Summary of Specifications:
The County of Grand Traverse is seeking proposals from qualified firms to provide financial consultant services for all County bond issues for a three (3) year period.
Grand Traverse County has issued $945,000 in bonds over the last two years. Bonds include County projects as well as sewer and water projects on behalf of local units of government through the Board of Public Works. Bonds are sold for local units of government under the County’s full faith and credit and with the precondition of using the County’s bond counsel and financial consultant.
The following specific tasks will be conducted for each County bond issue over the next three (3) years:
Task 1: Financial Information Preparation: Prepare complete financial information in cooperation with County officials, auditors, architects and engineers to determine the amount, nature and terms of the issue to be sold. Recommend optimum financing plan approach. Determine range of interest cost for financing alternatives.
Task 2: Bond Counsel Assistance: Provide support to bond counsel and local attorneys to assure most advantageous sale of bonds.
Task 3: Michigan Department of Treasury Application: Prepare, in cooperation with County officials and contractors, the application required by the Michigan Department of Treasury. Provide information and other support to Treasury staff in application review.
Task 4: Additional Services Recommendation: Identify need for and assist in procuring additional services, if necessary. Determine reasonableness of fees for such additional services including underwriters.
Task 5: Prospectus Preparation and Distribution: Prepare a comprehensive prospectus, outlining all details of the proposed financing. Duplicate and distribute prospectus to prospective bond sale bidders, including financial institutions and individuals. Provide and present prospectus and all other necessary information to recognized bond rating agencies.
Task 6: Bond Marketing: Advise County officials and contractors on the condition of the municipal bond market and the timing for bond marketing to obtain a sale on the best terms available. Set bidding requirements and other terms of public sale.
Task 7: Bond Sale: Assist in calculating interest cost on submitted bids. Provide detailed information, such as the general bond market status and current interest cost of comparable bonds sold, to assist in determining action on submitted bids.
Task 8: Bond Delivery: Print and deliver the bonds following the bond sale and furnish a schedule of principal and interest costs based on the coupon rates specified by the purchaser.
Task 9: Amortization Schedule: Provide a detailed amortization schedule showing interest and principal payment dates and amounts.
Task 10: Arbitrage Calculation: If necessary, conduct arbitrage rebate calculation.
Task 11: Refunding Issues: Consult with County officials on an annual basis to review outstanding bond issues for possible refunding as market conditions warrant.
