Request for Proposals for Proposals for Investment Banking ...
Washington State Housing Finance Commission
Request for Proposals
Investment Banking Services
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.
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.
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.
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
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
o Qualifications of the individuals assigned to work with the Commission
o Demonstrated success in structuring and/or marketing municipal bond
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.
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
Director, Capital Projects Division
Washington State Housing Finance Commission
1000 Second Avenue, Suite 2700
Seattle, Washington 98104-1046
Telephone: (206) 287-4416
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
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 firstname.lastname@example.org 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
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
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
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.
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
unless the Commission approves specific written arrangements modifying travel
reimbursement in advance.