| RFP-P&A Legal Services: Issuer's, Loan, Bond, Other Counsel |
| Program Summary |
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| Description |
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| Solicitation Overview |
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Identification
| Reference Number: | 22014264 |
| Agency Reference Number: | IFA0800009 |
| Agency: | IFA - Illinois Finance Authority |
| Title: | RFP-P&A Legal Services: Issuer's, Loan, Bond, Other Counsel |
| Small Business Set-Aside: | No |
Overview
| The Illinois Finance Authority (the IFA or Agency/Buyer) is requesting offers from responsible vendors to meet the IFAs needs. A brief description is set forth below for your convenience, with detailed requirements found in Section 4 of the RFP, Services Required from the Vendor. If you are interested and able to meet these requirements, we would appreciate and welcome an offer.
Upon completion of the RFP process, if you are the selected Vendor, you will be expected to enter into a binding contract with the IFA. The Contract for Services (the Contract) will follow the format and include the contractual terms as specified in the attached Sample Contract for Services.
The IFA is a body politic and corporate of the State of Illinois that was created on January 1, 2004 by the Illinois Finance Authority Act, 20 ILCS 3501/801 et seq., as amended from time to time (Act), as the consolidation of seven predecessor authorities including, the Illinois Development Finance Authority, the Illinois Farm Development Authority, the Illinois Health Facilities Authority, the Illinois Education Facilities Authority, the Illinois Community Development Finance Corporation, the Illinois Rural Bond Bank, and the Research Park Authority (collectively, IFA Predecessors). The IFA is self-financed and does not support its operations or the vast majority of its programs through appropriations from the State of Illinois.
As authorized by the Act, the IFA has a broad mission to, among other things, create and retain jobs, increase economic development, and otherwise improve the quality of life of all of the people of Illinois by assisting in the efficient and cost-effective financing of the following types of projects: Health Facilities, Economic Development, Education, Agriculutural Facilities & Agri-Business, Community & Culture, Energy, Local Government, and Housing.
To fulfill its mission, the IFA seeks qualified providers of legal services (Vendors) to represent it from time to time in the following matters:
A)Issuers Counsel. The IFA is seeking a pool of qualified law firms to serve, from time to time at the request of the IFA, as IFAs counsel on IFAs bond or note issuances. Historically, the IFA has issued approximately $3-5 billion of bonds per year. Most of these issuances are conduit issuances of bonds; however, the IFA may issue bonds secured by a pledge of the States moral obligation or the IFA may offer another form of credit enhancement. Bonds may be issued for projects (as defined under the Act) which generally fall within one of the following IFAs market sectors: Agriculture, Business & Industry, Communities & Culture, Healthcare, Higher Education and Housing. For a specific description of the IFAs market sectors and programs offered in each market sector, visit the IFAs website at: www.il-fa.com. While most bonds are issued on a tax-exempt basis, the IFA, from time to time, will issue bonds on a taxable basis. Additionally, while most bonds are credit enhanced, the IFA does, from time to time, issue unrated, non-credit enhanced bonds. Bonds may be issued for sale to the public or on a private placement or direct purchase basis. The IFA makes no guarantee regarding the dollar amount or number of bond issues to be assigned to any Vendor, if any.
B)Loan Counsel (various programs). The IFA is seeking a pool of qualified law firms to serve, from time to time at the request of the IFA, as IFAs counsel on IFAs loan transactions, including counsel for its participation loan programs, its direct loan programs, and its seven agricultural guarantee programs (1. Farm Purchase Guarantee; 2. Specialized Livestock Guarantee Program; 3. Agri-Industry Guarantee Program; 4. Agricultural Debt Guarantee Program; 5. Young Farmer Guarantee Program; 6. Value Added Stock Financing Program; and 7. Guaranteed Secondary Market Loan Program, collectively loan guarantee programs). Through the Participation Loan Program, the IFA may purchase up to the lesser of $500,000, or a 50% participation in a loan, directly from the borrowers lender. Through its Direct Loan Programs (e.g., the Rural Development Loan Program), the IFA may make direct loans to borrowers for various purposes as provided under the Act. Through the loan guarantee programs, loans are made through a local lender and the lender may receive a guarantee of up to 85% of the principal and interest of the loan. For a description of the IFAs loan programs (participations loan programs; direct loan programs; loan guarantee programs), visit the IFAs website at: www.il-fa.com. The IFA makes no guarantee regarding the dollar amount or number of loans to be assigned to any Vendor, if any
C) Bond Counsel (various programs). The IFA is seeking one or more qualified law firms to serve, from time to time at the request of the IFA, as bond counsel on the IFAs: (1) Beginning Farmer Bond Program, (2) Local Government Bond Program including the Pooled Bond Program, and (3) Pooled Tax Anticipation Warrant Program. Below is a brief description of these programs. For more information, visit IFAs website at: www.il-fa.com. The IFA makes no guarantee regarding the dollar amount or number of bond issues to be assigned to any Vendor, if any.
D) Counsel for Other Financing Transactions. The IFA is seeking one more qualified law firms to, from time to time at IFAs request, provide legal advice and counseling to the IFA in connection with developing new financing programs, structuring financing transactions including, without limitation, providing tax advice relating to the structure, or modifying existing financing programs and policies, all as permitted pursuant to the Act. In connection with providing these services, counsel may be called upon to, among other things, issue legal opinions (written or oral) to the IFA regarding the legality of a particular financing or program or tax exempt status of a particular transaction or provide other services as may be reasonably requested by the IFA. For information regarding the IFAs current financing programs, visit the IFAs website at www.il-fa.com. The IFA makes no guarantee regarding the dollar amount or number of transactions to be assigned to any Vendor, if any.
The IFA reserves the right to maintain the aforementioned matters or, based on the initial responses received, to remove or add matters that will best enable the IFA to meet its mission and goals and/or to name multiple qualified service providers to multiple categories. The IFA further reserves its right to conduct an additional RFP process if the IFA decides that it requires such a process or is faced with a situation where unique qualifications or services are required.
Once selected, the Vendor will be assigned, at the discretion of the IFA, based on the needs of the IFA and the particulars of the IFA project. The IFA anticipates that any Contract awarded under this RFP s will have an initial term of twenty-four months with a renewal period, at the discretion of the IFA, of an up to an additional twelve months The IFA reserves the right to revisit the selection process for the Services Requested under this RFP at any time and to terminate the Vendors Contract with the IFA at any time and without cause or penalty on thirty [30] days written notice to the Vendor. It is anticipated that the number, complexity, type, and size of IFA project financings will remain consistent with those approved and closed on an annual basis since January 2004. |
Key Information
| Solicitation Type: | Request for Proposal |
| Category: | Other |
| Status: | Open |
| Published: | 02/01/2008 |
| Due Date: | 02/22/2008 |
| Due Time: | 5:00 PM Local Time |
Solicitation Contact
| Name: | Chris Meister, General Counsel |
| Address: | Illinois Finance Authority 180 N. Stetson, Suite 2555 Chicago, IL 60601 |
| Phone: | 312-651-1310 |
| Fax: | 312-651-1350 |
| E-Mail Address: | cmeister@il-fa.com |
Class Code
| Class Codes: | | S350 Legal/Legislative Services |
Attachments
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