3.1 Somerset County is seeking proposals for underwriter services for the purposes of issuing notes and bonds throughout the course of 2025. Somerset County issues such bonds and notes for the purposes allowable under N.J.S.A. 40:37A45 and more specifically intends to issue such taxable and tax exempt bonds and notes for the purposes of economic development, open space preservation, tourism, etc. as permitted, and to issue and refund such taxable and tax-exempt bonds and notes as otherwise deemed appropriate by Somerset County. Somerset County will also undertake to issue such bonds and notes for the purposes allowable under the referenced statutes on behalf of itself and other government entities both within and outside of the County of Somerset. 3.2 The Underwriter selected for any one note or bond issuance may be one or more firm(s), chosen based on the specific purpose of the proposed bond or note issue including experience with type and purpose of issue, and shall be selected by Somerset County on an evaluation of the most advantageous proposal, including price, and the other factors required by this Underwriter RFP, all as determined in the sole discretion of Somerset County. Proposals submitted to Somerset County are the property of Somerset County for all purposes of applicable law. 3.3 There shall be no contract with the selected Underwriter, regardless of any action of Somerset County, until a duly authorized Bond Purchase Agreement is in place with one or more Underwriters and Somerset County. 3.4 Due to inherent conflicts of interest, the firm selected as underwriter will not be allowed to resign in order to serve as financial advisor for any proposed transactions. 3.5 Underwriting Firm Requirements: A. Must be listed in the Bond Buyers Municipal Marketplace Directory (the Red Book) for a period of at least 5 years. Proposals should demonstrate the ability and experience in capable underwriting firm(s) to performing the required underwriting services considered by this Underwriter RFP, including knowledge of and experience in the State of New Jersey (the “State”) and national taxable municipal markets, commitment to public finance, prior underwriting performance, and the ability to execute quality and timeliness of work. B. Underwriting Firm(s) must assign trained, educated, and relevant experienced individuals. Proposals should list the individuals potentially to be assigned as well as education, experience and work on relevant projects. C. Describe the marketing strategies to be employed, and the ability to effectively market taxable and nontaxable obligations, particularly those similar in structure and credit to those previously issued by Somerset County. D. Explain financial capacity to underwrite the type of bonds and notes described herein.
