the same to the District prior to or contemporaneously with the execution of its contract with the District; b) Affirms it is enrolled in the E-Verify (formerly known as Basic Pilot ) work authorization program of the United States, and are participating in E-Verify with respect to your employees working in connection with the services being provided (to the extent allowed by E-Verify), or to be provided, by your company to the District; c) Affirms that it is not knowingly employing any person who is an unauthorized alien in connection with the services being provided, or to be provided, by your company to the District; d) Affirms you will notify the District if you cease participation in E-Verify, or if there is any action, claim or complaint made against you alleging any violation of Missouri Revised Statute , or any regulations issued thereto; e) Agrees to provide documentation of your participation in E-Verify to the District prior to or contemporaneously with the execution of its contract with the District (or at any time thereafter upon request by the District), by providing to the District an E-Verify screen print-out (or equivalent documentation) confirming your participation in E-Verify; f) Agrees to comply with any state or federal regulations or rules that may be issued subsequent to this addendum that relate to Missouri Revised Statute ; and g) Agrees that any failure by your company to abide by the requirements a) through f) above will be considered a material breach of your contract with the District. By: (signature) Printed Name and Title: For and on behalf of: (company name) 10 of 12

11 (The following must be included in the sealed envelope) FEDERAL WORK AUTHORIZATION PROGRAM AFFIDAVIT I,, being of legal age and having been duly sworn upon my oath, state the following facts are true: 1. I am more than twenty-one years of age; and have first-hand knowledge of the matters set forth herein. 2. I am employed by (hereinafter Company ) and have authority to issue this affidavit on its behalf. 3. Company is enrolled in and participating in the United States E-Verify (formerly known as Basic Pilot ) federal work authorization program with respect to Company s employees working in connection with the services Company is providing to, or will provide to, the District, to the extent allowed by E-Verify. 4. Company does not knowingly employ any person who is an unauthorized alien in connection with the Services Company is providing to, or will provide to, the District. FURTHER AFFIANT SAYETH NOT. By: (individual signature) For (company name) Title: Subscribed and sworn to before me on this day of, 201. My commission expires: NOTARY PUBLIC 11 of 12

12 (The following must be included in the sealed envelope) 12 of 12