Underwriting Services

Location:	California
Posted:	Apr 18, 2026
Due:	May 7, 2026
Agency:	City of Elk Grove
Type of Government:	State & Local
Category:	Q - Medical Services
Publication URL:	To access bid details, please log in.

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City of Elk Grove

Request for Proposals for Underwriting Services

On behalf of the City of Elk Grove (“City”), Fieldman (the “Municipal Advisor”) is soliciting proposals

from qualified underwriting firms to establish a pool of underwriters for the City's future bond

financings. Potential financing types may include, but are not limited to, Community Facilities

District ("CFD") Special Tax Bonds, Lease Revenue Bonds ("LRBs"), and other obligations as

determined by the City. The City has identified potential future bond issuance to help fund the

Whitelock Freeway Interchange Project, Project Elevate and a new Corporation Yard in the next

five (5) years.

Based on an evaluation of the proposals received, the City intends to establish a pool of qualified

underwriters for a period of up to five (5) years. Selection to the pool does not guarantee

participation in any financing. The City reserves the right, at its sole discretion, to select one or

more underwriters from the pool for a given transaction based on which firm or firms best meets

the requirements of that specific financing. Prior to selecting an underwriter(s) for a particular

financing, the City also reserves the right to request a short-form proposal from among the pool

members. The City reserves the right to refresh the pool at any time and to remove any firm if it

no longer serves the City's best interests, including in the event of changes in assigned personnel

or level of expertise.

SUBMITTAL INFORMATION

Responses are to be delivered via e-mail by 3:00 pm PT, Thursday, May 7, 2026 to Un Chu

Reardon at ureardon@fieldman.com or Dan Shaw at dshaw@fieldman.com.

Responses should be no more than ten (10) pages, excluding any appendices, cover page

or table of contents, with font size no smaller than 11-point.

ADDITIONAL INFORMATION

All questions must be submitted via email no later than 3:00 pm PT, Wednesday, April 29, 2026

to Un Chu Reardon and Dan Shaw at the email addresses listed above. Please do not contact the

City from the date the RFP was sent out, through the date the selection is complete.

City of Elk Grove

Request for Underwriting Proposals

Page 2

BACKGROUND

The City is seeking to establish a pool of underwriters to support its capital financing program on

an as-needed basis. The City's financing needs may include new money issuances and refinancings

across multiple debt types. Selection to the underwriter pool does not guarantee participation in

any such financing.

As an immediate pending financing, the City, through the Elk Grove Finance Authority (the

"Authority"), anticipates issuing Special Tax Revenue Bonds (the "Laguna Ridge Bonds") this

Summer to assist in financing certain improvements for Community Facilities District No. 2005-1

(Laguna Ridge) (the "District") and to refund outstanding Series 2016 (Outstanding Par of

$100,855,000) and Series 2018 Bonds (Outstanding Par of $18,405,000) callable at par on

September 1, 2026. The Series 2016 Bonds has a Reserve Fund cash balance of $8,108,683 and

the 2018 Bonds has a Reserve Fund cash balance of $1,674,103. The City anticipates that the new

money and refunding of the Laguna Ridge Bonds will be done as one transaction.

The District was formed in 2005 and now is substantially built out. As of May 1, 2025, property in

the District subject to the Special Tax securing the Bonds consists of approximately 5,767 taxable

parcels, the vast majority of which have been developed over the past 20 years into single family

homes.

The Bonds are special obligations of the Authority, payable from and secured by Revenues of the

Authority consisting primarily of payments received by the Authority from the City in connection

with the Bonds. The Bonds will be secured on a parity basis with the Series 2016, 2018, 2020, 2021

and 2024 Bonds by Facilities Special Taxes levied against taxable property in the District.

The District’s total bond authorization is $225,000,000. To date, $215,590,000 in new money bonds

have been issued, leaving $9,410,000 in remaining unissued authorization. The upcoming bonds

will represent the sixth series and are being structured to achieve 110% debt service coverage,

based on the maximum annual Facilities Special Taxes from Developed Property and Designated

Developed Property, after deducting Priority Administrative Expenses. Both the Facilities Special

Taxes and Priority Administrative Expenses are projected to escalate at an annual rate of 2%.

LAGUNA RIDGE BONDS FINANCE TEAM

Jones Hall is acting as Bond Counsel and Disclosure Counsel, Fieldman is serving as Municipal

Advisor, and NBS is serving as Special Tax Consultant.

City of Elk Grove

Request for Underwriting Proposals

Page 3

LAGUNA RIDGE BONDS TENTATIVE SCHEDULE

The schedule below summarizes the key dates that would allow the finance team to complete the

financing.

RFP questions due by 3:00 pm PT

RFP responses due by 3:00 pm PT

Underwriter selection completed

City Council/Authority financing approval

Price Bonds

Close Bonds

April 29, 2026

May 7, 2026

Week of May 18, 2026

July 22, 2026

+/- July 29, 2026

+/- August 12, 2026

CONTENT OF RESPONSE TO REQUEST FOR PROPOSAL

The selection of the firm or firms to serve on the City's underwriter pool will be based on responses

to the questions below. The award and approval of the underwriting engagement will ultimately

be made by the City. Responses should address the Laguna Ridge Bonds as the immediate

pending financing and also reflect the firm's broader capabilities across the range of financing

types described above.

1. Firm Overview and Experience

• Provide a brief description of your firm and its experience underwriting California CFD

Special Tax Bonds and California Lease Revenue Bonds/Certificates of Participation

since January 1, 2021. Include the total number and par amount of sole or senior

managed transactions for each financing type.

• As an appendix, provide a list of this experience including:

• Date of issuance

• Issuer name

• Par amount

• Firm role

• Method of sale

• Underwriter's discount ($/bond)

• Key banking staff members and their roles

2. Proposed Team

Please provide brief biographies of your proposed team members. Identify a proposed

lead banker, engagement manager/day-to-day contact, summarize what each person’s

role would be and who you propose to engage as Underwriter’s Counsel for the pending

Laguna Ridge Bonds and provide their contact information.

City of Elk Grove

Request for Underwriting Proposals

Page 4

3. Structuring Considerations for the Laguna Ridge Bonds

Assuming the Laguna Ridge Bonds are sold according to the proposed timeline, provide

a summary of your proposed bond structure in the body of your proposal and include the

detailed cash flows as an appendix. Discuss any timing and market considerations and

your thoughts on optional redemption features for the Laguna Ridge Bonds. Please discuss

options for how the City can best use the existing Laguna Ridge cash-funded reserves to

either enhance savings or provide new money to fund infrastructure.

4. Marketing Considerations for the Laguna Ridge Bonds

Considering the current conditions in the municipal marketplace, please discuss your

marketing and sales strategy for the Laguna Ridge Bonds. Considering the City Council

approval date, discuss how long of a marketing period is needed. What strategies would

you plan to utilize to garner investor interest for the Laguna Ridge Bonds.

5. Proposed Compensation for the Laguna Ridge Bonds

Assuming a total par amount of $128.660 million and a 26-year term, provide your

proposed underwriter compensation. Provide proposed takedowns by maturity and a

detailed breakdown of the expense components including the cost of underwriter’s

counsel. Please note that the estimated par amount provided herein should not influence

your response to question 3.

6. Proposed Compensation for future Lease Revenue Bonds

Assuming a total par amount of $50.0 million with an underlying AA rating and a 30-year

term, provide your proposed underwriter compensation. Provide proposed takedowns by

maturity and a detailed breakdown of the expense components including the cost of

underwriter’s counsel.

7. Rating(s) Strategy

Please discuss your rating(s) strategy for the City based on its existing outstanding General

Fund debt and current rating. What are some of the most important considerations for

maintaining or potentially upgrading the City’s outstanding credit rating based on future

issuance of Lease Revenue Bonds.

8. References

Provide three references for each of the following financing types where your firm served

as underwriter: (a) CFD Special Tax Bond transactions, and (b) Lease Revenue Bond

transactions. For each reference, include the agency name, contact information, and a brief

description of the financing.

City of Elk Grove

Request for Underwriting Proposals

Page 5

9. Regulatory/Legal Issues

Discuss recent developments in your firm's and/or assigned personnel's involvement in or

pending regulatory investigation or litigation within the last three years. Please list any

potential conflicts of interest your firm may have in acting as an underwriter for the City.

10. Insurance Requirements

Please review the Insurance Requirements provided an Exhibit A and include in your

proposal a statement that you meet all the City’s Insurance Requirements and will provide

a Certificate of Insurance evidencing coverage prior to commencing any work.

DISCLAIMER

The City reserves the right to withdraw this Request for Proposals at any time without prior notice,

to reject any and all proposals, and to waive informalities and minor irregularities in any proposal

reviewed. Additionally, the City reserves the right to negotiate all final terms and conditions of

any preliminary agreement entered into with the underwriter. All proposals submitted to the City

in response to this Request for Proposals shall become the property of the City. The City makes

no representations that any contract will be awarded to any respondent. Nothing in this Request

for Proposals shall be deemed to commit the City to engage any underwriter or to proceed with

the sale of the Bonds. All costs associated with any proposal shall be the sole responsibility of the

proposer.

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

type	name(s)	due date	notice	details	posted
RFP	Underwriting Services	05/07/26	RFP Package	Q & A	Finance	04/17/26	Active

Underwriting Services

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