Financial Advisor and Arbitrage Services

CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
GENERAL INFORMATION
The City of Fernandina Beach, Florida (City) is accepting competitive sealed proposals for a
Financial Advisor and Arbitrage Services Provider from Florida licensed professionals to
provide financial advice and arbitrage services to the City.
The City of Fernandina Beach will receive sealed proposals from qualifying financial advisor and
arbitrage service providers through Demandstar.com (www.demandstar.com). Proposals
must be uploaded to Demandstar.com E-Bidding System prior to 2:00PM, June 16, 2026.
Hand-delivery, mailed, faxed or emailed submissions will not be accepted.
Proposals must be received no later than the time and date and at the location specified in the
request. No proposals shall be received later or at any other location than specified. Any response
received later or at any other location than specified shall not be considered. It shall be the
respondent's sole responsibility to ensure that their proposal reaches the specified time and place
for receipt of proposals.
The City seeks to establish a relationship with a qualified Financial Advisor and Arbitrage
Services provider. The selected provider will assist the City in developing, implementing, and
maintaining strategies to meet the City's capital financing needs and arbitrage services to ensure
compliance with the Rebate Requirements. Financial advisors in Florida are primarily regulated
by Chapter 517 of the Florida Statutes, known as the "Florida Securities and Investor Protection
Act". Arbitrage is primarily regulated by Chapter 682 of the Florida Statutes, known as Revised
Florida Arbitration Code.
Exhibits A-H to this Request for Proposal are required as part of the submittal.
CONTACT
Specification questions during the proposal period shall be submitted in writing to Purchasing
Specialist, Wanda Weaks, wweaks@fbfl.org. Respondents are hereby put on notice that no
contact shall be made with any of the City Commission members, City Manager other City
staff, or others that may be involved in the selection process to discuss this request or
to influence the outcome of the selection.
Responses to questions considered material to the solicitation shall be distributed via formal
addenda and posted to the City of Fernandina Beach's website; www.fbfl.us/bids, Bid Posting
web page and to DemandStar website www.demandstar.com. It is the Responder's
responsibility to check the City's website for Addenda prior to submitting their proposal.
Any interpretations, clarifications, or changes will be made in the form of written addenda issued
by the Purchasing Specialist and posted on the City Website at www.fbfl.us/bids and to the
DemandStar website at www.demandstar.com. Any oral communications will not be
authoritative and will not be binding on the City. It is the sole responsibility of the proposer to
visit the City's website prior to submitting a proposal to ascertain if any addenda have been
issued, to obtain all such addenda, and to return Acknowledged Addenda with each proposal.
If there is an Addendum it becomes part of the original RFP and shall be acknowledged by
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
attaching a copy of the Addendum, signed by an authorized representative of the person or
company submitting the proposal. Failure to do so may disqualify the submittal.
All Responders are advised that under Chapter 119, Florida Statutes, all responses are
deemed a public record and open to the public as provided for in said statute.
CONTRACT PERIOD
All services shall be provided for a five-year period, with two one-year renewals by mutual
agreement with negotiated changes, for a total potential contract length of seven years
SCOPE OF SERIVCES
The Financial Advisor shall provide a full scope of financial advisor services and demonstrate
experience in preparing and marketing debt issues. The Arbitrage Services Provider shall
provide services designed to evaluate all the City's debt that is subject to the Tax Code to ensure
that both arbitrage rebate and the yield restriction requirements have been satisfied. The
qualified professionals employed by the Financial Advisor and Arbitrage Services shall maintain
current certifications, and licenses as required for Services provided to the City.
Financial Advisor Services required by the City include, but are not limited to, the following:
1. Review existing debt structure and financial resources to determine available borrowing
capacity and refinancing options including refinancing opportunities.
2. Recommend appropriate financial structure for proposed projects.
3. Prepare and present workshops on financial matters, including formation of financial
options and alternatives analysis on financial matters.
4. Assist the City in the preparation of cash flow forecasts for proposed issues, addressing
debt service requirements and funding sources.
5. Provide advice on terms and features of bonds, both public offering and direct placement
"bank loans"; timing and marketing of bond issues, market conditions as they relate to
future sales.
6. Advise on benefits of negotiated versus competitively bid sales for each issue.
7. Assist the City in preparation of an official statement in conjunction with bond and
disclosure counsels and the City.
8. Arrange for the widest possible distribution of the official statement to bond underwriters
and potential investors on competitive sale transactions.
9. Consult, as needed, with City staff regarding various financing options or concerns.
10. Assist the City in obtaining the highest possible credit rating.
11. Assist the City with evaluating competitively bid sale transactions, and as applicable, to
advise on bond market conditions, compute accuracy of bids received, and prepare
formal recommendation on acceptability of preferred offer.
12. Assist the City in the preparation of soliciting underwriter proposals in a negotiated
offering.
13. Assist the City with monitoring the progress of a negotiated sale on the day of pricing,
and as applicable, advise regarding market conditions and acceptability of the offer.
14. Assist with bond closings and coordinate printing, signing, and delivery of bond
documents.
15. Assist with the preparation of city resolutions.
16. Assist with selecting paying agents and other financial intermediaries as necessary.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
17. Advise the City on proposed and actual changes in tax laws and financial market
developments that could affect City bond financing plans.
18. Attend City Commission meetings and other scheduled City meetings as requested, with
reasonable advance notice.
19. Provide expert testimony at validation hearings.
20. Work with counsel on transactions.
21. Assist with the preparation of written policies for debt, derivatives, and other finance
related areas.
22. Other specific consulting projects and finance related tasks as requested by the City.
Arbitrage Services required by the City to include, but are not limited to, the following:
Complete a comprehensive review of each debt issuance includes:
1. Determine if arbitrage rebate and/or yield restriction calculations are required
2. Determine due dates for future calculations
3. Review past completed arbitrage rebate calculations and incorporate the findings in an
analysis
4. Determine the statute of limitations to identify the date bond documents and related
financial records may be destroyed
5. Resolve arbitrage related issues
6. Provide the City with an Arbitrage Rebate Compliance Policy Manual
The City's has approximately twelve (12) Debt issuances to review as of FY25/26. A summary
of the issuances is attached. (Attachment A).
PROPOSAL OUTLINE
Table of Contents
The proposal should include a clear and complete identification of the materials submitted using
tabs and page numbers for clear referencing.
1. Letter of Transmittal
Provide a brief letter of transmittal that includes the following information:
a. The proposer's understanding of the work to be performed.
b. A positive commitment to perform the service with the time period specified.
c. The names of key persons who will be the main contacts for the City.
d. Provide a statement of assurance that the firm is not presently in violation of any
statutes or regulatory rules that may impact the firm's operation, including those of the
Securities and Exchange Commission, Municipal Securities Rulemaking Board,
National Association of Securities Dealers, etc.
2. Qualifications and Availability
Proposers must be registered with the Securities and Exchange Commission (SEC) and the
Municipal Securities Rulemaking Board (MSRB).
a. Provide a statement of qualifications, abilities, experience and expertise in providing
the requested services.
i. A description of what qualifies, financial and otherwise, to provide the City with
these services for the required period of time, provide appropriate
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
staffing, provide necessary resources, and show a history of demonstrated
competence.
ii. A description of resources available to your firm such as access to market
information, personnel with specialized knowledge, and legal expertise in
the governmental (including tax exempt) field.
b. Identify key persons to be responsible for this contract, primary and backup.
i. Provide resumes detailing education and experience.
ii. Highlight experience related to service in a financial advisor and arbitrage
advisor role for a Florida governmental agency.
iii. Indicate notable achievements such as books or articles written, membership
and offices held in professional organizations and outstanding
accomplishments.
c. Provide your firm's financial information for the most recent fiscal year - not
limited to a balance sheet, statement of operations and statement of changes in
financial position or cash flow statement as applicable. Note: For an S-Corporation
a letter providing financial adequacy and solvency of the firm may be submitted,
however such letter may not be recognized at the same level of significance as the
information other firms may provide.
d. Indicate the capability of firm to hold harmless, indemnify and defend the City of
losses, costs, and expenses arising from liability claims resulting from alleged
negligence of firm, it's officers, employees and subcontractors; describe
liability insurance coverage carried by firm.
3. Experience
a. Describe Firm's national, statewide, and local service capabilities.
b. Describe Firm's experience in serving as a financial advisor and arbitrage advisor to
local municipalities.
c. Describe Firm's experience dealing with major rating agencies during the past two
years, including the extent to which governmental clients were involved.
d. Current clients and references.
i. Provide a list of current municipal clients within the State of Florida, the
dollar amount of issues or other financing for respective client, and date(s)
services were provided.
ii. References - Identify a minimum of three references in the current clients list
and include contact person's names, phone numbers, e-mail addresses, and
mailing addresses.
e. Provide a complete listing of any convictions or fines incurred by the firm or any
of its principals for violations of any state or federal law within the past three
years. Identify firm's executives who have current claims or who have
participated in litigation against the City while with another firm.
4. Demonstrated Knowledge
a. Explain the general financial character and environment currently impacting
Florida municipalities.
b. Describe innovations your firm has developed or been involved related to tax-
exempt security issues - outlining the problem, solution, and results.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
c. For a potential proposed project, explain the firm's approach to the following:
i. Indicate the steps your firm would follow in developing a financial plan
and the corresponding duties and responsibilities the firm would assume.
ii. Describe the technical and legal support services available to your firm and
how they would be utilized in the formulation of the financing plan.
iii. Indicate the extent to which your firm would consider alternatives to
traditional municipal bonds in developing the financial plan; describe in
detail your firm's related experience, identify firm members and other
personnel involved in successfully designing and implementing
alternative financing for municipal clients.
iv. Describe typical circumstances under which the firm would recommend
competitive versus negotiated sales of debt issues. Indicate the role your firm
would play as financial advisor under each method of sale. Describe your firm's
experience with each method of sale.
v. Indicate the activities your firm would undertake in facilitating the sale and
marketing of the City's debt issue. Describe in detail related experience with
such activities.
vi. Describe the duties and responsibilities the firm would perform and assume
in a refunding operation for purposes of refinancing the City's existing debt.
Indicate the firm's experience in this area.
5. Fees for Services
The cost portion of the proposal should include the following element:
a. Describe the firm's proposed fee schedule for the requested services and for
various alternatives. Indicate the impact on the fee structure of a competitive sale
versus a negotiated sale.
b. Consulting services may be requested in situations that do not involve a debt issue.
Explain how the firm would bill for such services, including a proposed billing
procedure and rates.
c. Indicate the firm's policy regarding out-of-pocket and/or indirect cost expenses; if such
expenses would be reimbursable from the City, itemize the types of expenses and
basis of billing by expense type.
d. A listing of an and all additional charges not specifically identified herein.
Evaluation Criteria
Firms desiring consideration should fully respond to the following items. The City reserves the
right to include any, all, or none of the listed items or services in any agreement resulting from
this RFP. Please provide all the information required in the following sections 1-5.
1. Tab-1 Qualifications and Availability: (30 Points)
a. Qualifications and availability of key personnel to be assigned to the City.
2. Tab-3 Experience: (30 Points)
a. Experience with credit rating services, financial institutions, investors, and municipal bond
credit enhancers.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
3. Tab-4 Demonstrated Knowledge: (30 Points)
a. Demonstrate knowledge of the general financial character and environment currently
impacting Florida municipalities, and experience servicing local governments in Florida including
references.
4. Tab-5 Fees for Services: (10 Points)
a. The firm's proposed fee schedule for the requested services and for various alternative
financing methods.
TENTATIVE SCHEDULE
The City will attempt to adhere to the following schedule:
May 19, 2026 Issue Request for Proposal (RFP)
June 16, 2026 Proposals Due Prior to 2:00M EST
June 23, 2026 Evaluation Committee Makes Preliminary Decision
July 07, 2026 Recommend to Commission
Proposers may be asked to make an oral presentation of their proposals to the committee.
Evaluation of proposals will be made by an Evaluation Committee. The Committee will conduct an
evaluation of the information included in the response form and its attachments. A
recommendation to award a contract will be made based on the criteria set forth in the Selection
Process.
The City observes a "cone of silence" and policies for ethical and professional behavior on all
advertised solicitations. After issuance of the solicitation, respondents shall refrain from contacting
any member of the evaluation committee, the City Manager or the City Commission regarding this
proposal until the Commission approves the successful proposer.
Costs of preparation of a response to this RFP are solely those of the proposer. The City assumes
no responsibility for any such costs incurred by the proposer.
Award:
The evaluation committee will recommend an award to the most responsive and responsible
proposer whose submission meets the requirements and criteria set forth in the request and whose
award will, in the opinion of the evaluation committee, be in the best interest of and most
advantageous to the City. Criteria set forth in the Request for Proposal shall be used in the
evaluations. Final award will be determined by the City Commission. The recommendation of
the Evaluation Committee does not bind the City Commission.
Termination:
The City may terminate the contract in whole or part with a ninety-day written notice, unless
otherwise stated in the contract documents. If terminated, the City will be liable only for payment
in accordance with the payment provisions of the Contract for those services rendered prior to
termination.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
GENERAL CONDITIONS REQUEST FOR PROPOSAL
1. PREPARATION OF PROPOSAL - REQUEST FOR PROPOSAL will be prepared in
accordance with the following:
a. The enclosed Contact Sheet/Proposal Form, attached hereto as "Exhibit A", must be
used when submitting your REQUEST FOR PROPOSAL.
b. All information required by the Contact Sheet/Proposal Form must be furnished. The
Proposer must print or type his/her name and manually sign the Form and any
continuation sheet on which an entry is made.
c. Unit prices must be shown and where there is an error in extension of price, the unit
price will govern.
d. Alternate Proposals will not be considered unless authorized by the Request for
Proposal.
e. Proposers will not include federal taxes nor State of Florida sales, excise, and use
taxes in prices, as the City is exempt from payment of such taxes. An exemption
certificate will be signed where applicable upon request.
f. Proposers must make all investigations necessary to thoroughly inform themselves
about any and all conditions related to the performance of the contract. Plea of
ignorance by the Proposer of conditions that exists or may hereafter exist as a result
of failure or omission on the part of the Proposer to make the necessary examinations
and investigations, or failure to fulfill in every detail the requirements provided for in
the Purchasing Policy, Purchasing Ordinance and/or State and Federal Statutes. The
City's Purchasing Ordinance is set forth in Chapter 2-420, et seq.
g. Prices quoted must be FOB City of Fernandina Beach, Florida with all transportation
charges prepaid unless otherwise specified in the Request for Proposal.
h. Deliveries are to be FOB Destination unless otherwise specified in the Request for
Proposal.
i. Deliveries are to be made during regular business hours.
j. Proposals and Proposal prices must be valid for a minimum of ninety (90) days, unless
otherwise stated on the REQUEST FOR PROPOSAL.
2. SUBMISSION OF PROPOSAL
a. The City of Fernandina Beach has partnered with DemandStar using their E-bidding
platform. All submittals will be received through the DemandStar E-bidding
platform. To register and submit through DemandStar go to
www.demandstar.com/registration.
3. REJECTION OF PROPOSAL
a. The City reserves the right to accept or reject any or all Proposals, to waive
irregularities and technicalities, and to request resubmission or to re-advertise for the
services. The City will be the sole judge of the submittals. The City's decision will be
final.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
4. WITHDRAWAL OF PROPOSAL
a. Proposals may not be withdrawn after the time set for the opening for a period of time
as specified.
b. Proposals may be withdrawn prior to the time set for the opening. Such request must
be in writing.
5. LATE PROPOSAL
a. REQUEST FOR PROPOSAL and modifications received after the time set for the
opening will not be considered.
b. Modifications in writing received prior to the time set for the opening will be accepted.
6. LOCAL, STATE, AND FEDERAL COMPLIANCE
a. Proposers must comply with all local, state, and federal directives, orders and laws as
applicable to the REQUEST FOR PROPOSAL and subsequent contract(s) in
accordance with the requirements as stated in CFR 200.321, including but not limited
to Equal Employment Opportunity (EEO), Minority Business Enterprise (MBE), and
Occupational Safety and Health Administration (OSHA) as applicable to this contract.
b. A "Public Entity Crimes Statement", in accordance with Florida Statutes, Section
287.133 (3) (a), on Public Entity Crimes, attached hereto as "Exhibit B", must be
received at the time of the proposal.
c. A "Drug Free Workplace Certification" attached hereto as "Exhibit C", must be
received at the time of the proposal.
d. The City of Fernandina Beach requires that the Proposer selected will not discriminate
under the contract against any person, in accordance with federal, state and local
government regulations.
e. An "E-Verify Statement" attached hereto as "Exhibit D" must be received at the time
of the proposal.
7. AWARD OF REQUEST FOR PROPOSAL
a. The REQUEST FOR PROPOSAL will be awarded to the most responsive and
responsible proposer offering the best value to the City of Fernandina Beach.
b. The City reserves the right to accept and award item by item, and/or by group, or in
the aggregate.
c. A written award of acceptance (Purchase Order) mailed or otherwise furnished to the
successful Proposer will result in a binding contract without further action by either
party.
d. Unless otherwise noted in the specifications, the length of the agreement will be one
year, with two one-year renewals possible based on the mutual consent of the parties.
e. Upon award, for construction projects, the Contractor will be required to
complete/execute the City's Contract and General Conditions for Construction
Services.
f. Agreement may be cancelled with 60-day notice unless otherwise stated in signed
contract documents.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
8. NOT RESPONSIBLE FOR COSTS
a. The City will not be responsible for any cost incurred by a prospective Proposer in
responding to this REQUEST FOR PROPOSAL.
9. BONDS
* If Proposal is less than $100,000 no Proposal Bond or Payment and Performance
Bond required.
* If Proposal is greater than $100,000 and is for material only, a Proposal Bond is
required but no Payment and Performance Bond is required.
* If Proposal is $100,000 - $200,000, and is for services, a Proposal Bond is required
but no Payment and Performance Bond is required.
* If Proposal is greater than $200,000, and is for services, Proposal Bond and Payment
and Performance Bond is required.
PROPOSAL BOND:
a. If the Base Proposal or the Base Proposal plus the sum of any alternates fall into the
criteria above requiring a Proposal Bond, the Proposer must enclose a Certified
Check or Proposal Bond with each Proposal. A Certified Check or Proposal Bond
must be for an amount not less than five percent (5%) of the Proposal price and must
be made payable to the CITY OF FERNANDINA BEACH as a guarantee that the
Proposer will not withdraw its proposal for a period of ninety (90) calendar days after
Proposal closing time. Proposal Bonds or Certified Checks will be returned to
unsuccessful Proposal within 10 days of proposal award. Successful proposers will
receive their Certified Check or Proposal Bond after the contract/agreement has been
signed and a Performance and Payment Bond is received.
PERFORMANCE AND PAYMENT BONDS:
a. In the event the Contract is awarded to the Proposer, Proposer will thereafter enter
into a written contract with the CITY OF FERNANDINA BEACH and furnish a Payment
and Performance Bond in an amount equal to the contract price. The form of the
bonds shall be in accordance with Section 255.05 of Florida Statutes. Failing to do
so, Proposer must forfeit its proposal security.
Payment and Performance Bond must be secured from or countersigned by an
agency or surety company recognized in good standing and authorized to do business
in the State of Florida. The following exceptions to proposer providing Performance
and Payment Bonds are as follows: In lieu of the Performance and Payment Bonds,
a contractor may file with the City an alternative form of security in the form of cash, a
money order, a certified check, a cashier's check, an irrevocable letter of credit, or a
security of a type listed in part II of chapter 625, Florida Statutes. Any such alternative
form of security must be for the same purpose and be subject to the same conditions
as those applicable to the bonds. The value of an alternative form of security must be
in the amount of the proposal.
10. PUBLIC INFORMATION
a. All information contained in this Proposal is public information, and as such will be
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 26-03
FINANCIAL ADVISOR AND ARBITRAGE SERVICES PROVIDER
handled in accordance with chapter 119, Florida Statutes.
11. ADDITIONAL INFORMATION
a. The City reserves the right to require Proposers to provide references and information
on previous similar experience prior to award of the contract.
12. QUESTIONS
a. Any questions about the REQUEST FOR PROPOSAL should be communicated per
instructions in the REQUEST FOR PROPOSAL.
13. INDEMNIFICATION AND INSURANCE
INDEMNIFICATION
The parties recognize that FIRM/LESSOR is an independent Contractor. FIRM/LESSOR
agrees to assume liability for and indemnify, hold harmless, and defend the CITY, its
commissioners, mayor, officers, employees, agents, and attorneys of, from, and against
all liability and expense, including reasonable attorney's fees, in connection with any and
all claims, demands, damages, actions, causes of action, and suits in equity of whatever
kind or nature, including claims for personal injury, property damage, equitable relief, or
loss of use, arising directly or indirectly out of or in connection with any negligent and/or
deliberate act or omission of FIRM/LESSOR, its officers, employees, agents, and
representatives. FIRM/LESSOR's liability hereunder must include all attorney's fees and
costs incurred by the CITY in the enforcement of this indemnification provision. This
includes claims made by the employees of FIRM/LESSOR against the CITY and
FIRM/LESSOR hereby waives its entitlement, if any, to immunity under Section 440.11,
Florida Statutes. The obligations contained in this provision will survive termination of
this Agreement and will not be limited by the amount of any insurance required to be
obtained or maintained under this Agreement. Nothing contained in the foregoing
indemnification will be construed to be a waiver of any immunity or limitation of liability
the CITY may have under the doctrine of sovereign immunity or Section 768.28, Florida
Statutes.
INSURANCE
Prior to commencement of any work under this Contract and until completion and final
acceptance of the work, the FIRM/LESSOR must, at its sole expense, maintain the
following insurance on its own behalf, and furnish to the CITY certificates of insurance
evidencing same and reflecting the effective date of such coverage as follows:
The term "Contractor" as used in the insurance rider, will mean and include
Subcontractors of every tier.
A. Worker's Compensation and Occupational Disease Insurance in accordance with
the applicable law or laws; Employer's Liability Insurance with limit of at least One
Million ($1,000,000) dollars. This includes sole proprietorships and officers of
corporations who will be performing work on the job.
B. Commercial General Liability with a combined Bodily Injury and Property Damage
limit of not less than ONE Million ($1,000,000.00) dollars per occurrence and TWO
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