INTRODUCTION
Bay County, Florida (“County”) issued tax-exempt debt that is subject to the arbitrage provisions of the Tax Reform Act of 1986 and related IRS regulations. The Bay County Board of County Commissioners is seeking proposals from qualified firms for computing yields on its debt, amounts of rebate, yield reduction payments, spend-down penalty payments and legally opining on such computations.
SCOPE OF SERVICES
The firm shall be responsible for performing the following tasks:
1.
Review of all outstanding debt issues subject to rebate calculations and any additional debt issues that may be subject to rebate calculations during the contract period to determine the existing level of arbitrage compliance and future compliance needs. Such review shall include, as needed, prior rebate calculations performed for the County by the prior contractor. Outstanding bonds are as follows:
a.
2014 Water System Revenue Note (Alt water supply project)
b.
2015 Water & Sewer System Revenue Refunding Bonds
c.
2016 Water System Revenue Refunding Bonds
d.
2018A&B Sales Tax Revenue Refunding Note (Juvenile Justice courthouse, State Attorney/Public Defender facility, 3 Fire stations)
e.
2020 Tourist Development Tax Refunding Revenue Note (Sports Park)
f.
2020A&B Sales Tax Revenue Refunding Bond (Jail Complex)
g.
2021 Capital Improvement Revenue Refunding Note (Admin building and Pier, refunded 2011 debt)
h.
2021 Solid Waste System Revenue Bond (Landfill Expansion)
i.
2021A Capital Improvement Revenue Bonds (Courthouse addition)
j.
2022A Improvement Revenue Note (Southport Sports Complex)
k.
2022B Capital Improvement Refunding Note (Courthouse addition, refunded 2012 debt)
l.
2023 Capital Improvement Revenue Refunding Bond (refinance of 2020A Hurricane Michael Relief Revenue Bond)
m.
2024 Revenue Refunding Note (refinance of 2021B Hurricane Michael Relief Revenue Bond)
n.
Housing Finance Authority of Bay County’s Single Family Mortgage Revenue Bonds, Series 2002A and 2002B. This report is done every 5 years (last completed 2025)
2. Evaluate and make recommendations on current investment and record keeping practices for those funds and accounts subject to arbitrage.
3. Keep the County apprised of any changes in arbitrage compliance regulations that may occur during the term of the contract.
4. Annually, calculate and opine on the debt yields and excess earning as defined by U.S. Treasury Department regulations including:
a.
Data review and analysis.
b.
Computing/verifying the allowable yield limit for the issues.
c.
Computing/verifying the amount of excess earnings, if any, rebatable to the U.S. Treasury.
d.
Computing/verifying the amount of spend-down penalties payable to the U.S. Treasury under issues applying such provisions.
e.
Computing/Verifying the amount of yield reduction payments, if any, payable to the U.S. Treasury.
f.
Preparing all necessary IRS forms relating to the services provided.
g.
Submit final reports to the County showing the calculation method used, assumptions, conclusions, and any recommendations for changes in record keeping for the services provided.
h.
Legally opining as to the liability due to the U.S. Treasury under any of the arbitrage regulations. The legal opinion must include a statement that the calculation methodology used is consistent with current tax laws and regulations and may be relied upon by the County in determining its liability payments to the U.S. Treasury.
5. Assist the County as necessary in the event of an IRS inquiry, both during and subsequent to the contract period.
6. Provide consultation to the County as necessary regarding matters related to arbitrage rebate, spend-down penalty and yield reduction payments.
PROPOSAL DEADLINE/DELIVERY
ELECTRONIC OR SEALED PAPER PROPOSALS for RFP NO: 26-47 Arbitrage Rebate Calculation & Opinion Service will be received by the BOARD OF COUNTY COMMISSIONERS OF BAY COUNTY, FLORIDA up until 2:30 PM (central time) Thursday, July 23, 2026.. Proposals will be publicly opened immediately following the deadline. ANY PROPOSAL RECEIVED AFTER THE SPECIFIED TIME WILL NOT BE CONSIDERED.
Proposals for this solicitation may be submitted either electronically via OPENGOV PROCUREMENT or by paper, sealed and delivered to the Board of County Commissioners Purchasing Department, at 840 W. 11th Street, Suite 2500, Panama City, Florida 32401.
Special Accommodation: Any person requiring a special accommodation at a Pre-Proposal Conference or Proposal opening because of a disability should call the Purchasing Department at (850) 248-8270 at least five (5) workdays prior to the Submittal opening. For Hearing Impaired, Dial 1-800-955-8771 (TOO), and 1-800-955-8770 (Voice).
SOLICITATION DOCUMENTS
Electronic versions of the solicitation documents are available via OpenGov Procurement
https://procurement.opengov.com/portal/baycountyfl 
;
Proposal documents, plans, blueprints, or other materials may also be obtained by contacting the Bay County Purchasing Department,
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, 840 West 11th Street, Suite 2500, Panama City, FL 32401, (850) 248-8270.
For those projects with separate plans, blueprints, or other materials that cannot be accessed through the internet, the Purchasing Department will make a good faith effort to ensure that all registered respondents (those who have been registered as receiving a proposal package) receive the documents.
