(RFQ No. 25-26/12) Bond Underwriting Services
| Location: | California |
|---|---|
| Posted: | Nov 18, 2025 |
| Due: | Dec 11, 2025 |
| Agency: | Port of Oakland |
| Type of Government: | State & Local |
| Category: |
|
| Publication URL: | To access bid details, please log in. |
| Type | Title | Deadline | Status |
| RFQ |
(RFQ No. 25-26/12) Bond Underwriting Services
(RFQ No. 25-26/12) Addendum No. 1
(Posted 11/18/2025) |
12/11/2025 until 11:00 am [Pacific Time] | Current |
Attachment Preview
Purchasing Department
530 Water Street
Oakland, CA 94607
November 18, 2025
ADDENDUM No. 1
RFQ No.: 25-26/12, Bond Underwriting Services
This Addendum modifies the original RFP Documents for the above-mentioned RFQ.
Acknowledge receipt of this addendum in the space provided on the RFQ
Acknowledgement and Signature Form (Attachment 3). Failure to do so may disqualify
your qualifications.
The following additional questions were submitted by the deadline and are answered in
this addendum.
1. Question: While going through it we saw in Section II. Minimum Qualifications letter B.
- Firm shall have at least one office in California; and At least one senior team member
identified in Section V (Vice President and above) must be located in the State of
California. We wanted to check if there was any exception for smaller firms like
ourselves seeking just a co-manager role in your underwriting pool as we do not
currently have an office in California. We are a smaller women-owned firm based in
Chatham, New Jersey with phenomenal distribution operating for over 40-years as a
municipal bond distribution platform.
Answer: The requirements outlined in Section II.B of the RFQ apply to all firms
regardless of size or the role being sought within the underwriting pool.
Unfortunately, the Port is not able to grant exceptions to these minimum
qualifications.
2. Question: On page 16 (included in this addendum) of the Port FY2026 Budget, could
you please share the tax status of each projected debt issuance?
Answer: On page 16 of the FY 2026 Operating and Capital Budgets presentation to
the Board of Port Commissioners on July 10, 2025, projected Maritime Division debt
issuances in the form of CP drawdowns in fiscal years 2027 and 2028 are assumed to
be 70% Non-AMT and 30% AMT. Projected CP drawdowns in fiscal years 2029 and
2030 are 100% Non-AMT. The Non-AMT portions of these issuances are intended to
finance the Turning Basins Widening Project.
For all other Port Revenue Divisions (Aviation, CRE, Utilities) assume 100% AMT debt
issuances (CP drawdown) in the future.
There are no other questions to RFQ No. 25-26/12.
25-26/12 – Addendum No. 1
Page 1 of 1
Highlights:
As each revenue
division’s Capital
Investment Fund
balance is depleted
over time, debt
must be issued to
fully fund projects in
division’s CIP.
No new CP Notes
were issued in FY
2025. New CP
Notes (short-term
debt) are planned in
FY 2026.
Total issuance of
CP Notes to fund
capital projects in
the 5-Year CIP is
estimated at $365.3
million.
Issuance of long-
term revenue bonds
to refinance CP
Notes anticipated in
FY 2027.
Preliminary Numbers – Subject to Change
Summary of Actual and Projected Debt Issuances by Division
($ millions)
Port Revenue Division
Aviation
Maritime
CRE
Utilities – AIR
Utilities - SEA
Total (CP Notes Issued)
2025
(Actual)
2026
2027
2028
2029
2030
Total
(2026-30)
--
--
--
$43.9
$33.9
--
$77.8
--
--
$32.1
$42.1
$16.5
$38.1 $128.8
--
--
$9.5
$8.5
$4.6
--
$22.7
--
$4.7
$21.8
$21.8
$13.6
--
$61.8
--
--
--
$33.0
$21.0
$20.2
$74.2
--
$4.7
$63.3 $149.3
$89.6
$58.3 $365.3
Financing plan is projected based on current assumptions regarding CIP costs and funding sources over the next five fiscal years.
Financing needs will change to the extent projects are delayed, contingencies not needed, underspend in operating or capital budgets
are realized, and/or availability of additional grant funding sources. Future interest rate environment may change proportion of CIP
funded with debt.
16
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