SUBJECT/RECOMMENDATION:
Title
Award a contract for arbitrage consulting services not to exceed $50,000 for the five-year period ending September 30, 2021, to Arbitrage Consulting Services, Inc., of Centennial, Colorado, and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
Issuers of tax-exempt bonds are required to timely file IRS Form 8038-T and remit any positive arbitrage on every 5-year anniversary of a bond issue. The IRS rules regarding arbitrage calculation are complex and most municipalities elect to hire experts in this area to ensure compliance.
RFP 40-16 was issued soliciting proposals from professional firms providing arbitrage compliance consulting services.
The City received four proposals from firms responding and all were deemed responsible proposals.
These proposals were evaluated on the basis of firm qualifications, personnel qualifications, fees, and references. The committee recommends the Council approve a contract with Arbitrage Compliance Specialists as the firm submitting the proposal that best meets the City’s requirements.
Appropriation Code:
2xx-07000-530100-xxx-xxx-xxxx $50,000
Paid from debt service funds associated with the bond issue.