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Commission authorizes solicitation for municipal-advisory services; selection subcommittee named
Summary
The commission authorized a solicitation for municipal-advisory services and described the historical three-year competitive process and selection subcommittee composition (treasurer, senate president, house speaker, attorney general and commissioner or designees).
The State Bond Commission on May 15 authorized issuance of a solicitation for offer for municipal-advisory services and authorized the evaluation and grading of responses by an evaluation team.
Staff explained the municipal adviser provides financial advice to the commission and that the current contract with PRAG expires Oct. 31. Historically, the commission completes a competitive selection process every three years. The authorization directs staff to issue the solicitation, evaluate responses via a selection subcommittee and, if needed, conduct oral interviews. The selection subcommittee is to be composed of the treasurer, the senate president, the speaker of the house, the attorney general and the commissioner or their designees; staff historically have served as the designees.
Representative Reiser moved approval of the solicitation authorization; Senator Barrow seconded the motion. The commission approved the item by voice vote with no roll-call tallies recorded in the transcript.
Why it matters: Selecting a municipal adviser affects the commission's financial advice and underwriting strategy for bond transactions; the three-year competitive process is the commission's customary procurement practice.
