Underwriter Services

Common Request for Proposals
for Underwriting Services
September 10, 2026

Request for Proposals (RFP) Coversheet and Summary
Underwriting Services
IMPORTANT NOTICE: A restricted period under the Procurement Lobbying Law (State Finance Law
139-j and 139-k, as amended) is currently in effect for this procurement and will remain in effect
until final award and approval of selected firms by the DASNY Board of Directors (the "Restricted
Period"). No firm that is considering submitting a proposal or which has submitted a proposal
shall contact, whether directly or indirectly, any DASNY employee other than the Designated
Representative listed below during the Restricted Period about any matters related to this RFP
or any proposals submitted in response to this RFP. Such contact may result in disqualification,
termination, debarment and/or a determination of non-responsibility under applicable law.
The Designated Representative for this Procurement is:
Madeline Miller, Procurement Administrator
Email: RFPCoordinator@dasny.org
All questions must be submitted in writing, in electronic email format and on firm letterhead addressed
to the Designated Representative (ONLY). Verbal and telephone inquiries are prohibited.

Table of Contents
Section 1. General Information .............................................................................................................................. 1
A. DASNY Description .................................................................................................................................... 1
B. Purpose ........................................................................................................................................................ 3
C. Key Events/Dates ........................................................................................................................................ 3
Section 2. Engagement Requirements.................................................................................................................... 4
A. Overall Scope of Services ............................................................................................................................ 4
B. Specific Scope of Services .......................................................................................................................... 4
C. Engagement Standards; Rights of DASNY ................................................................................................. 5
Section 3. Diversity and Inclusion .......................................................................................................................... 5
Section 4. Inquiries/Questions & Answers ............................................................................................................ 6
A. Inquiries ....................................................................................................................................................... 6
B. Questions & Answers .................................................................................................................................. 6
Section 5. Evaluation of Proposals ........................................................................................................................ 6
A. The Selection Process .................................................................................................................................. 6
B. Preliminary Review ..................................................................................................................................... 6
C. Evaluation and Criteria for Selection .......................................................................................................... 6
D. Interviews .................................................................................................................................................... 7
Section 6. Submission of Proposals ....................................................................................................................... 7
Section 7. Important Information Affecting Proposers........................................................................................ 7
A. Proposal Requirements ................................................................................................................................ 7
B. DASNY's Requirements ............................................................................................................................. 8
C. DASNY's Rights and Prerogatives ............................................................................................................. 8
Section 8. Term of Engagement .............................................................................................................................. 8
Section 9. Vendor Responsibility ............................................................................................................................ 8
Section 10. Freedom of Information Law and Public Disclosure ........................................................................ 9
Section 11. Insurance ............................................................................................................................................... 9
Section 12. Items to be Completed and Returned ................................................................................................. 9
APPENDICES: ...................................................................................................................................................... 11
Appendix A - COMMON APPLICATION COVERSHEET............................................................................ 11
Appendix B - QUALIFICATIONS ................................................................................................................... 14
Appendix C - PERFORMANCE ....................................................................................................................... 16
Appendix D - INSIGHTS AND IDEAS............................................................................................................ 18

Appendix E - REFERENCES ............................................................................................................................ 20
Attachments:
Attachment 1: Diversity Questionnaire
Attachment 2: Sample Certificate of Insurance
Attachment 3: W-9
Attachment 4: Omnibus Certification
Attachment 5: Pricing Workbook
Attachment 6: Sample Empanelment Letters

Section 1. General Information
A. DASNY Description
The Dormitory Authority of the State of New York ("DASNY") is a public benefit corporation of
the State of New York empowered by Titles 4 and 4-B of the Public Authorities Law (the "Act"), to
provide design and project management services and issue bonds, notes and other obligations for a
wide variety of public purposes. DASNY is governed by a Board consisting of the Commissioner
of the Department of Health, the Commissioner of the State Education Department, the Director of
the Division of Budget, the State Comptroller or a representative appointed by the State
Comptroller, a representative appointed by the Assembly Speaker, a representative appointed by the
Temporary President of the Senate, and five members appointed by the Governor with the consent
of the Senate.
Under the Act, DASNY provides a multitude of services in various forms in connection with the
design, construction and financing of capital facilities for State University of New York, including
dormitories and educational facilities; City University of New York Senior Colleges; Community
Colleges; Boards of Cooperative Educational Services (BOCES); Cities and Counties with respect
to Court Facilities and Municipal Health Facilities; the Department of Education of the State of New
York and a number of other State and local governmental entities, including among others, school
districts, 853 Schools, Special Act Schools, the Department of Mental Health and its facilities.
DASNY also provides services primarily regarding the issuance of debt to independent colleges and
universities, facilities for the aged, not-for-profit hospitals and nursing homes as well as a wide
variety of other not-for- profit organizations specifically described in the Act. DASNY issues State-
supported debt through the Personal Income Tax (PIT) Revenue Bond Program as well as the Sales
Tax Revenue Bond Program. DASNY is one of five statewide entities authorized to issue State-
supported debt through the Personal Income Tax Revenue Bond Program and one of three statewide
entities authorized to issue Sales Tax Revenue Bonds.
DASNY is one of the largest issuers of tax-exempt debt in the nation and currently has several
hundred series of tax-exempt and taxable bonds outstanding with a total par value of approximately
$66.6 billion as of March 31, 2026. During fiscal year 2025-26, DASNY sold 21 bond issues totaling
$10.9 billion. Of the $10.9 billion issued last fiscal year, $3.4 billion was issued on behalf of health
care, higher education and not-for-profit clients and $7.4 billion was issued for public issuances
including State-Supported debt. Major programs include the following:
State Supported Debt:
Personal Income Tax Revenue Bonds: The Personal Income Tax Revenue Bond Program was
enacted to reduce the State's borrowing costs by improving the marketability and
creditworthiness of State-supported bonding obligations and to reduce administrative costs by
consolidating the issuance of multiple programs. The PIT Revenue Bond Program is one of the
primary financing vehicles for a broad range of capital projects including projects for the State
University of New York Educational Facilities; the City University of New York; the Office of
Mental Health; the Office of Persons with Developmental Disabilities; the Office of Alcoholism
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and Substance Abuse Services; Upstate Community Colleges; the Court Officers Training
Academy; Library Facilities; the State Education Department, the Department of
Transportation, the Department of Environmental Conservation and the Office of Parks
Recreation and Historic Preservation. In addition, various grant programs are financed with PIT
Revenue Bonds.
Sales Tax Revenue Bonds: The Sales Tax Revenue Bond Financing Program is one of the
primary financing vehicle for a broad range of capital projects including projects for the State
University of New York-Educational Facilities; the City University of New York; the Office of
Mental Health; the Office for People with Developmental Disabilities; the Office of Alcoholism
and Substance Abuse Services; Upstate Community Colleges; the Court Officers Training
Academy; Library Facilities; the State Education Department, the Department of
Transportation, the Department of Environmental Conservation and the Office of Park
Recreation and Historic Preservation. In addition, various grant programs may also be financed
with the Sales Tax Revenue Bonds.
Other Public Programs:
State University Dormitory Facilities: State University Dormitory Facilities Revenue Bonds
are issued to finance construction and rehabilitation projects for the system of universities and
colleges of the State University of New York (SUNY). The bonds are secured by room rents,
fees and charges.
School Districts: Chapter 383 of the Laws of 2001, which became law on October 29, 2001,
changed the methodology through which State Building Aid is paid to public school districts. In
the past, Building Aid was based on the actual debt service incurred by school districts in
connection with their projects. Chapter 383 more closely aligns the disbursement of Building
Aid with the useful life of the assets financed by school districts, subject to statutory restrictions,
and, for most school districts that elect not to finance their projects through DASNY, uses an
assumed interest rate to compute the amount of aid payable. DASNY's current School Districts
Revenue Bond Financing Program is designed to provide public school districts across New
York State with an efficient financing alternative in light of the current methodology used to
reimburse school districts for the cost of capital projects through State Building Aid. DASNY
offers pooled financings as demand warrants throughout the course of the calendar year.
Board of Cooperative Educational Services (BOCES): Board of Cooperative Educational
Services (BOCES) programs offer advantages of specialization and economies of scale. The
ability to create a BOCES was first established in 1948 and is found in Section 1950 of the State
Education Law. Initially, the legislation was aimed at enabling small rural school districts to
combine their resources to provide services that otherwise would have been uneconomical,
inefficient or unavailable. Under the legislation, BOCES are formed regionally (usually by a
county or adjoining counties) as a consortium of the public school districts within the region.
Section 1689 of the Public Authorities Law (the "Act") authorizes DASNY, upon application
from a BOCES, to construct, acquire, reconstruct and furnish and equip school facilities. In
addition, pursuant to the Act, DASNY is authorized to issue bonds and notes to obtain funds for
the purposes of Section 1689.
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Conduit Programs:
Independent Colleges and Universities Revenue Bonds: Independent colleges and
universities revenue bonds are issued to finance the construction and renovation of facilities for
private, nonprofit colleges and universities.
Health Care Revenue Bonds: Health care revenue bonds are issued to finance the construction
and renovation of facilities for health care institutions including nonprofit hospitals, nursing
homes, facilities for the aged, long-term health care facilities and municipal health facilities.
Independent Institutions Revenue Bonds: Bonds are issued to finance the construction and
renovation of facilities for certain institutions that are authorized by statute.
B. Purpose
DASNY seeks proposals from qualified firms, registered with the Financial Industry Regulatory
Authority (FINRA) and/or the Securities and Exchange Commission (SEC), to serve as Senior
Managing Underwriters, Co-Managing Underwriters, and Selling Group Members in connection
with the proposed future issuance of bonds by DASNY. It is intended that through this Request for
Proposal ("RFP"), one or more qualified underwriters will be selected for inclusion on DASNY's
Qualified Underwriter List ("List"). DASNY expects to sell bond issues through the Personal
Income Tax Revenue Bond Program and the Sales Tax Revenue Bond Program during the term of
this engagement. Firms included on the List may also be used for other financings that may be
undertaken by DASNY during the engagement period.
Firms who wish to serve as Selling Group Members are not required to provide a proposal in
response to this RFP, but must complete and return the Common Application Coversheet attached.
DASNY may add additional firms as Selling Group Members to its list of underwriters at any time
upon demonstration of satisfactory registration requirements.
C. Key Events/Dates
Provided below is the schedule for milestones in this RFP process, listed in order of occurrence.
DASNY reserves the right to change any or all of these dates as it deems necessary or convenient
in its discretion. Proposing firms are responsible for periodically checking the DASNY website
for updates, clarifications, and other important information concerning this RFP. No
individualized notices will be provided. The Due Date for submission of all proposals under
this RFP is October 8, 2026 (3:00 pm, EST). Proposals received after this deadline will be
returned unopened.
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Event Date
Issuance of RFP September 10, 2026
RFP Question Deadline September 17, 2026 (3:00 pm)
RFP Question Response September 21, 2026 (5:00 pm)
Proposal Due Date October 8, 2026 (3:00 pm)
Notice of Pre-Award (on or about) October 29, 2026
Section 2. Engagement Requirements
A. Overall Scope of Services
The overall responsibilities of DASNY's Senior Managing Underwriter(s) shall include:
1. providing the most cost-effective pricing and marketing of DASNY's bonds at the lowest
interest rates possible;
2. identifying new strategies and initiatives as well as new ideas which could be utilized by
DASNY to further enhance DASNY's operation and the performance of DASNY's programs as
well as its overall goals;
3. identifying refunding opportunities for DASNY to reduce interest costs on its portfolios; and
4. providing such other related services as requested by DASNY from time to time.
B. Specific Scope of Services
The successful firm(s) will:
1. As Senior Managing Underwriter, provide services including (except as otherwise provided):
a. Structure and size bond issues;
b. Prepare cash flows and individual transaction cash flows for DASNY's programs;
c. Prepare financing schedules and calendar of events;
d. Prepare pricing memos discussing marketing conditions (including comparables) and
preliminary pricing scales, syndicate rules, syndicate price views and marketing
compensation;
e. Manage the underwriting process and provide advice on market timing and investor demand;
f. Conduct bond sale conference calls and coordinate information with the syndicate group;
g. Market and distribute bonds;
h. Commit capital as required in underwriting DASNY's bonds;
i. Provide post-closing analysis of debt issuances including pricing, orders, allotments,
designations, etc.;
j. Provide support for the bonds in the secondary market;
k. As remarketing agent, provide weekly/daily reset rates;
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l. Undertake certain market-related analysis of various financial products as may be requested
by DASNY;
m. Coordinate information meetings with institutional investors, credit analysts, financial
advisors and other public presentations as requested by DASNY;
n. Participate in discussions with DASNY upon the occurrence of unexpected events such as
dislocations in the market and assist DASNY in developing strategic and tactical responses;
and
o. Other services as requested from time to time.
2. As Co-Managing Underwriter, provide services including (except as otherwise provided):
a. Assist in marketing and distribution of bonds;
b. Commit capital as required in underwriting DASNY's bonds;
c. Provide support for the bonds in the secondary market; and
d. Other services as requested from time to time.
C. Engagement Standards; Rights of DASNY
Underwriting Partnerships - At the direction of DASNY, the firm must be willing to partner with
other firms, including M/WBE firms and Service-Disabled Veteran Owned Business (SDVOB)
Firms.
Financial Information - As a condition of this engagement each firm will be required to update
financial information prior to each appointment to senior manage or co-senior manage a transaction.
Firms will also be required to notify DASNY when a significant change or impairment of financial
position has occurred.
Syndicate Structures - DASNY reserves the right to review performance and reassign underwriters
on the list to new roles at any time during the engagement. DASNY may also fill management team
vacancies from firms on the list.
Reports to DASNY - Firms will be required to provide pricing information to DASNY for each
transaction for which they serve as Senior Manager. The form of the report is attached (see
Attachment 5).
Section 3. Diversity and Inclusion
The Proposer will not discriminate against any employee or applicant for employment because of race,
creed, color, sex, religion, national origin, military status, sexual orientation, age, disability, genetic
disposition or carrier status, domestic violence victim status, or marital status, will undertake or
continue existing programs of affirmative action to ensure that minority group members and women
are afforded equal employment opportunities without discrimination, and will make and document its
conscientious and active efforts to employ and utilize minority group members and women in its work
force on contracts with DASNY.
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Section 4. Inquiries/Questions & Answers
A. Inquiries
All inquiries concerning this RFP or any other aspects of this procurement must be emailed to the
Designated Representative for this procurement:
Madeline Miller - Procurement Administrator
E-mail: RFPCoordinator@dasny.org
B. Questions & Answers
In order to provide DASNY with sufficient time to reply, questions must be received via email to
RFPCoordinator@dasny.org no later than 3:00 pm EST on September 17, 2026. Questions will be
answered and posted to DASNY's website as Addenda under the Attachment Section of this RFP
no later than 5:00 pm EST on September 21, 2026.
No firm which is considering submitting a proposal or which has submitted a proposal shall
contact any DASNY employee other than the contact person listed above during the period of
the RFP process about any matters related to the RFP or any proposals submitted in response
to this RFP. Such contact may result in the rejection of the proposal.
Section 5. Evaluation of Proposals
A. The Selection Process
The selection process will begin with the review and evaluation of each of the written proposals.
The purpose of the evaluation is two-fold: (1) to examine the responses for compliance with this
RFP, and (2) to identify the complying firms that have the highest probability of satisfactorily
performing the scope of services. The evaluation will be conducted in a comprehensive and
impartial manner as set forth herein.
B. Preliminary Review
DASNY reserves the right to reject and return to the proposer all proposals received after the RFP
due date and time. All proposals will be reviewed to determine if they contain all required submittals
specified in this RFP. Incomplete proposals may be rejected.
C. Evaluation and Criteria for Selection
Proposals will undergo an evaluation process conducted by a Committee selected by DASNY. The
Committee will evaluate the proposals based upon the following criteria:
1. the information submitted in response to this RFP, including:
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