Request for Proposals for Proposals for Investment Banking ...


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Request for Proposals for Proposals for Investment Banking ...

  1. 1. Washington State Housing Finance Commission Request for Proposals for Investment Banking Services Introduction The purpose of this request for qualifications is to select an investment banking firm to participate in the development of a pilot program to finance energy efficiency and renewable energy projects in Washington State. Background Information The 2009 Washington State Legislature enacted legislation enabling the Washington State Housing Finance Commission (the Commission) to develop programs to finance energy efficiency and renewable energy projects for residential, commercial, agricultural, and municipal properties in Washington State (ESSB 5649 and ESHB1007). The Commission now intends for its finance team to determine the feasibility and development of a pilot program to finance energy efficiency and/or renewable energy projects in accord with the legislative intent. The participation of an investment banking firm on the finance team in the program development and potential bond issuance will enable the initial program to proceed in a timely and cost-effective manner. Statement of Work (Services to be Provided) The firm selected by the Commission will be expected to provide investment banking services including participation on the Capital Projects Division finance team to develop and structure one or more energy efficiency/renewable energy finance products or programs. In the event of a public sale of bonds the firm will be responsible for purchasing and distributing Commission-issued bonds and such other activities as deemed necessary by the Commission. Information to be Included in the Proposal Please include the following information in your proposal. 1. Describe your experience with financing programs for energy efficiency/renewable energy projects. 2. Describe your experience with municipal bond financing and particularly your experience with Washington State issuers.
  2. 2. 3. Describe your experience developing new financing programs over the past 5 years and the results of those programs. 4. Describe your knowledge of legislation and programs in Washington State related to energy efficiency/renewable energy financing. 5. Describe the experience and qualifications of the people who would be assigned to the Commission’s account. 6. Indicate the proposed compensation for a public sale of bonds, private placement of bonds, and services provided outside of a bond issue. 7. Describe your firm’s experience and success in reducing costs of issuing bonds. 8. Provide information or describe examples of how your firm has participated as a cooperative member of a municipal bond finance team and contributed to the solution of a significant problem encountered by the issuer during the last 3 years. 9. Provide a statement of assurance that your firm is not currently in violation of any regulatory agency rules, or if in violation, explain why the violation does not have a material adverse effect on your firm’s ability to perform under this contract. 10. List the name, telephone contact number and organization for three (3) references that the Commission may contact for information regarding your services. Evaluation Process A committee appointed by the Executive Director of the Commission will evaluate the proposals received. The Commission may request an interview. Proposals will be evaluated based on the responses to the questions listed in the section “Information to be Included in the Proposals” listed above. Proposals that omit any of these items of information may be rejected as nonresponsive. Preference will be given to firms with experience in the issuance of municipal bonds on behalf of entities in the state of Washington and familiarity with Washington State law and legislative processes. In selecting an underwriter for this pilot program the Commission will consider at least the following, not necessarily in order of priority: o Demonstrated technical competence, expertise and innovative ability o Demonstrated knowledge of energy efficiency/renewable energy financing programs o Familiarity with issues and legislation affecting energy efficiency/renewable energy programs in Washington State o Reputation for services o The cost in fees and expenses
  3. 3. o Qualifications of the individuals assigned to work with the Commission o Demonstrated success in structuring and/or marketing municipal bond issues The Commission reserves the right to seek clarification of each proposal and the right to negotiate a final contract in its best interest, considering cost effectiveness and the level of time effort required for the services. The Commission reserves the right to reject all proposals and issue another RFP, or not, at any time. Submission Requirements 1. Time, date, and location: Interested proposers must submit their proposals no later than 5:00 pm Prevailing Pacific Time on Friday June 12, 2009 to the address listed below: Tia Peycheff Director, Capital Projects Division Washington State Housing Finance Commission 1000 Second Avenue, Suite 2700 Seattle, Washington 98104-1046 Telephone: (206) 287-4416 Email: 2. Late submissions: A proposal shall be considered late if received at any time after 5:00 pm, Prevailing Pacific Time June 12, 2009. Proposals received after the specified time will not be given further consideration. 3. Proposers shall submit three (3) copies of their proposals as requested above. All materials shall be in 8 ½” by 11” format. No more than two (2) copies of brochures, annual reports, and other like material not specifically requested shall be submitted.
  4. 4. 4. Written questions: Questions regarding the information contained in the RFP must be submitted to the designated RFP contact, Tia Peycheff, no later than 5:00 pm Prevailing Pacific Time June 12, 2009. All questions must be submitted in writing by e-mail to or facsimile at (206) 254-5357 and received by the specified date and time. 5. There shall be no ex parte communications concerning the selection process between any proposer and any Commissioner, staff or others aiding in the selection process. 6. In the event it becomes necessary to revise any part of this RFP, addenda will be provided to all proposers who received the original RFP. 7. By submitting a proposal, contractors agree that they waive any claim against the Commission, the State of Washington, and their respective officers, employees, and agents for recovery of any costs or expenses incurred in preparing and submitting a proposal. Rejection of Proposals The Commission reserves the right to reject any and all proposals received as a result of this RFP without liability, and, if doing so would be in the public interest, to cancel this solicitation. The Commission reserves the right to accept a proposal or proposals in whole or in part. A contractor will be held to the terms submitted in its proposal, but may be required to reduce costs depending upon services which the Commission may determine to be unnecessary or for which the Commission decides to assume responsibility. Failure to meet these obligations will result in cancelation of any pending apparent successful proposer. Acceptance of Proposal Content
  5. 5. The contents of this RFP and the proposal of the successful contractor will become a part of the contract. Failure of the successful proposer to accept these obligations may result in cancelation of the contract. The Commission shall not be bound to any contract until and unless its authorized representative has executed a written agreement with a contractor. The Commission shall not be required to accept any proposal solely on the basis that it contains the lowest price for completion of the work contemplated by the RFP, and the Commission reserves the right to negotiate the final contract price. Duration of the Proposal An official authorized to bind the proposer to its provisions must sign proposals. For this RFP, the proposal must remain valid for at least 60 days after the deadline for the proposals. Investigation of References The Commission reserves the right to investigate the references and past performance of any proposer with respect to its successful performance of similar services, compliance with the RFP and contractual obligations, and its lawful payment of suppliers, subcontractors and workers. The Commission may postpone award or execution of the contract after the announcement of the apparent successful proposer in order to complete its investigation. The Commission reserves the right to reject any proposal at any time prior to execution of an agreement. Travel Expenses If the fee proposal accepted allows for travel reimbursement, such reimbursement to the selected contractor will be in compliance with the State Travel Policies promulgated by the Washington State Office of Financial Management. No exceptions will be allowed
  6. 6. unless the Commission approves specific written arrangements modifying travel reimbursement in advance.