City Underwriter for RAN Renewal & Deficit Financing BAN & Bond Issues RFP

The City of Dunkirk (the "City") is hereby requesting proposals from qualified investment banking firms to serve as the City's Underwriter in connection with the issuance of a possible RAN, BAN and deficit bond issue. A refunding RAN and BAN (exact borrowing instruments will be reviewed and discussed with the selected underwriting firm) will be issued to refund the City's $12,731,307 Revenue Anticipation Notes 2024 dated July 25, 2024, to July 24, 2025. The Official Statement for the RAN issue may be found listed under the Dunkirk NY listing on the MSRB EMMA website.

The purpose of this Request for Proposal ("RFP") is to secure investment banking expertise to assist the City with the structuring, marketing and sale of the RAN and or BAN renewal. The City will select the firm that, in its sole judgment, provides a combination of relevant experience and expertise (especially with knowledge and the ability to assist fiscally distressed communities), and the highest degree of comfort that the transaction will close in a timely manner on the terms most favorable to the City as possible.

Questions regarding this RFP should be directed to the City's Treasurer, Mark Woods (telephone 716-366-9863) or the City's Municipal Advisor, Municipal Solutions, Inc., Jeffrey Smith, President (telephone 585-768-2136).

Proposals should address each of the following points (cover letters are not necessary):
1. Provide an overview of your firm and its public finance department. Included in this section should be a statement with respect to your firm's commitment to public finance in general and the New York market in particular. Disclose any proposed restructuring of your firm or your public finance and/or municipal bond. departments which might_ diminish such commitment. Relate any restructuring in your firm within the past two years which has affected your firm's commitment to municipal finance including, but not limited to, layoffs or other reductions of _personnel and. resources in public finance?? and in the distribution area of municipal securities.

2.    Provide a listing of all New York State Bond or BAN financings your firm has managed or co-managed since January 1, 2024. Please indicate the name of the issue, the amount of the issue and the type of sale. Also, please indicate if any of these issues involved lower credit and/or fiscally distressed communities.

3.    identify the individuals who will be the. principal contacts for the City and who will provide the City with investment banking services in connection with the proposed issue. With regard to each of. these individuals, please provide a brief background, emphasizing relevant experience with the structuring and marketing of financings involving fiscally challenged communities.

4. Provide a comprehensive and detailed plan •Of financing for the RAN and/or deficit BAN issue that can be accomplished pursuant to relevant Federal and State statues. As part of the plan, please include such matters_ as optional redemption features, bond insurance or other forms of credit enhancement that could be cost-effective and in the best interest of the City, and any other matters you feel are relevant to the financing plan. Please note the following parameters to be used in the structuring your proposal:
a. For an estimate. of the costs of bond· counsel fees and expense??, municipal advisory service fees and expenses, the printing and distribution costs, and associate expenses please use $60,000.
b. Please assume the issue is not designated and qualified.
c.    Please assume the City will not possess a current bond rating and will market the issue non-rated.
d.    Please use July 22. 2025 as the anticipated delivery date.

5.    Set forth the underwriters' estimated compensation for the transaction; such compensation is to include takedown, expenses, management fee, risk fee, sales compensation, and all other components related to the underwriting function. It should be noted that "expenses" are to include all potential costs and fees, including but not limited to, counsel to the underwriter, computer analysis, travel, wire service, federal funds and other marketing and transaction fees.

6.    Provide a summary of your firm's distribution system and marketing and distribution capabilities. Provide your opinion as to what type of investors will be interested in purchasing the securities and what specific type of investors your firm would target to purchase the City's securities, with specific references as to how your firm will market this issue.

7.    Provide any additional· information that you feel would distinguish your firm in its service as the underwriter for the issue.
8.    Please highlight the marketing results you achieved for other fiscally distressed communities over the last three years.

The issuance of this RFP constitutes only an invitation to present proposals. The City reserves the right, in its sole discretion, (a) to seek additional information and/or clarification on any proposal, (b) to negotiate with any respondent, and (c) to reject any and all proposals with or without cause. Under no circumstances will the City have any liability to any respondent for any costs or expenses incurred in connection with this RFP or otherwise. The City will respect the confidential nature of the proposals and will restrict the distribution other than to the appropriate City officials.

Proposals may be submitted via email. Neither the City, nor Municipal Solutions, Inc. shall be responsible for any errors and/or delays in transmission and/or receipt of such RFP proposals, mechanical or technical failures or disruptions, or any omissions or irregularities in any proposals submitted in such manner.

One (1) copy of your Proposal must be submitted no later than 5:00 PM EST on Monday, June 2, 2025, to each of the following individuals:
Mark Woods, City Treasurer
City ,of Dunkirk
342 Central A venue
Dunkirk, New York 14048
Email: mwoods@cityofdunkirk.com Telephone: 716-366-9863

Jeffrey Smith, President Municipal Solutions, Inc.
62 Main Street
LeRoy, New York 14482
Email: jrsmith(@municipalsolution.com
Telephone: 585-768-2136

It is anticipated the City will have a decision on a selected underwriter on or around June 6, 2025.
The City of Dunkirk thanks you for your attention to this matter and looks forward to your response to this request for proposals.

A09589 City Dunkirk Deficit Legislation Summary