January 22, 2018
The State of Nevada Office of the Treasurer (“Office”) is soliciting qualified firms (no joint proposals), registered with the SEC and FINRA and/or the MSRB to serve as Senior Managing Underwriters and/or Co-Managing Underwriters (“Underwriters”) in connection with the timing, structuring, marketing, selling, and issuing of State securities.
Pursuant to MSRB Rule G-23 and the SEC Municipal Advisor Rule, Underwriters responding to this solicitation are identifying themselves as an underwriter and not as a financial advisor and acknowledge that their firm has financial and other interests that differ from those of the State.
The Office intends this solicitation process to result in the selection of several qualified firms for inclusion in either a Senior Managing Pool and/or a Co-Managing Pool (“Pools”). The size and composition of the Pools will be determined as part of the selection process.
The selections made pursuant to the solicitation will be effective for a period of up to four years or until such time the Office re-procures these underwriting services.
The Office, upon the direction of the Board of Finance, issues debt in the name of the State on behalf of State agencies and municipalities of the State of Nevada. Proceeds are used to finance State projects for programs such as Public Works, Clean Water Revolving Fund, Drinking Water Revolving Fund, Water Grants, Historic Preservation Grants, Natural Resources, University System, Transportation, Lease-Purchase, and Municipal Bond Bank.
The customary method for issuing State securities is through the competitive bid process.
While the presumptive method of sale is the competitive method, the negotiated method of sale may be warranted when certain conditions do not allow for a competitively bid selection of an underwriter at the actual time of the securities issuance. The negotiated method entails the selection of an underwriter or underwriting pool prior to the designated sale date. This allows the State to coordinate beforehand the complex tasks and requirements associated with the issuance directly with the underwriter, thereby increasing the probability of an optimal sale. Examples of conditions which may warrant a negotiated sale include:
Historically, debt issuances have been comprised of multiple series of bonds generally ranging between $5 million and $300 million and issued as one of the following types of securities: (1) General Obligation; (2) General Obligation with the additional pledge of a specific revenue source; (3) Revenue; or (4) Certificates of Participation secured by the commitment of the State to pay debt service, subject to annual appropriation by the State of Nevada Legislature.
STATE TREASURERS OUTLINE INFRASTRUCTURE PRINCIPLES IN RESPONSE TO PRESIDENT TRUMP’S $1.5T PROPOSAL https://t.co/0YaZMKUsrG