€¦ · Web viewPursuant to Nevada Revised Statutes (NRS) 226.110(10), the Office, upon direction of the Board, is responsible for the issuance of any obligation authorized on

Dan SchwartzState Treasurer

STATE OF NEVADAOFFICE OF THE STATE TREASURER

2018 MUNICIPAL ADVISOR SERVICES

SOLICITATIONTO SERVE AS MUNICIPAL ADVISOR

Office of the State Treasurer101 North Carson Street, Suite #4

Carson City, Nevada 89701

Release Date: July 13, 2018

Submission Deadline: August 6, 2018 @ 2:00 PM PT

(Refer to Section 4-Solicitation Timeline for the complete schedule.)

For additional information, please contact:

Authorized Contact:

State Treasurer’s OfficeJean Oliver, Management Analyst III

[email protected] (Refer to Section 20-Proposal Submission and Packaging Instructions for

complete instructions on submitting a proposal.)

July 2018 Municipal Advisor Services Solicitation

mailto:[email protected]

Firm Information Coversheet(Include this Firm Information Coversheet in Part IA-Tab II of the

Technical Proposal.)

Firm must provide all requested information in the space provided next to each numbered question.

1

Firm InformationName:Street Address:

City, State, Zip:

Website Address:2 Contact Person for Questions/Contract Negotiations

Name:Title:Street Address:

City, State, Zip

Email Address:3 Telephone Number for Contact Person

Area Code: Number: Extension:4 Facsimile Number for Contact Person

Area Code: Number: Extension:5 Name of Individual Authorized to Bind the Firm

Name: Title:

6 Signature of Individual Legally Authorized to Bind the FirmSignature: Date:

July 2018 Municipal Advisor Services Solicitation Page 2 of 52

Table of ContentsPage

1. FIRM INFORMATION COVERSHEET 2

2. OVERVIEW 5

3. GENERAL PROPOSAL CONDITIONS 6

4. AUTHORIZED CONTACT INFORMATION 9

5. SOLICITATION TIMELINE 10

6. ACRONYMS/DEFINITIONS 10

7. SCOPE OF SERVICES 12

8. QUALIFYING CRITERIA 15

9. CERTIFICATION 16

10. FIRM BACKGROUND 18

11. SUBCONTRACTOR INFORMATION 22

12. FIRM REFERENCES 23

13. SUBSTANTIVE SCORED QUESTIONS 24

14. COST INFORMATION 26


15. QUESTIONS AND ANSWERS 27

16. AMENDMENTS AND ADDENDA 28

17. EVALUATION OF PROPOSALS AND SELECTION 28

18. DEBRIEFING OF UNSUCCESSFUL RESPONDENTS 30

19. TERMS AND CONDITIONS 31

20. CONTRACT TERMS AND CONDITIONS 32

21. PROPOSAL SUBMISSION AND PACKAGING INSTRUCTIONS 34

22. SUBMISSION CHECKLIST 41

23. ATTACHMENT A-CONFIDENTIALITY AND CERTIFICATION OF INDEMNIFICATION 42

24. ATTACHMENT B-TECHNICAL PROPOSAL CERTIFICATION OF COMPLIANCE WITH TERMS AND CONDITIONS OF SOLICITATION

43

25. ATTACHMENT C-FIRM CERTIFICATIONS 44

26. ATTACHMENT D-CONTRACT FORM 45

27. ATTACHMENT E-INSURANCE SCHEDULE 46

28. ATTACHMENT F-REFERENCE QUESTIONNAIRE 47

29. ATTACHMENT G-KEY PERSONNEL RESUMES 48


30. ATTACHMENT H-MUNICIPAL ADVISOR COST PROPOSAL 49

31. ATTACHMENT I- STATE OF NEVADA BOARD OF FINANCE AND STATE TREASURER DEBT MANAGEMENT POLICY 50


1. Overview

The State of Nevada (the “State”) Office of the Treasurer (the “Office”) is soliciting qualified firms interested in providing Municipal Advisor (“MA”) services in connection with the issuance of bonds, notes, or other securities on an as needed basis. The State no longer enters into tri-party agreements. Therefore, any joint proposal must list the contracting firm as the Respondent and the other firm as a subcontractor.

The State is an issuer of tax-exempt and taxable general obligation bonds, revenue bonds, certificates of participation, and other securities.

All debt must be authorized by specific legislation providing for the specific programs or projects to be financed. Such legislation provides the Board of Finance (the “Board”) with the authority to approve and authorize the sale and issuance of securities.

Pursuant to Nevada Revised Statutes (NRS) 226.110(10), the Office, upon direction of the Board, is responsible for the issuance of any obligation authorized on the behalf and in the name of the State, except as otherwise provided in NRS 538.206 (Colorado River Commission Bond Issuance), and except for those obligations issued pursuant to chapter 319 of NRS (Housing Bonds), and NRS 349.400 to 349.987 (Revenue Bonds for Industrial Development) inclusive.

Historically, securities have been issued to fund programs/projects such as, but not limited to:

Capital Improvements (Biennial Legislative Act) Colorado River Commission (NRS 538.166) Economic Development (NRS 360.991) Highway Revenue (Motor Vehicle Fuel Tax) bonds (NRS 408.273) Historic Preservation Grants (NRS 383.530) Lease-Purchase Agreements (NRS 353.500) Marlette Lake Water System (NRS 331.160) Municipal Bond Bank (NRS 350A) Open Space Bonds (2001 Assembly Bill 9) Safe Drinking Water State Revolving Fund (NRS 445A.290) Slot Tax Bonds (NRS 463.385) Tahoe Environmental Improvement (NRS 321.596) Unemployment Compensation (NRS 612.6122) Water Pollution Control State Revolving Fund (NRS 445A.155) Water System Grants (NRS 349.986)

Generally, the State issues debt on a competitive sale basis, but negotiated or private placement sales may be conducted as circumstances warrant. Debt


issuances generally range between $5 million and $300 million, may include multiple series, and are usually comprised of the following five types of securities: (1) general obligation; (2) general obligation with the pledge of a specific revenue source; (3) revenue; (4) appropriation based certificates of participation secured by the commitment of the State to pay debt service, subject to annual appropriation by the Legislature; or (5) refundings of prior issuances.

For each debt issuance, the Office retains separate law firms to act as bond counsel and disclosure counsel and retains the services of a MA.

The MA works closely with the offices of the Governor, Treasurer, Controller, Attorney General and other State departments and agencies; the State’s bond and disclosure counsels; registrars/paying agents; select underwriting teams; bond insurers; and municipalities.

The MA advises and assists in developing the legal and structural framework of the issuance in compliance with applicable federal, state, and municipal laws and regulations; assists bond and disclosure counsel in drafting the various documents necessary or appropriate for the authorization, issuance, sale and delivery of the securities, including but not limited to term sheets, resolutions, closing certificates, preliminary and final offering documents; assists the Office with rating and investor presentation, marketing of the securities, and keeps the Office informed of rulings, findings, and changes in law which impact the issuance and post-issuance compliance of State securities.

Occasionally, the MA may be asked to advise the Governor and/or his staff and the State Legislature on debt-related issues, assist in reviewing and drafting debt-related legislation, assist with IRS audits, assist in reviewing and/or drafting post-issuance policies and procedures, and conduct post-issuance compliance trainings.

The Office intends this solicitation process to result in the selection of several qualified firms for inclusion in a MA Pool (“Pool”). The size and composition of the Pool will be determined as part of the selection process.

The State may award up to 3 or more contracts in conjunction with this solicitation, as determined in the best interests of the State. The resulting contract(s) shall be for a contract term of approximately four years, anticipated to begin on or about September 1, 2018.

2. General Proposal Conditions

The Office reserves the right to select firms for each transaction based upon the experience and expertise of the service providers, the nature and purpose of the


issue, the type and structure of securities issuance, and the merits of services provided to the Office.

The Office reserves the right, at its sole discretion; to award transactions outside of the qualified Pool of firms should a firm possess a unique or cost-saving structuring idea and/or special expertise required for a specific financing.

In order to maintain continuity of MA services, the Office may assign MA firms to specific programs (i.e. transportation, general obligations, Municipal Bond Bank, State Revolving Funds, etc.), tasks (i.e. debt affordability analysis), and/or special projects.

The Office may determine it is in the best interests of the State to assign two or more firms as co-MAs on a transaction.

The Office reserves the right to review performance of the selected firms on an ongoing basis and any firm may be reassigned or eliminated from the Pool at any time by the Office.

The State makes no representation or warranty of any nature that any firm selected pursuant to this solicitation will participate in any minimum or maximum number of financings or in financings that involve any minimum or maximum dollar amounts, therefore, the State cannot guarantee any firm selected a minimum amount of work or compensation during the term of the contract.

Compensation for a security issuance is made ONLY upon a firm’s selection for a security issuance and upon the successful completion of that security issuance.

Selected firms will be responsible for notifying the Office in writing of material changes in ownership, organization, personnel, litigation or conflicts, or any other material changes or developments, as soon as possible but in all cases no later than within thirty days of their occurrence.

Each Firm, by submitting a proposal, represents that: (1) it read and understands the solicitation; (2) it is in compliance with licensing and other requirements of the Securities and Exchange Commission (SEC) and the Municipal Securities Rule Making Board (MSRB) as a municipal advisor, has obtained all other applicable certificates and licenses required to perform the Scope of Services as described in Sections 6 of this solicitation; (3) it has continuously provided municipal advisory services for the prior five years to state or comparable state-level issuers with financings of similar size, types and structures as the State;(4) all of the Firm’s Key Personnel assigned to the State have continuously provided municipal advisory services for the prior five years to state or comparable state-level issuers with financings of similar size, types and structures as the State, have taken and passed the MSRB Municipal Advisor Representative Qualification Examination, are registered with the MSRB as a municipal advisor,


and have obtained all other applicable certificates and licenses required to perform the Scope of Services as described in Sections 6 of this solicitation; and (5) if selected, the firm and all Key Personnel assigned to the State will fully comply with all federal, State and local laws, ordinances, rules and regulations that apply to providing MA services.

This solicitation along with the Attachment I-State of Nevada Board of Finance and State Treasurer Debt Management Policy outlines services expected of selected MAs. By responding to this solicitation, firms acknowledge receipt of Attachment I and accordingly, accept responsibility for complying with these written policies and procedures and agree to comply with any future revisions when notified by the Office.

All material submitted in response to this solicitation will become the sole property of the Office. In preparing its proposal, each Respondent should be aware that some or its entire proposal may be subject to public inspection and/or reproduction.

Any restrictions on the disclosure or use of data and materials contained within a proposal must be clearly labeled in the proposal itself with the indication of enclosed proprietary information clearly noted on Attachment A-Confidentiality and Certification of Indemnification. If proprietary information is submitted, it must be clearly labeled and packaged in accordance with Section 20-Proposal Submission and Packaging Instructions of this solicitation.

Firms shall utilize an electronic copy of the solicitation in order to prepare their proposals. The solicitation is available in Word format on the Office’s website: http://www.nevadatreasurer.gov/RFP/RFP/. The proposal must be presented in a format that corresponds to and references sections outlined within this solicitation and must be presented in the same order. Written responses must be in bold/italics in an easily distinguishable font of not less than 12 points and placed immediately following the applicable question, statement and/or section.

The Respondent must submit a proposal that clearly provides all of the information required in this solicitation. Emphasis should be made on conformance to instructions, responsiveness to requirements, and clarity of content. The Respondent is advised to thoroughly read and follow all instructions contained in this solicitation. Proposals that do not comply with these instructions, do not meet the full intent of all the requirements of this solicitation, or are materially incomplete may be subject to scoring reductions during the evaluation process or may be deemed non-responsive.

The Office does not require, nor desire, any promotional material that does not specifically address the response requirements of this solicitation. No additional information should be submitted other than what is requested. Additional information will not be considered in the evaluation of proposals.


http://www.nevadatreasurer.gov/RFP/RFP/

The Office shall not be obligated for or provide reimbursement for any costs incurred by the Respondent in connection with this solicitation, including proposal preparation, providing additional information, or in activities related to the review of this solicitation or any interview costs.

The Office reserves the right to request clarification regarding the contents of a proposal or request additional information. Other than to provide such information as may be required by the Office, no Respondent will be allowed to alter its proposal or to add new information after the Proposal Submission Deadline.

The Office reserves the right to make any and all investigations as it deems necessary to establish the competency of any Respondent to perform services.

The Office reserves the right, in its sole discretion, to accept or reject any or all portions of a proposal, waive informalities and minor irregularities in proposals, to negotiate with any or all firms considered, or to cancel this solicitation in whole or in part. The determination of whether any proposal is complete or was received on time is at the sole discretion of the Office.

A Respondent may withdraw a proposal any time prior to the Proposal Submission Deadline by emailing written notification, signed by an authorized agent, to [email protected]. The proposal may thereafter be resubmitted, but not after the final Proposal Submission Deadline. Modifications offered in any other manner, oral or written, will not be considered.

Any proposal delivered after the Proposal Submission Deadline as stated in Section 4-Solicitation Timeline, will be deemed ineligible. It is the Respondent’s sole responsibility to ensure all responses are delivered complete and on time. Respondents assume all risk for proposal delivery.

Execution of Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation shall constitute an agreement to all terms and conditions specified in this solicitation, and all terms and conditions therein, except such terms and conditions that the firm expressly excludes by detailing them in Attachment B . Exceptions will be taken into consideration as part of the evaluation process.

By submitting a proposal, the Respondent covenants that it will not make any claims or have any right to damages because of any misinterpretation or misunderstanding of the specifications or because of lack of information.

In the event that a firm is selected for the Pool, the firm will enter into a contract with the State a form of which is attached as Attachment D-Contract Form to this solicitation.



3. Authorized Contact Information

This solicitation includes and imposes certain restrictions on communications between the Office and Respondents during the solicitation process. A Respondent is restricted from making contact (i.e. oral, written or electronic communications which a reasonable person would infer as an attempt to influence the award, denial, or amendment of the proposal) from issuance of the solicitation through final selection with any Office staff or consultants.

Communication between the Office and Respondents concerning the normal course of ongoing business is permitted.

Any contact with Office staff or consultants other than the Office’s Authorized Contact Jean Oliver, Management Analyst III at [email protected] during this solicitation process may be grounds for disqualification.



4. Solicitation Timeline

The following represents the proposed timeline for this solicitation. All times stated are Pacific Time (PT). These dates represent a tentative schedule of events. The Office reserves the right to modify these dates at any time. The Office also reserves the right to forego firm presentations and select firms based on the written proposals submitted.

Task Date/TimeRelease of Solicitation 7/13/2018Question Submittal Deadline 7/23/2018 @ 2:00 PMAnswers to Questions Posted to Website On or about 7/25/2018Reference Questionnaire Submission Deadline 8/6/2018 @ 2:00 PMProposal Submission Deadline 8/6/2018 @ 2:00 PMEvaluation Period (approximate time frame) 8/6/2018-8/17/2018

Firm Selections On or about 8/20/2018

5. Acronyms/Definitions

For the purposes of this solicitation, the following acronyms/definitions will be used:

Acronym DescriptionAssumption An idea or belief taken for granted without proof of occurrence.

A formal assumption taken to any statement/requirement identified within the solicitation and documented on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation.

Confidential Information

Any information relating to the amount or source of any income, profits, losses or expenditures of a person, including data relating to cost or price submitted in support of a proposal.

Cross Reference

A reference from one document/section to another document/section containing related material.

Evaluation Committee

An independent committee comprised of State officers or employees and/or persons who are not State officers or employees and possess expert knowledge or special expertise established to evaluate and score proposals submitted in response to the solicitation.


Acronym DescriptionException A formal objection taken to any statement/requirement

identified within the solicitation and documented on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation.

Firm Firm submitting a proposal in response to this solicitation.Key Personnel

Firm’s staff responsible for oversight of work during the life of the project and for deliverables, as applicable, assigned to the State.

May Indicates something that is not mandatory but permissible.Must Indicates a mandatory requirement. Failure to meet a

mandatory requirement may result in the rejection of a proposal as non-responsive.

NRS Nevada Revised Statutes – All applicable NRS documentation may be reviewed via the internet at: www.leg.state.nv.us.

Office State of Nevada Office of the Treasurer.Pool Municipal Advisor Pool.Proprietary Information

Any trade secret or confidential business information that is contained in a proposal submitted in conjunction with this solicitation.

Pacific Time (PT)

Unless otherwise stated, all references to time in this solicitation and any subsequent contract are understood to be Pacific Time.

Public Records

All books and public records of a governmental entity, the contents of which are not otherwise declared by law to be confidential must be open to inspection by any person and may be fully copied or an abstract or memorandum may be prepared from those public books and public records. (Refer to NRS 333.333 and NRS 600A.030 [5]).

Redacted The process of removing confidential or proprietary information from a document prior to release of information to others.

Respondent Firm submitting a proposal in response to this solicitation.Shall Indicates a mandatory requirement. Failure to meet a

mandatory requirement may result in the rejection of a proposal as non-responsive.

Should Indicates something that is recommended but not mandatory. If the firm fails to provide recommended information, the State may, at its sole option, ask the firm to provide the information or evaluate the proposal without the information.

State The State of Nevada and any agency identified herein.Subcontractor

Third party, not directly employed by the firm, who will provide services identified in this Solicitation. This does not include third parties who provide support or incidental services to the firm.


http://www.leg.state.nv.us/

Acronym DescriptionTrade Secret Information, including, without limitation, a formula, pattern,

compilation, program, device, method, technique, product, system, process, design, prototype, procedure, computer programming instruction or code that: derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by the public or any other person who can obtain commercial or economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

Will Indicates a mandatory requirement. Failure to meet a mandatory requirement may result in the rejection of a proposal as non-responsive.


6. Scope of Services

6.1 Securities Issuance

The Respondents selected for the Pool will be required to perform all MA services and duties customarily performed by MAs with respect to the issuance of securities. The following are to be included in the specific tasks to be performed with respect thereto. However, it is not to be considered as a complete list of tasks.

Advise and assist the Office on the management of the State’s debt through the evaluation of refunding and restructuring opportunities, tax-exempt versus taxable securities issuances, GARVEE securities, and other applicable financing vehicles, and post- issuance compliance areas.

Review and assist in the development of new or alternative programs such as but not limited to short-term financing programs, commercial paper programs, securitizations, public private partnerships, tolling, and in conjunction with bond/disclosure counsel, provide recommendations for legislative and other operational modifications and/or financings, as requested.

Develop a financing plan analyzing alternatives based on the State’s needs and the municipal market environment evaluating structuring and pricing options: long- or short-term; callable or non-callable features; credit enhancement (obtain bids if necessary); level debt service versus front or back-loaded debt service; and the consideration of premiums; discounts; or par securities.

Analyze and recommend the method of sale, such as competitive, negotiated, or private placement, including the preparation and evaluation of Informal Solicitations as necessary which will result in the State receiving the lowest possible borrowing cost and provide the greatest marketability of an issue.

In conjunction with bond and disclosure counsel, develop a financing team and distribute a financing schedule which identifies the sale date, based on the release of key economic indicators or events, interest rate trends and the schedule of other issuances coming to the market, tasks, responsibilities, and dates for completing activities related to the securities issuance, including a distribution list which specifies the names, addresses, phone numbers, e-mail addresses, and function of the financing team working on the transaction.


Obtain expense estimates and prepare the preliminary cost of issuance worksheet for security sizing purposes.

Prepare affordability models as applicable for issuances backed by specific revenues.

In conjunction with the State and bond and disclosure counsel, assist in the preparation, review, and publishing of documents necessary or appropriate to the authorization, issuance, sale, and delivery of the securities, such as the preliminary and final official statements, notice of sale, bond purchase agreements, liquidity facility agreements, investment and trust agreements, and verification reports.

Participate (in person or by telephone, as requested) in meetings related to debt offerings and participation in the deliberations at such meetings, including, but not limited to, Board of Finance, Board of Examiners, legislative or other committee meetings, due diligence, and rating and investor presentations.

Develop, with the State and the financing team’s assistance, a written presentation/booklet formulating a strategy for communicating the strength of the State’s demographic, economic, financial, and management information, along with the characteristics of the specific securities issuance to be used for rating agency, investor, and other municipal market participants, including credit enhancement providers’ presentations.

Conduct pre-marketing of issues by communicating with the financial community through syndicate and underwriter relations explaining the timing, terms, and conditions of the sale to ensure the structure of the bid is acceptable and there is market interest in the issue. Provide a listing to the Office which outlines your firm’s marketing outreach. The listing will include at minimum: Prospective Bank Name, Bank’s Contact Information (Name, Phone, and E-mail), Date contacted, if the Bank has approved the State’s credit, and whether the Bank intends to bid on the offering.

Represent and advise the Office in the negotiation of sale terms with underwriters as to the appropriateness of the financing terms offered on the day of sale based upon the credit quality of the State, its standing in the market, interest rate levels, and costs of issuance for similar credits (such as, but not limited to, interest rates, reoffering yields, call features, allocation of bonds and underwriter’s compensation), participate in all pricing discussions, arrange for a post-sale analysis pricing book that includes a memorandum summarizing the sale, an opinion on market conditions before the sale


and on the day of the sale, a comparison with other similar issues, a statement reflecting the financial advisor’s opinion as to the fairness or reasonableness of the timing of the sale, the gross underwriting spread, the pricing of the securities, and other information pertaining to the sale,, and perform such other services as are determined to be advisable by the State to structure, sell, or market the securities.

Attend the competitive or negotiated sale of securities. Oversee the sale and bid opening, check each bid for compliance with the notice of sale, perform an independent review of the accuracy of the TIC calculation, and recommend award (competitive sale). Review the results of the sale and prepare a post-sale analysis pricing book that includes a memorandum summarizing the sale, an opinion on market conditions before the sale and on the day of the sale, a comparison with other similar issues, and other information pertaining to the sale.

Provide advice on the investment of bond proceeds (if appropriate) and in a refunding, size the escrow to be bid or to purchase SLGS subscriptions and/or open market securities.

Attend the securities closing and assist with the preparation and review of closing documents; finalize, print, and deliver the final official statement in compliance with the SEC rule; and prepare and disseminate the closing memorandum detailing the transfer of funds between the underwriter and the government accounts on the date of closing.

Prepare a post-financing booklet if securities were sold via competitive bid.

Provide ongoing MA services, including but not limited to:1. Periodically review financial issues with the rating agencies,

including arranging support calls and meetings, relating to specific debt issues, and updates.

2. Propose and/or evaluate financial proposals received by the Office, including, but not limited to leasebacks, refundings, securitizations and alternate forms of tax-exempt and taxable debt structures.

3. As requested, review, draft, prepare, and/or provide testimony on the debt capacity, debt affordability, and rating issues raised by prospective purchasers, agencies, or public officials.

4. Assist with the preparation of Informal Solicitation/RFQ’s and evaluation of proposals for the procurement of services such as credit enhancements, reinvestments of proceeds, investment banking services, paying agent, trustee, and escrow services, underwriter, and bond and disclosure counsel services.


5. Assist with the drafting and review of debt management policies and procedures.

6. Keep the Office apprised of and provide advice regarding the development and implementation of new and existing financing techniques, programs, and statutory and regulatory changes imposed by Congress, the US Treasury and other regulatory agencies, including, but not limited to, IRS rules and policies.

7. Review and assist in the development of new or alternative programs such as but not limited to short-term financing programs, commercial paper programs, securitizations, public private partnerships, tolling, and in conjunction with bond/disclosure counsel, provide recommendations for legislative and other operational modifications and/or financings, as requested.

6.2 Special Assignments

At the request of the Office, provide MA services to assist the Office with special assignments, such as, but not limited to, bond calls and defeasances (not related to a State refunding issuance), arbitrage issues, audits, federal and regulatory initiatives, drafting of policies, trainings., and review and assist in the development of new or alternative programs such as but not limited to short-term financing programs, commercial paper programs, securitizations, public private partnerships, tolling, and in conjunction with bond/disclosure counsel, provide recommendations for legislative and other operational modifications and/or financings, as requested.

Special assignments are charged at a blended hourly rate with an agreed upon maximum cost.

7. Qualifying Criteria

In order to be considered as MA for the State, prospective firms must demonstrate their ability to meet each of the following criteria throughout the term of any awarded contract:

7.1 The firm must be registered as a Municipal Advisor in good standing with both the SEC and the MSRB;

7.2 The firm and the Key Personnel assigned to the State shall have continuously provided municipal advisory services for the prior five


years to state or comparable state-level issuers with financings of similar size, types and structures as the State;

7.3 The firm and the Key Personnel assigned to the State shall have provided municipal advisory services for at least three state or state-level securities issuances within the last year.

7.4 The firm, including, without limitation, any member of the firm’s team, shall not be involved in litigation against the State nor have other engagements which, as determined by the Treasurer in his sole discretion, would be in conflict with the interests of the State.

7.5 Through answers to the items listed in Section 12-Substantive Scored Questions, each firm must demonstrate experience in advising governmental issuers in the aspects involved with the issuance of taxable and tax-exempt securities as a MA.

8. Certification

By inclusion and execution of the statement provided in Attachment C-Firm Certifications, each Respondent certifies that:

8.1 The firm complies with Section 7-Qualifying Criteria subsections 7.1 through and inclusive of 7.5 of this solicitation;

8.2 The vendor and each of the key personnel shall be duly qualified and licensed (as appropriate) to provide municipal advisory services in Nevada. Should the professional status of the firm or any listed Key Personnel change, the Office shall be notified as soon as possible but, in all cases, no later than within thirty days of their occurrence;

8.3 The selection of the firm will not result in any current or potential, real or perceived conflict of interest. Alternately, should any potential or existing conflict be known by the firm, the Respondent shall specify in Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation and Section 9.8 of this proposal, the party with whom the conflict exists or might arise, the nature of the conflict and whether the firm would step aside or resign from that engagement or representation creating the conflict;

8.4 If your firm or any subsidiary, corporate parent or related entity provides municipal underwriting services, your firm or any related


entity will not serve as underwriter for a transaction in which the firm was selected as MA.

8.5 The proposal is made without prior understanding, agreement, or connection with any corporation, firm, or person submitting a proposal for the same services, and is in all respects fair and without collusion or fraud;

8.6 Selected firms will notify the Office in writing of material changes in ownership, organization, personnel, litigation or conflicts, or any other material changes or developments, as soon as possible but, in all cases, no later than thirty days of their occurrence;

8.7 Firm acknowledge receipt of Attachment I-State of Nevada Board of Finance and State Treasurer Debt Management Policy and accordingly, accepts responsibility for complying with these written policies and procedures and agrees to comply with any future revisions when notified by the Office.

8.8 The firm (and the agents, officers, principals and professional employees thereof) has not and will not participate in any prohibited business solicitation communication; *

*“Prohibited business solicitation communication” means a written or verbal communication which occurs during a selection period between an Office employee and any person or entity submitting a proposal for MA services…or between a State employee and a person who is not a State employee regarding the merits of any MA services … or whether the evaluating committee should elect or retain the MA services … “with certain exceptions”. The “selection period” for this solicitation begins July 13, 2018 and will continue until the Office selects its Pool of firms on or about August 20, 2018.

8.9 If applicable and pursuant to NRS §80.010, unless specifically exempted by NRS §80.015, and prior to commencing any work under a contract resulting from firm’s selection as MA, firm will register with the State of Nevada, Secretary of State’s Office as a foreign corporation and obtain any required business license from the Office


of the Secretary of State pursuant to NRS §76 (Information regarding the Nevada Business License can be located at http://nvsos.gov);

8.10 Prior to commencing any work under a contract resulting from firm’s selection as MA, the successful firm must provide the Certificate of Insurance identifying the coverages as specified in Attachment E-Insurance Schedule for Solicitation, or coverage agreed to by the State; and

8.11 The person authorized to sign this proposal for the firm is in compliance with all requirements of this solicitation and certifies all the information provided in this proposal is true and correct.


9. Firm Background

9.1 Firms must provide a firm profile in the table format below.

Question ResponseFirm name:Ownership (sole proprietor, partnership, etc.):State of incorporation:Date of incorporation:# of years in business:Location of firm headquarters:Location(s) of the office that will provide the services described in this solicitation:Number of employees locally with the expertise to support the requirements identified in this solicitation:Number of employees nationally with the expertise to support the requirements in this solicitation:Location(s) from which Key Personnel will be assigned to this Office:

9.2 Please be advised, pursuant to NRS §80.010, a corporation organized pursuant to the laws of another state shall register with the State of Nevada, Secretary of State’s Office as a foreign corporation before commencing any work under a contract with the State, unless specifically exempted by NRS §80.015.

9.3 The selected Firm, prior to doing business in the State of Nevada, shall be appropriately licensed by the State of Nevada, Secretary of State’s Office pursuant to NRS §76. Information regarding the Nevada Business License can be located at http://nvsos.gov. If currently registered, provide the following:

Question ResponseNevada Business License Number:Legal Entity Name:

Is “Legal Entity Name” the same name as Firm is doing business as?


Yes No

If “No,” provide explanation.

9.4 Has the Firm ever been engaged under contract by any State of Nevada agency?

Yes No

If “Yes,” complete the following table for each State agency for whom the work was performed. Table can be duplicated for each contract being identified.

Question ResponseName of State agency:State agency contact name:Dates when services were performed:Type of duties performed:

9.5 Are you or any of your employees now or have been within the last two (2) years an employee of the State of Nevada, or any of its agencies, departments, or divisions?

Yes No

If “Yes”, please explain when the employee is planning to render services, while on annual leave, compensatory time, or on their own time?

If you employ (a) any person who is a current employee of an agency of the State of Nevada, or (b) any person who has been an employee of an agency of the State of Nevada within the past two (2) years, and if such person will be performing or producing the services which you will be contracted to provide under this contract, you must disclose the identity of each such person in your response to this solicitation, and specify the services that each person will be expected to perform.

9.6 Disclosure of any significant prior or ongoing contract failures, contract breaches, civil or criminal litigation in which the firm has been alleged to be liable or held liable in a matter involving a contract with the State of Nevada or any other governmental entity. Any


pending claim or litigation occurring within the past five (5) years which may adversely affect the firm’s ability to perform or fulfill its obligations if a contract is awarded as a result of this solicitation must also be disclosed.

Does any of the above apply to your firm?

Yes No

If “Yes”, please provide the following information. Table can be duplicated for each issue being identified.

Question ResponseDate of alleged contract failure or breach:Parties involved:Description of the contract failure, contract breach, or litigation, including the services involved:Amount in controversy:Resolution or current status of the dispute:If the matter has resulted in a court case:

Court Case Number

Status of the litigation:

9.7 Provide information on any litigation, investigations or actions pending or threatened against the firm or any individual associated with the firm by the SEC regarding the conduct of the firm or its management in the last five (5) years which may be interpreted to reflect negatively upon the firm’s commitment to compliance with laws or professional standards and may have a materially adverse effect on your firm’s ability to serve as Municipal Advisor to the Office.

9.8 Describe any material relationships that your firm or any firm employee has with any party or firm that may create a conflict of interest, or the appearance of a conflict of interest, if your firm is selected.


9.9 Firms shall review and provide, if awarded a contract, the insurance requirements specified in Attachment E-Insurance Schedule for Solicitation or coverage agreed to by the State.

Does your organization currently have, or will your organization be able to provide the insurance requirements as specified in Attachment E.

Yes No

Any exceptions and/or assumptions to the insurance requirements must be identified on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of solicitation. Exceptions and/or assumptions will be taken into consideration as part of the evaluation process; however, firms must be specific. If firms do not specify any exceptions and/or assumptions at time of proposal submission, the State will not consider any additional exceptions and/or assumptions during negotiations.

9.10 Provide an overview of your firm’s background/history in public finance and why the firm is qualified to provide the services described in this solicitation.

9.11 Provide a brief description of the length of time the firm has been providing services described in this solicitation to the public sector inclusive of the time the firm has been providing these services to the State of Nevada and its municipalities, other states, and/or state-level municipalities.

9.12 Indicate whether the firm has a Nevada presence as evidenced by the number of offices the firm maintains in Nevada and the number of Nevada residents employed in those offices.

9.13 List the Municipal Advisor SEC and MSRB registration numbers for

the firm and identify the name of the firm’s designated principal to oversee the MA activities of the firm.

9.14 List the Municipal Advisor SEC and MSRB registration numbers for each Key Personnel assigned to the Office and indicate their designation of either representative or principal.

9.15 List the List the organizations pertaining to municipal finance of which your firm and/or Key Personnel participate as a member, officer, or sponsor and delineate their role in the organization.


9.16 Provide the names of the Key Personnel assigned to the Office including the lead MA who will be primarily responsible for this engagement and no more than two other MAs who will assist the lead MA. Include the resumes of the Key Personnel separately as Attachment G-Key Personnel Resumes.

9.17 What is your firm’s affiliation or relationship, if any, with any broker-dealer or firm providing underwriting services. If your firm or any subsidiary, corporate parent or related entity provides municipal underwriting services, please explain what policies and practices your municipal advisory practice uses to eliminate or reduce any conflicts of interest with other broker-dealers or underwriters.

9.18 Does your firm have any arrangement with any individual or entity with respect to the sharing of any compensation fees or profit received from, or in relation to, acting as municipal advisor for the State or whose compensation is based in whole or in part on compensation for acting as municipal advisor for the State? If so, provide a copy of any contract relating to the arrangement and describe in detail the nature of the arrangement and the method of computing compensation.

9.19 Has your firm retained any person for the purpose of seeking to be selected as MA pursuant to this Informal Solicitation? If so, identify the individual or firm, provide specific information relating to compensation aid or to be paid in connections with such services, and provide a copy of any written contract relating to such arrangement.


10. Subcontractor Information

Subcontractors are defined as a third party, not directly employed by the contractor, who shall provide services identified in this Solicitation. This does not include third parties who provide support or incidental services to the contractor.

10.1 Does this proposal include the use of subcontractors?

Yes

No

If “Yes”, vendor shall:

10.1.1 Identify specific subcontractors and the specific requirements of this Solicitation for which each proposed subcontractor shall perform services.

10.1.2 If any tasks are to be completed by subcontractor(s), vendors shall:

A. Describe how the work of any subcontractor(s) shall be supervised, channels of communication shall be maintained and compliance with contract terms assured; and

B. Describe your previous experience with subcontractor(s).

C. Provide the same information for each subcontractor as requested of firm in Section 9-Firm Background and Section 12-Substantive Scored Questions.

10.1.3 Firm shall not allow any subcontractor to commence work until all insurance required of the subcontractor is provided to the firm.

10.1.4 Firm shall notify the using agency of the intended use of any subcontractors not identified within their original proposal and provide the information originally requested in the Solicitation in Section 10, Subcontractor Information. The firm shall receive Office approval prior to subcontractor commencing work.


11. Firm References

Firms should provide a minimum of three (3) references from state and/or state-level government clients where the firm, within the last three (3) years, provided services similar to the scope of work in this solicitation. If a firm is utilizing subcontractors, the firm should provide a minimum of three (3) references for each subcontractor from state and/or state-level government clients where the subcontractor, within the last three (3) years, provided services similar to the scope of work in this solicitation. It is in the best interest of the firm to submit references from clients whom Key Personnel assigned to the Office serviced. The Office reserves the right to contact and verify any and all references listed regarding the quality and degree of satisfaction for such performance.

11.1 Identification of Firm’s and Firm’s Subcontractor(s) References.

Firms must provide the following information for every reference provided on behalf of the firm or the firm’s subcontractor. Duplicate the chart below for each client reference who will be returning a Reference Questionnaire.

Reference Number 1Firm’s Reference Contact Information

Client’s Name:Securities Issuance Information

Issuance Name/Series:Issuance Date:Issuance Description:Staff assigned to issuance:Type of MA service provided:

11.2 Firms must submit Attachment F-Reference Questionnaire to each state/or large governmental client the firm identifies in this Section 11.1.

11.3 The state/municipality identified as a reference in this Section 11.1 must submit the Attachment E-Reference Questionnaire directly to the Office.


11.4 It is the firm’s responsibility to ensure that completed Reference Questionnaires are received by the Office on or before the deadline as specified in Section 4-Solicitation Timeline for inclusion in the evaluation process. Reference Questionnaires not received, or not complete, may adversely affect the firm’s score in the evaluation process.


12. Substantive Scored Questions

No more than 15 pages should be used in answering the questions in this section in a bold font not less than 12 points. Additional pages will not be evaluated.

12.1 Discuss your firm’s knowledge of the State’s constitutional and statutory provisions relating to the authorization, issuance, and management of the State’s securities, experience working with state and municipal issuers, as well as specifically, the State of Nevada and/or any of its municipalities. What aspects of the State’s Securities Law and case law related to debt, as well as the State’s bond programs, represent unique situations or is most relevant when performing MA work for the State?

12.2 Describe your experience serving as MA for the State of Nevada, other public agencies within the State, and other states, and any other experiences you believe demonstrate your capacity to perform as MA to the State.

12.3 Please indicate (by checkmark) which of the specialties below you believe you possess expertise in and have served as MA on for at least three large-issuer transactions for each of the last two calendar years.

____ General obligation bonds____ Highway transportation bonds____ Utility revenue bonds____ Water/wastewater revolving funds____ Asset securitizations/monetizations____ Pension obligation bonds____ Assessment and/or special improvement district bonds____ Other (list each specialty)

12.4 Describe the types of financings the Key Personnel identified in Section 9.16 were responsible for, any areas of specialization, and their availability to respond to questions/issues including, if located in a time zone different than Nevada’s, their available working hours when assigned to an issuance.

12.5 Negotiated Sales

12.5.1 Describe your pricing methodologies to assure optimal pricing for each type of issuance.

12.5.2 For negotiated sales, describe your methodology for advising and reviewing underwriter performance, spread components,


underwriter compensation and distribution of bonds among members of the syndicate.

12.5.3 Overall, what do you perceive your role is as municipal advisor for negotiated sales and how would you differentiate and define the role of the municipal advisor and the client in such transactions?

12.6 Competitive Sales

12.6.1 Approximately what percent of transactions where you have served as municipal advisor over the last three years have been sold competitively versus a negotiated sale?

12.6.2 Describe your marketing strategies to assure optimal pricing for competitive sales.

12.7 Discuss your firm’s experience with large, complex refunding transactions and its approach to evaluating refunding and cash defeasance proposals.

12.8 Describe your firm’s technological capabilities, including its ability to create and monitor a database of the State’s debt portfolio to identify refunding opportunities and provide debt affordability analyses.

12.9 Discuss your firm’s experience with transportation financings, including general obligation, revenue, and GARVEE issuances, as well as public-private partnerships and tolling. List other state departments of transportation you presently serve as municipal advisor for.

12.10Describe any special expertise your firm has with commercial paper programs, public-private partnerships, and asset securitizations.

12.11Explain what you see as the most important challenges and opportunities facing the municipal markets and, specifically, the State over the next two years.

12.12Given your knowledge of the State’s debt programs, identify any areas in which costs could be reduced or benefits increased.

12.13Describe the firm’s access to sources of current market information to assist in pricing negotiated sales and information to assist in the planning and execution of competitive sales.


12.14Describe your firm’s quantitative analytical capabilities for analyzing transactions, valuation of guaranteed investment contracts and forward delivery agreements, and other derivative products.

12.15Describe any innovative techniques or practices you have developed or used for your governmental clients. As part of your response, you may cite up to three examples of especially meritorious transactions for which you served as MA that you believe are reflective of your firm’s expertise and innovation.

12.16Describe the firm’s continuing education policies and internal training programs.

12.17Using the table format below, indicate the total par and number of long-term municipal bond transactions, including private placement transactions, for the calendar years 2013 through and inclusive of 2017 of which your firm acted as MA, both nationally and in Nevada.

Firm’s MA ExperienceU.S. Nevada

Year # of Issues

Total Par Amount

# of Issues

Total Par Amount

20132014201520162017TOTAL

12.18Provide any other additional information you believe would be of value to the Office in the selection process.

13. Cost Information

Cost information must not be included with the firm's Technical Proposal, please refer to Section 20-Proposal Submission and Packaging Instructions-Section 20.5-Part II-Cost Proposal.

The State shall not be obligated to accept the lowest priced proposal. Awards will be made in the best interest of the State after all factors of the solicitation have been evaluated.

13.1 Firm must utilize Attachment H-Municipal Advisor Cost Proposal when submitting their cost proposal.


13.2 Fees will include all related costs and expenses, including but not limited to, overhead and support staff.

13.3 Compensation stated in Attachment H- Municipal Advisor Cost Proposal of the proposal is an irrevocable offer for the term of any contract resulting from this solicitation.

13.4 Compensation for MA services for a security issuance shall be made only after, and contingent upon, the successful closing of the issuance.

13.5 Unless otherwise agreed to in advance, it is expected that only one professional from firm’s organization will attend meetings and other necessary events.

13.6 Charges for professional time during travel will not normally be reimbursable unless the time is actually used performing professional services and agreed to in advance.

13.7 The Office will not pay for: Fees for the training of personnel incurred as a result of staffing

changes or increases during the term of the contract; Fees for time spent educating junior professionals or associates; Fees for more than ten hours of work per day for any individual; Local telephone expenses or office supply costs; and The costs of first-class travel (travel arrangements should be

made in advance to take advantage of cost-effective discounts or special rates).

13.8 Reimbursement of reasonable out-of-pocket expenses (e.g. airfare, per diem, conference line charges, postage, delivery service charges and transcript preparation) incurred for relevant expenses related to services performed on behalf of the Office will be at cost up to any agreed upon maximum cost and must be agreed to by the Office prior to the expenses being incurred.

14. Questions and Answers

In lieu of a pre-proposal conference, the Office will accept questions and/or requests for clarifications in writing and received by email. Questions will not be accepted orally, and any question received after the Question Submittal Deadline will not be answered. The deadline for submitting questions and/or clarifications is as specified in Section 4-Solicitation Timeline.


14.1 Questions and/or requests for clarification regarding the solicitation must be submitted via email to [email protected].

14.2 The “Subject” line of the email should indicate “2018 Municipal Advisor Services Solicitation-Questions”. Questions must reference the solicitation page and section number the question applies to. The email body or signature block must contain the name of the firm submitting the question and the firm’s contact person’s name, phone number and email address.

14.3 Responses to questions and/or requests for clarifications emailed by the submission deadline will be addressed in writing as Amendment 1 to this solicitation and posted on the Office’s website: http://www.nevadatreasurer.gov/RFP/RFP/ on or about the date specified in Section 4-Solicitation Timeline. Amendment 1-Answers to Questions and Clarifications shall be signed and included under Part IA-Tab III in accordance with Section 20-Proposal Submission and Packaging Instructions of this solicitation.

15. Amendments and Addenda

At its sole discretion, the Office reserves the right to modify any part of this solicitation or terminate the solicitation prior to the Proposal Submission Deadline. Modifications to this solicitation will be made by issuance of amendments and/or addenda. Any amendment or addendum to this solicitation will become part of the solicitation and included under Part IA-Tab III in accordance with Section 20-Proposal Submission and Packaging Instructions of this solicitation.

If a Respondent discovers any ambiguity, conflict, discrepancy, omission, or other error in this solicitation, the respondent will immediately notify the Office of such error in writing and request clarification or modification of the document.

If a Respondent fails to notify the Office of a known error or an error that reasonably should have been known prior to the Proposal Submission Deadline, the Respondent shall assume the risk.

Prior to the Proposal Submission Deadline, any such clarifications or modifications as deemed necessary will be posted to the Office’s website at http://www.nevadatreasurer.gov/RFP/RFP/. No other communication will be made.





Other than Amendment 1-Answers to Questions and Clarifications, there are no designated dates for release of amendments or addenda. Interested Respondents are encouraged to check the Office’s website frequently through the Proposal Submission Deadline for notices of any clarifications, changes, additions, or deletions to the solicitation. It is the sole responsibility of the Respondent to be knowledgeable of all amendments and addenda related to the solicitation.

16. Evaluation of Proposals and Selection

16.1 The selection process will begin with the review and evaluation of each written proposal received by the Proposal Submission Deadline as found in Section 4-Solicitation Timeline. The purpose of the evaluation is two-fold: (1) to examine the responses for compliance with the requirements of the solicitation; and (2) to identify the complying firms that have the highest probability of satisfactorily performing the Scope of Services described in Section 6-Scope of Services of this solicitation.

16.2 The Office reserves the right to reject all proposals received after the solicitation Proposal Submission Deadline as set forth in Section 4-Solicitation Timeline.

16.3 Proposals will undergo an evaluation process conducted by the Evaluation Committee. Given ongoing changes in firms active in the municipal sector, the committee will evaluate proposals based on the qualifications of both the firm and its current Key Personnel assigned to the Office, which may include an individual’s experience at other firms during the relevant time period. The proposals will be evaluated based upon, but not limited to, the following criteria:

1. Demonstrated Competence. The Respondent and its staff must have a record of highly

satisfactory performance in providing prompt, effective and responsive services to its clients in general and within the State of Nevada;

Exceptions as stated on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation;

Contract failures, contract breaches, civil or criminal litigation;

Investigations or administrative proceedings and disciplinary actions relating to professional activities of the firm; and


Potential conflicts of interest or appearance of impropriety.

2. Expertise and Experience. The Respondent must have demonstrated expertise and

significant experience in serving as MA state or state-level issuers including the firm’s understanding and level of competence in State and federal taxation, legislative, and regulatory procedures.

3. Expertise and Availability of Key Personnel. The Respondent’s Key Personnel assigned to the Office must

have the education, experience, knowledge, skill, and qualifications necessary to adequately perform the services for which they will be responsible; and

The Respondent must have the capacity and resources to perform the previously described scope of services in a prompt, responsive manner and with excellent work quality in the timeframe needed.

4. Reasonableness of cost. Fees and compensation will be an important factor in the

evaluation process. However, the State shall not be obligated to accept the lowest priced proposal.

5. Quality of Proposal Overall completeness, clarity, and quality of proposal.

16.4 The solicitation will initially be reviewed to determine responsiveness. Any proposal that is not in the proper format, does not address all requested requirements, or is incomplete, will be rejected.

16.5 Clarification discussions may, at the Office’s sole option, be conducted with Respondents who submit proposals determined to be acceptable and competitive Respondents shall be accorded fair and equal treatment with respect to any opportunity for discussion and/or written revisions of proposals. Such revisions may be permitted after submissions and prior to award for the purpose of obtaining best and final offers. In conducting discussions, there shall be no disclosure of any information derived from proposals submitted by competing respondents.

16.6 The Evaluation Committee may contact the references provided in Section 11.1-Firm References or any firm to clarify any response; contact any current users of a firm’s services; solicit information from any available source concerning any aspect of a proposal; and seek


and review any other information deemed pertinent to the evaluation process.

16.7 Each firm must include in its proposal a complete disclosure of any alleged significant prior or ongoing contract failures, contract breaches, any civil or criminal litigation or investigations pending which involves the firm or in which the firm has been judged guilty or liable. Failure to comply with the terms of this provision may disqualify any proposal. The Office reserves the right to reject any proposal based upon the firm’s prior history with the State or with any other party, which documents, without limitation, unsatisfactory performance, adversarial or contentious demeanor, significant failure(s) to meet contract milestones or other contractual failures.

16.8 The Office may conduct interviews. If an interview is requested, the Respondent selected for an interview will be notified in advance of the interview dates.

16.9 The Evaluation Committee will determine the number of firms to be selected for the MA Pool which will result in the highest probability of satisfactorily performing MA Services for and in the best interest of the State.

16.10Respondents will be notified of awards once the Pools have been selected.

17. Debriefing of Unsuccessful Respondents

Upon written request, at the sole discretion of the Office, the Office may schedule a debriefing with an unsuccessful Respondent after the Office has provided notice of its selection of one or more successful Respondents.

Discussion will be limited to a critique of the proposal submitted by the Respondent requesting the debriefing. Comparisons between proposals or evaluations of the other proposals will not be discussed. Debriefings may be conducted in person or by telephone, at the Office’s discretion.

18. Terms and Conditions

The information in this section does not need to be returned with the firm’s proposal. However, if firms have any exceptions and/or assumptions to any of the terms and conditions in this section, they MUST identify in detail their exceptions and/or assumptions on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation. In order for any


exceptions and/or assumptions to be considered they must be documented in Attachment B. The State will not accept additional exceptions and/or assumptions if submitted after the proposal submission deadline.

18.1 The Office reserves the right to alter, amend, or modify any provisions of this solicitation, or to withdraw this solicitation, at any time if it is in the best interest of the State to do so.

18.2 The Office reserves the right to waive informalities and minor irregularities in proposals received.

18.3 The Office reserves the right to reject any or all proposals received.

18.4 The failure to separately package and clearly mark Part IB-Confidential Technical Proposal of the proposal which contains confidential information, trade secrets and/or proprietary information shall constitute a complete waiver of any and all claims for damages caused by release of the information by the State.

18.5 The Office reserves the right to reject any or all proposals received prior to contract award.

18.6 The Office reserves the right to limit the scope of work prior to award, if deemed in the best interest of the State.

18.7 The State shall not be obligated to accept the lowest priced proposal but will make an award in the best interests of the State of Nevada after all factors have been evaluated.

18.8 Proposals which appear unrealistic in the terms of technical commitments, lack of technical competence, or are indicative of failure to comprehend the complexity and risk of the project, may be rejected.

18.9 Proposals may be modified or withdrawn by written notice received prior to proposal opening time.

18.10Cost proposals offered by Respondents in their proposals are an irrevocable offer for the term of the contract and any contract extensions. The awarded firm agrees to provide services at the costs, rates and fees as set forth in their proposal in response to this solicitation.

18.11The State is not liable for any costs incurred by firms in response to this solicitation. Costs of developing the proposals or any other such expenses incurred by the firm in responding to the solicitation, are


entirely the responsibility of the firm, and shall not be reimbursed in any manner by the State.

18.12Proposals submitted per proposal submission requirements become the property of the State, selection or rejection does not affect this right. The CD from each vendor shall be retained for official files.

18.13No attempt may be made at any time to induce any firm or person to refrain from submitting a proposal or to submit any intentionally high or noncompetitive proposal. All proposals must be made in good faith and without collusion.

19. Contract Terms and Conditions

The information in this section does not need to be returned with the Respondent’s proposal. However, if Respondents have any exceptions and/or assumptions to any of the terms and conditions in this section, they MUST identify in detail their exceptions and/or assumptions on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation. In order for any exceptions and/or assumptions to be considered they MUST be documented in Attachment B. The State will not accept additional exceptions and/or assumptions if submitted after the proposal submission deadline.

19.1 The awarded Firm will be the sole point of contract responsibility. The State will look solely to the awarded Firm for the performance of all contractual obligations which may result from an award based on this solicitation, and the awarded Firm shall not be relieved for the non-performance of any or all subcontractors.

19.2 The awarded Firm must maintain, for the duration of its contract, insurance coverages as set forth in the Insurance Schedule of the finalized contract. Reference Attachment D-Contract Form. Work on the contract shall not begin until after the awarded Firm has submitted acceptable evidence of the required insurance coverages. Failure to maintain any required insurance coverage or acceptable alternative method of insurance will be deemed a breach of contract.

19.3 The State will not be liable for Federal, State, or Local excise taxes per NRS 372.325.

19.4 Submission of Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation of this solicitation shall constitute an agreement to all terms and conditions specified in the solicitation, except such terms and conditions that the Firm expressly excludes. Exceptions and assumptions will be taken


into consideration as part of the evaluation process; however, Firms MUST be specific. If Firms do not specify any exceptions and/or assumptions at time of proposal submission, the State will not consider any additional exceptions and/or assumptions during negotiations.

19.5 The State reserves the right to negotiate final contract terms with any Firm. The contract between the parties will consist of the solicitation together with any modifications thereto, and the awarded Firm’s proposal, together with any modifications and clarifications thereto that are submitted at the request of the State during the evaluation and negotiation process. In the event of any conflict or contradiction between or among these documents, the documents shall control in the following order of precedence: the final executed contract, negotiated items (any modifications and clarifications to the awarded Firm’s proposal), the solicitation, and the awarded Firm’s proposal. Specific exceptions to this general rule may be noted in the final executed contract. The State shall not indemnify firm from any liabilities or damages, including but not limited to attorney’s fees and costs, arising under any contract resulting from this solicitation.

19.6 Pursuant to NRS Chapter 613 in connection with the performance of work under this contract, the contractor agrees not to unlawfully discriminate against any employee or applicant for employment because of race, creed, color, national origin, sex, sexual orientation or age, including, without limitation, with regard to employment, upgrading, demotion or transfer, recruitment or recruitment advertising, layoff or termination, rates of pay or other forms of compensation, and selection for training, including, without limitation apprenticeship.

The contractor further agrees to insert this provision in all subcontracts, hereunder, except subcontracts for standard commercial supplies or raw materials.


20. Proposal Submission and Packaging Instructions

20.1 General Proposal Instructions

For ease of evaluation, firms MUST utilize an electronic copy of the solicitation in order to prepare their proposals. The solicitation is available in Word format on the Office’s website: http://www.nevadatreasurer.gov/RFP/RFP/. The proposal must be presented in a format that corresponds to and references sections outlined within this solicitation and must be presented in the same order. Written responses must be in bold/italics in an easily distinguishable font of not less than 12 points and placed immediately following the applicable question, statement and/or section.

All information is to be completed as requested and prepared in a format consistent with the instructions provided in this solicitation. In all instances, the Office’s determination regarding a proposal will be final. Proposals not organized in the manner prescribed in this solicitation may be considered non-responsive at the Office’s sole discretion.

Proposals are to be prepared in such a way as to provide a straightforward, concise delineation of capabilities to satisfy the requirements of this solicitation. Elaborate artwork, corporate brochures, lengthy narratives, expensive paper, specialized bindings, and other extraneous presentation materials are not necessary or desired. Emphasis should be concentrated on conformance to the solicitation instructions, responsiveness to the solicitation requirements, and on completeness and clarity of content.

Respondents should not refer to other parts of the proposal, to information that may be publicly available elsewhere, or to the Respondent’s or other websites in lieu of answering a specific question. If complete responses cannot be provided without referencing supporting documentation, such documentation must be provided with the proposal and specific references made to the tab, page, section and/or paragraph where the supplemental information can be found.

If complete responses cannot be provided without referencing confidential information, such confidential information must be provided in accordance with Section 20.4- Confidential Technical Proposal and Section 20.6-Confidentiality of Proposals. Specific references made to the tab, page, section and/or paragraph where the confidential information can be located must be identified on Attachment A-Confidentiality and Certification of Indemnification and comply with the requirements stated in Section 20.6-Confidentiality of Proposals.



If a firm changes any solicitation language, firm’s response may be deemed non-responsive and subject to immediate disqualification.


20.2 General Submission Instructions

Firms must submit their proposals pursuant to Section 20-Proposal Submission and Packaging Instructions. Proposals and CDs that do not comply with these requirements may be deemed non-responsive and rejected at the Office’s discretion.

Firms shall submit one (1) CD appropriately labeled as 2018 Municipal Advisor Services Solicitation and firm’s name in accordance with the instructions as specified in Section 20.7-Proposal Packaging.

The one (1) CD shall contain a maximum of three (3) PDF files which may include:

1. Part IA-Technical Proposal2. Part IB-Confidential Technical Proposal (if applicable)3. Part II-Cost Proposal

Proposals shall have a technical response, which may be composed of two (2) parts in the event a firm determines that a portion of their technical response qualifies as “confidential” per NRS 333.020 (5) (b).

The remaining section to be submitted is the Cost Proposal.

Proposals that do not comply with the requirements may be deemed non-responsive and rejected at the Office’s discretion.

Each section within the Technical Proposal (Part IA and Part IB) and Cost Proposal must be separated by clearly marked tabs with the appropriate section number and title as specified.

If discrepancies are found between two (2) or more copies of the proposal, the “MASTER” Copy will provide the basis for resolving such discrepancies. If one (1) copy of the proposal is not clearly marked “MASTER,” the Office may reject the proposal. However, the Office may at its sole option, select one (1) copy to be used as the master.

Although it is a public opening, only the names of the firms submitting proposals may be announced. Technical and cost details about proposals submitted will not be disclosed.


20.3 PART IA – TECHNICAL PROPOSAL

The Technical Proposal shall not include cost and/or pricing information. Cost and/or pricing information contained in the technical proposal may cause the proposal to be rejected.

20.3.1 The Technical Proposal Part IA must include:A. One (1) original marked “MASTER”; andB. Four (4) additional identical copies.

20.3.2 The Technical Proposal must not include confidential information (refer to Section 20.4-Part IB Confidential Technical Proposal and 20.6-Confidentiality of Proposals and cost and/or pricing information (refer to Section 20.5-Part II Cost Proposal). Cost and/or pricing information contained in the Technical Proposal may cause the proposal to be rejected.

20.3.3 Format and Content

20.3.3.1 Tab I – Title Page

The title page must include the following:

Part IA – Technical ProposalSolicitation Title: 2018 Municipal Advisor

ServicesFirm Name:Firm Address:Proposal Opening Date:

August 6, 2018

Proposal Opening Time:

2:00 PM

20.3.3.2 Tab II – Firm Information Coversheet

The Firm Information Coversheet completed with an original signature by an individual authorized to bind the firm must be included in this tab.

20.3.3.3 Tab III – State Documents

The State documents tab must include the following:

A. The signature page from all amendments or addenda with an original signature by an individual authorized to bind the firm.


B. Attachment A-Confidentiality and Certification of Indemnification with an original signature by an individual authorized to bind the firm.

C. Attachment C-Firm Certifications with an original signature by an individual authorized to bind the firm.

20.3.3.4 Tab IV–Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation

A. Attachment B with an original signature by an individual authorized to bind the firm must be included in this tab.

B. If the exceptions and/or assumptions require a change in the terms or wording of any section of the solicitation, the contract, or any incorporated documents, vendors must provide the specific language that is being proposed on Attachment B.

C. Only technical exceptions and/or assumptions should be identified on Attachment B .

D. The State will not accept additional exceptions and/or assumptions if submitted after the proposal submission deadline. If firms do not specify any exceptions and/or assumptions in detail at time of proposal submission, the Office will not consider any additional exceptions and/or assumptions during negotiations.

20.3.3.5 Tab V – Section 9-Firm Background

Firms must include the requested information per Section 9-Firm Background. If applicable, this section shall also include subcontractors’ firm information behind the Firm’s information.

20.3.3.6 Tab VI – Attachment G-Key Personnel Resumes

Firms must include all proposed Key Personnel resumes per Section 9.16- Key Personnel Resumes in this section. If applicable, this section shall also include subcontractors’ Key Personnel information behind the Firm’s information.

20.3.3.7 Tab VII – Section 11-Firm References

Firms must include the requested information for each client reference who will be returning a Reference Questionnaire on the firm’s behalf per Section 11.1-Identification of Firm References. If applicable, this section shall also include subcontractors’ references behind the Firm’s information.


20.3.3.8 Tab VIII – Section 12-Substantive Scored Questions

Firms must include the requested information per Section 12-Substantive Scored Questions. If applicable, this section shall also include subcontractors’ information behind the Firm’s information.

20.3.3.9 Tab IX – Other Informational Material

Firms may include any other applicable reference material in this section clearly cross referenced with the proposal.

20.4 PART IB – CONFIDENTIAL TECHNICAL PROPOSAL

Vendors only need to submit Part IB if the proposal includes any confidential technical information (Refer to Attachment A-Confidentiality and Certification of Indemnification).

20.4.1 The Technical Proposal Part IB must include:A. One (1) original marked “MASTER”; andB. Four (4) additional identical copies.




Part IB – Confidential Technical Proposal

Solicitation Title: 2018 Municipal Advisor Services

Firm Name:Firm Address:Proposal Opening Date:

August 6, 2018


2:00 PM

20.4.2.2 Tab II – Confidential Technical Proposal

Firms shall cross reference the confidential technical information back to the technical proposal, as applicable.


20.5 PART II – COST PROPOSAL

20.5.1 The Cost Proposal must include:A. One (1) original marked “MASTER”; andB. Four (4) additional identical copies.

20.5.2 The Cost Proposal must not be marked “confidential”. Only information that is deemed proprietary may be marked as “confidential”.




Part II – Cost ProposalSolicitation Title: 2018 Municipal Advisor

ServicesFirm Name:Firm Address:Proposal Opening Date:

August 6, 2018


2:00 PM

20.5.3.2 Tab II – Attachment H-Municipal Advisor Cost Proposal

Firms must include Attachment H in this section.

20.6 Confidentiality of Proposals

20.6.1 As a potential contractor of a public entity, firms are advised that full disclosure is required by law.

20.6.2 Firms are required to submit written documentation in accordance with Attachment A-Confidentiality and Certification of Indemnification demonstrating the material within the proposal marked “confidential” conforms to NRS


§333.333, which states “Only specific parts of the proposal may be labeled a “trade secret” as defined in NRS §600A.030(5)”. Not conforming to these requirements will cause your proposal to be deemed non-compliant and will not be accepted by the State of Nevada.

20.6.3 Firms acknowledge that material not marked as “confidential” will become public record.

20.6.4 It is the firm’s responsibility to act in protection of the labeled information and agree to defend and indemnify the State of Nevada for honoring such designation.

20.6.5 Failure to label any information that is released by the State shall constitute a complete waiver of any and all claims for damages caused by release of said information.


20.7 Proposal Packaging

Firm’s proposal must be appropriately labeled. If possible, one (1) sealed package or envelope is preferable, in accordance with the instructions below:

20.7.1 The sealed package or envelope shall be clearly marked as follows:

State of Nevada Treasurer’s OfficeC/O Jean Oliver101 North Carson Street, Suite #4Carson City Nevada, 89701

Solicitation Name: 2018 Municipal Advisor ServicesProposal Opening Date:

August 6, 2018


2:00 PM

Firm’s Name:

20.7.2 The sealed package or envelope shall include one (1) original marked “MASTER” and four (4) additional identical copies of:

1. Part IA-Technical Proposal 2. Part IB-Confidential Technical Proposal 3. Part II-Cost Proposal

20.7.3 The sealed package or envelope shall include one (1) CD as directed in 20.2-General Submission Instructions.

20.7.4 Proposals must be received no later than the date and time specified in Section 4-Solicitation Timeline. Proposals that do not arrive by proposal opening time and date will not be accepted. Firm may submit their proposal any time prior to the above stated deadline.

20.7.5 The State will not be held responsible for proposal packages mishandled as a result of the package not being properly prepared.

20.7.6 Email, facsimile, or telephone proposals will NOT be considered.


21. Submission Checklist

This checklist is provided for firm’s convenience only and identifies documents that must be submitted with each package in order to be considered responsive. Any proposals received without these requisite documents may be deemed non-responsive and not considered for contract award.

Part IA – Technical Proposal Submission Requirements Completed

Required number of Part IA-Technical Proposals per submission requirementsTab I Title PageTab II Firm Information CoversheetTab III State Documents

Tab IV Attachment B – Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation

Tab V Section 9 – Firm BackgroundTab VI Attachment G – Key Personnel ResumesTab VII Section 11 – Firm ReferencesTab VIII Section 12 – Substantive Scored QuestionsTab IX Other Informational Material

Part IB – Confidential Technical Proposal Submission Requirements (If applicable)

Required number of Part IB-Confidential Technical Proposal per submission requirementsTab I Title Page

Tab II Appropriate sections and information that cross references back to the technical proposal

Part II – Cost Proposal Submission RequirementsRequired number of Confidential Financial Proposals per submission requirementsTab I Title PageTab II Attachment H – Municipal Advisory Cost Proposal

CD Required

One (1) CD with Part IA-Technical Proposal, Part IB-Confidential Technical Proposal, and Part II-Cost Proposal

Reference Questionnaire RemindersSend out Attachment F-Reference Questionnaire Forms for Firm (with Part A completed)Send out Attachment F-Reference Questionnaire Forms for proposed Subcontractors (with Part A and Part B completed, if applicable)


Attachment A-Confidentiality and Certification of Indemnification

Submitted proposals, which are marked “confidential” in their entirety, or those in which a significant portion of the submitted proposal is marked “confidential” will not be accepted by the State of Nevada. Pursuant to NRS 333.333, only specific parts of the proposal may be labeled a “trade secret” as defined in NRS 600A.030(5). All proposals are confidential until pool selection is made; at which time, both successful and unsuccessful firm’s technical and cost proposals become public information.

In accordance with the Submittal Instructions of this solicitation, firms are requested to submit confidential information in the separately marked and packaged “Part IB – Confidential Technical Information”.

The State will not be responsible for any information contained within the proposal. Should vendors not comply with the labeling and packing requirements, proposals will be released as submitted. In the event a governing board acts as the final authority, there may be public discussion regarding the submitted proposals that will be in an open meeting format, the proposals will remain confidential.

By signing below, I understand it is my responsibility as the firm’s representative to act in protection of the labeled information and agree to defend and indemnify the State of Nevada for honoring such designation. I duly realize failure to so act will constitute a complete waiver and all submitted information will become public information; additionally, failure to label any information that is released by the State shall constitute a complete waiver of any and all claims for damages caused by the release of the information.

This proposal contains Confidential Information, Trade Secrets and/or Proprietary information.

Please initial the appropriate response in the boxes below and provide the justification for confidential status.

Part IB – Confidential Technical ProposalYES NO

Justification for Confidential Status

Firm Name

Signature

Print Name Date


This document must be submitted in Tab III of Firm’s Part IA-Technical Proposal

Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation

I have read, understand and agree to comply with all the terms and conditions specified in this solicitation.

YES I agree to comply with the terms and conditions specified in this solicitation.

NO I do not agree to comply with the terms and conditions specified in this solicitation.

If the exception and/or assumption require a change in the terms in any section of the solicitation, the contract, or any incorporated documents, firms must provide the specific language that is being proposed in the tables below. If firms do not specify in detail any exceptions and/or assumptions at time of proposal submission, the State will not consider any additional exceptions and/or assumptions during negotiations.

Firm Name

Signature

Print Name Date

Firms MUST use the following format. Attach additional sheets if necessary.

EXCEPTION SUMMARY FORM

EXCEPTION #

SOLICITATION SECTION NUMBER

SOLICITATION

PAGE NUMBER

EXCEPTION(Complete detail regarding

exceptions must be identified)

ASSUMPTION SUMMARY FORM

ASSUMPTION #


SOLICITATION

PAGE NUMBER

ASSUMPTION(Complete detail regarding

assumptions must be identified)


ASSUMPTION #


SOLICITATION

PAGE NUMBER

ASSUMPTION(Complete detail regarding

assumptions must be identified)


This document must be submitted in Tab IV of Firm’s Part IA-Technical Proposal

Attachment C-Firm CertificationsFirm agrees and will comply with the following:

(1) Any and all prices that may be charged under the terms of the contract do not and will not violate any existing federal, State or municipal laws or regulations concerning discrimination and/or price fixing. The firm agrees to indemnify, exonerate and hold the State harmless from liability for any such violation now and throughout the term of the contract.

(2) All proposed capabilities can be demonstrated by the firm.

(3) The price(s) and amount of this proposal have been arrived at independently and without consultation, communication, agreement or disclosure with or to any other contractor, firm or potential firm.

(4) All proposal terms, including prices, will remain in effect for a minimum of 180 days after the proposal due date. In the case of the awarded firm, all proposal terms, including prices, will remain in effect throughout the contract negotiation process.

(5) No attempt has been made at any time to induce any firm or person to refrain from proposing or to submit a proposal higher than this proposal, or to submit any intentionally high or noncompetitive proposal. All proposals must be made in good faith and without collusion.

(6) All Conditions, Qualifying Criteria, Certifications, and provisions of this solicitation are deemed to be accepted by the firm and incorporated by reference in the proposal, except such conditions and provisions that the firm expressly excludes in the proposal. Any exclusion must be in writing and included in the proposal at the time of submission.

(7) Each firm must disclose any existing or potential conflict of interest relative to the performance of the contractual services resulting from this solicitation. Any such relationship that might be perceived or represented as a conflict should be disclosed. By submitting a proposal in response to this solicitation, firms affirm that they have not given, nor intend to give at any time hereafter, any economic opportunity, future employment, gift, loan, gratuity, special discount, trip, favor, or service to a public servant or any employee or representative of same, in connection with this procurement. Any attempt to intentionally or unintentionally conceal or obfuscate a conflict of interest will automatically result in the disqualification of a firm’s proposal. An award will not be made where a conflict of interest exists. The Office will determine whether a conflict of interest exists and whether it may reflect negatively on the Office’s selection of a firm. The Office reserves the right to disqualify any firm on the grounds of actual or apparent conflict of interest.

(8) All employees assigned to the project are authorized to work in this country.

(9) The firm has a written equal opportunity policy that does not discriminate in employment practices with regard to race, color, national origin, physical condition, creed, religion, age, sex, marital status, sexual orientation, developmental disability or handicap.

(10) The firm has a written policy regarding compliance for maintaining a drug-free workplace.

(11) Firm understands and acknowledges that the representations within their proposal are material and important and will be relied on by the Office in evaluation of the proposal. Any firm misrepresentations shall be treated as fraudulent concealment from the State of the true facts relating to the proposal.

(12) Firm shall certify that any and all subcontractors comply with Sections 7, 8, 9, and 10 above.

(13) The proposal must be signed by the individual(s) legally authorized to bind the firm.

Firm Name

Firm Signature


Print Name Date

Attachment D-Contract Form

The State Contract Form is provided as a courtesy to firms interested in responding to this solicitation. Please review the terms and conditions in this form, as this is the standard contract used by the State for all services of independent contractors. It is not necessary for firms to complete the Contract Form with their proposal.

If exceptions and/or assumptions require a change to the Contract Form, firms must provide the specific language that is being proposed on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation.

Please pay particular attention to the insurance requirements, as specified in Section 16 of the embedded contract and Attachment E-Insurance Schedule for Solicitation.

(To open the document, double click on the icon.)


This document must be submitted in Tab III of Firm’s Part IA-Technical Proposal

Attachment E-Insurance Schedule

The Insurance Schedule is provided as a courtesy to firms interested in responding to this solicitation. Please review the terms and conditions in the Insurance Schedule, as this is the standard insurance schedule used by the State for all services of independent contractors.

If exceptions and/or assumptions require a change to the Insurance Schedule, firms must provide the specific language that is being proposed on Attachment B-Technical Proposal Certification of Compliance with Terms and Conditions of Solicitation.



Attachment F-Reference Questionnaire

The State of Nevada requires proposing firms to submit business references. The purpose of these references is to document the experience relevant to the Scope of Services identified with the solicitation and provide assistance in the evaluation process.

INSTRUCTIONS TO PROPOSING FIRM1. Proposing firm or firm’s proposed subcontractor shall complete Part A of the

Reference Questionnaire.2. Proposing firm shall send the Reference Questionnaire to each business

reference listed in the solicitation Section 11.1 for completion of Part B, Part C and Part D.

3. The Business Reference is requested to submit the completed Reference Questionnaire via email to:

State of Nevada, Office of the State TreasurerSubject: 2018 Municipal Advisor Services Services SolicitationAttention: Jean OliverEmail: [email protected]

Please reference 2018 Municipal Advisor Services Solicitation-Reference for (Place the MA Firm’s Name here) in the subject line of the email.

4. The completed Reference Questionnaire MUST be received no later than 2:00 PM PT August 6, 2018

5. Business references are NOT to return the Reference Questionnaire to the Proposer (Firm).

6. In addition to the Reference Questionnaire, the State may contact any and all business references by phone for further clarification, if necessary.

7. Questions regarding the Reference Questionnaire or process should be directed to the individual identified on the solicitation cover page.

8. Reference Questionnaires not received, or not complete, may adversely affect the firm’s score in the evaluation process.




Attachment G-Key Personnel Resumes

A resume must be completed and attached for each of the Key Personnel assigned to the State.


Attachment H-Municipal Advisory Cost Proposal



Attachment I-State of Nevada Board of Finance and State Treasurer

Debt Management Policy

