INVESTMENT ADVISOR

Agency:	County of Clark
State:	Washington
Type of Government:	State & Local
NAICS Category:	523920 - Portfolio Management 523930 - Investment Advice 541611 - Administrative Management and General Management Consulting Services
Posted Date:	Oct 9, 2023
Due Date:	Oct 25, 2023
Solicitation No:	RFP Number: 871
Bid Source:	Please Login to View Page
Contact information:	Please Login to View Page
Bid Documents:	Please Login to View Page

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REQUEST for PROPOSAL #871

PROFESSIONAL, TECHNICAL AND EXPERT SERVICES

Clark County Washington

RELEASE DATE: WEDNESDAY, SEPTEMBER 27, 2023

DUE DATE: WEDNESDAY, OCTOBER 25, 2023 by 1:30 pm

Request for Proposal for:

INVESTMENT ADVISOR

SUBMIT:

One (1) Thumb Drive

of the Proposal to:

Shipping Method of your Choice or Hand Delivery

Clark County

ATTN: Office of Purchasing

1300 Franklin Street, 6th Floor, Suite 650

Vancouver WA 98660

564-397-2323

United States Postal Service

Clark County

ATTN: Office of Purchasing

PO Box 5000

Vancouver WA 98666-5000

564-397-2323

Office Hours: 8:00 am – 3:00 pm, Monday – Friday, except Legal Holidays.

No electronic submissions.

**Proposals must be delivered to the Purchasing office – No Exceptions

**Proposals must be date and time stamped by Purchasing staff by 1:30 pm on due date.

**Proposal shall be sealed and clearly marked on the package cover with RFP #, Title & Company Name

Refer Questions to Project Manager:

Rachel Wilson

Investment Officer / Treasurer’s Office

Rachel.Wilson@clark.wa.gov

564-397-5238

General Terms and Conditions

ADMINISTRATIVE REQUIREMENTS - Contractors shall comply with all management and

administrative requirements established by Washington Administrative Code (WAC), the

Revised Code of the State of Washington (RCW), and any subsequent amendments or

modifications, as applicable to providers licensed in the State of Washington.

ALL proposals submitted become the property of Clark County. It is understood and agreed

that the prospective Proposer claims no proprietary rights to the ideas and written materials

contained in or attached to the proposal submitted. Clark County has the right to reject or

accept proprietary information.

AUTHORSHIP - Applicants must identify any assistance provided by agencies or indivi-

duals outside the proposers own organization in preparing the proposal. No contingent

fees for such assistance will be allowed to be paid under any contract resulting from this

RFP.

CANCELLATION OF AWARD - Clark County reserves the right to immediately cancel an

award if the contractual agreement has not been entered into by both parties or if new state

regulations or policy make it necessary to change the program purpose or content,

discontinue such programs, or impose funding reductions. In those cases where

negotiation of contract activities are necessary, Clark County reserves the right to limit the

period of negotiation to sixty (60) days after which time funds may be unencumbered.

CONFIDENTIALLY - Proposer shall comply with all applicable state and federal laws

governing the confidentiality of information.

INDEPENDENT PRICE DETERMINATION - The prospective contractor guarantees that,

in connection with this proposal, the prices and/or cost data have been arrived at

independently, without consultation, communication, or agreement for the purpose of

restricting competition. This does not preclude or impede the formation of a consortium

of companies and/or agencies for purposes of engaging in jointly sponsored proposals.

INTERLOCAL AGREEMENT - Clark County has made this RFP subject to Washington

State statute RCW 39.34. Therefore, the proposer may, at the proposers option, extend

identical prices and services to other public agencies wishing to participate in this RFP.

Each public agency wishing to utilize this RFP will issue a purchase order (or contract)

binding only their agency. Each contract is between the proposer and the individual agency

with no liability to Clark County.

LIMITATION - This RFP does not commit Clark County to award a contract, to pay any

costs incurred in the preparation of a response to this RFP, or to procure or contract for

services or supplies.

LATE PROPOSALS - A proposal received after the date and time indicated above will not

be accepted. No exceptions will be made.

ORAL PRESENTATIONS - An oral presentation may be required of those prospective

contractors whose proposals are under consideration. Prospective contractors may be

informed that an oral presentation is desired and will be notified of the date, time and

location the oral presentation is to be conducted.

CONFLICT OF INTEREST - All proposals submitted must contain a statement disclosing

or denying any interest, financial or otherwise, that any employee or official of Clark County

or the appropriate Advisory Board may have in the proposing agency or proposed project.

OTHER AUDIT/MONITORING REQUIREMENTS - In addition, auditing or monitoring for

the following purposes will be conducted at the discretion of Clark County: Fund

accountability; Contract compliance; and Program performance.

CONSORTIUM OF AGENCIES - Any consortium of companies or agencies submitting a

proposal must certify that each company or agency of the consortium can meet the

requirements set forth in the RFP.

COST OF PROPOSAL & AWARD - The contract award will not be final until Clark County

and the prospective contractor have executed a contractual agreement. The contractual

agreement consists of the following parts: (a) the basic provisions and general terms and

conditions, (b) the special terms and conditions, (c) the project description and goals

(Statement of Work), and (d) the budget and payment terms. Clark County is not

responsible for any costs incurred prior to the effective date of the contract. Clark County

reserves the right to make an award without further negotiation of the proposal submitted.

Therefore, the proposal should be submitted in final form from a budgetary, technical, and

programmatic standpoint.

DISPUTES - Clark County encourages the use of informal resolution to address complaints

or disputes arising over any actions in implementing the provisions of this RFP. Written

complaints should be addressed to Clark County – Purchasing, P.O. Box 5000, Vancouver,

Washington 98666-5000.

DIVERSITY IN EMPLOYMENT AND CONTRACTING REQUIREMENTS - It is the

policy of Clark County to require equal opportunity in employment and services subject

to eligibility standards that may be required for a specific program. Clark County is an

equal opportunity employer and is committed to providing equal opportunity in

employment and in access to the provision of all county services. Clark County's Equal

Employment

Opportunity

Plan

available

http://www.clark.wa.gov/hr/documents.html. This commitment applies regardless of

race, color, religion, creed, sex, marital status, national origin, disability, age, veteran

status, on-the-job injury, or sexual orientation. Employment decisions are made without

consideration of these or any other factors that are prohibited by law. In compliance with

department of Labor Regulations implementing Section 504 of the rehabilitation Act of

1973, as amended, no qualified handicapped individual shall be discriminated against

in admission or access to any program or activity. The prospective contractor must agree

to provide equal opportunity in the administration of the contract, and its subcontracts or

other agreements.

ENVIRONMENTALLY RESPONSIBLE PURCHASING PROGRAM - Clark County has

implemented an Environmentally Responsible Purchasing Policy with a goal to reduce

negative impacts on human health and the environment. Negative environmental

impacts include, but are not limited to, greenhouse gases, air pollution emissions, water

contamination, waste from the manufacturing process and waste in packaging. This

policy also seeks to increase: 1) water and energy efficiency; 2) renewable energy

sources; 3) use of products with recycled content; 4) product durability; 5) use of

products that can be recycled, reused, or composted at the end of its life cycle. Product

criteria have been established on the Green Purchasing List

https://clark.wa.gov/sites/default/files/dept/files/general-

services/Purchasing/ERP%20Policy.pdf

PRICE WARRANT - The proposer shall warrant that the costs quoted for services in

response to the RFP are not in excess of those which would be charged any other individual

or entity for the same services performed by the prospective contractor, in a similar

socioeconomic, geographical region.

PROTESTS - Must be submitted to the Purchasing Department.

PUBLIC SAFETY - May require limiting access to public work sites, public facilities, and

public offices, sometimes without advance notice. The successful Proposer’s employees

and agents shall carry sufficient identification to show by whom they are employed and

display it upon request to security personnel. County project managers have discretion

to require the successful Proposer’s employees and agents to be escorted to and from

any public office, facility or work site if national or local security appears to require it.

ACCEPTANCE or REJECTION OF PROPOSALS - Clark County reserves the right to

accept or reject any or all proposals received as a result of this RFP, to negotiate with any

or all prospective contractors on modifications to proposals, to waive formalities, to

postpone award, or to cancel in part or in its entirety this RFP if it is in the best interest of

Clark County to do so.

SUBCONTRACTING - No activities or services included as a part of this proposal may

be subcontracted to another organization, firm, or individual without the approval of

Clark County. Such intent to subcontract shall be clearly identified in the proposal. It is

understood that the contractor is held responsible for the satisfactory accomplishment

of the service or activities included in a subcontract.

VERBAL PROPOSALS - Verbal proposals will not be considered in making the award of

any contract as a result of this RFP.

WORKERS COMPENSATION INSURANCE – The contractor shall comply with R.C.W.

Title 51- with minimum coverage limits of $500,000 for each accident, or provide

evidence that State law does not require such coverage.

FOR ALTERNATIVE FORMATS

Clark County ADA Office: V: 564-397-2322

ADA@clark.wa.gov

Request for Proposals

Table of Contents

PART I

PART II

PROPOSAL REQUIREMENTS

Section IA: General Information

1. Introduction

2. Background

3. Scope of Project

4. Project Funding

5. Timeline for Selection

6. Employment Verification

Section IB: Work Requirements

1. Required Services

2. County Performed Work

3. Deliverables and Schedule

4. Place of Performance

5. Period of Performance

6. Prevailing Wage

7. Debarred / Suspended

8. Americans with Disabilities Act (ADA) Information

9. Public Disclosure

10. Insurance/Bond

11. Plan Holders List

PROPOSAL PREPARATION AND SUBMITTAL

Section IIA: Pre-Submittal Meeting/Clarification

1. Pre-Submittal Meeting

2. Proposal Clarification

PART III

Section IIB: Proposal Submission

1. Proposals Due

2. Proposal

Section IIC: Proposal Content

1. Cover Sheet

2. Project Team

3. Management Approach

4. Respondent’s Capabilities

5. Project Approach and Understanding

6. Proposed Cost

7. Employment Verification

PROPOSAL EVALUATION & CONTRACT AWARD

Section IIIA: Proposal Review and Selection

1. Evaluation and Selection

2. Evaluation Criteria Scoring

Section IIIB: Contract Award

1. Consultant Selection

2. Contract Development

3. Award Review

4. Orientation/Kick-off Meeting

ATTACHMENTS

A: Proposal Cover Sheet

B: Letter of Interest

C: Certification Regarding Debarment, Suspension and Other Responsibility Matters Form

D. Clark County Investment Pool Supporting Documents

E. Sample Investment Services Agreement

F. Clark County Investment Portfolio by Issuer

G. Sample Contract

Request for Proposal #871

Investment Advisor

Part I

Proposal Requirements

Section IA

1. Introduction

General Information

The Clark County Washington Treasurer’s Office is issuing this Request for Proposals (RFP)

to identify an investment advisor to provide consulting and compliance services to the Clark

County Investment Pool.

For the purposes of this RFP, the Clark County Treasurer’s Office or ‘Treasurer’s Office’ will

be called out separately when necessary. ‘county’ refers to Clark County offices and

departments. ‘Districts’ refers to taxing and special purpose districts. The bidding investment

advisor is referred to as ‘Proposer’.

If your company contact details are not on the Plan Holder List at

https://clark.wa.gov/internal-services/request-proposal-1

Attachment B, Letter of Interest must be submitted to participate in this RFP.

Proposers shall respond to all sections to be considered.

Clark County has made this Request for Proposal subject to Washington State statute RCW

39.34. Therefore, the proposer may, at the proposers’ option, extend identical prices and

services to other public agencies wishing to participate in this RFP. Each public agency wishing

to utilize this proposal will issue a purchase order (or contract) binding only their agency. Each

contract is between the proposer and the individual agency with no liability to Clark County.

2. Background

Clark County is located in the southwest corner of Washington State. The county has an

estimated population of over 511,000 residents. Clark County government is a political

subdivision of the State of Washington.

The Clark County Treasurer’s Office is an independent financial branch of county government.

Lead by an elected official, the Treasurer is the custodian of all monies for the county, school

districts, fire districts, and many special purpose districts. In total, the office provides services to

over 40 taxing districts. Primary activities of the office include the billing, collection, and

distribution of property related taxes; banking services; issuing and managing debt; and

administration an investment pool.

RCW 36.29.020 authorizes the Treasurer’s Office to administer and manage the Clark County

Investment Pool (Pool). The Pool is an intermediate term investment vehicle with a weighted

average maturity of about 1.5 years. The Pool was established to provide the county and certain

municipal corporations (Participants) a vehicle in which to invest capital funds, bond proceeds

and cash not needed for immediate expenditure.

The Pool is governed by the Clark County Finance Committee, which is established by RCW

36.48.070. The committee includes the Treasurer who serves as Chair, the Clark County Auditor

as Secretary, and the Chair of the Clark County Council. The committee holds quarterly public

meetings and is responsible for the annual review and approval of the Clark County Investment

Policy. The investment advisor attends these meetings and reports on the economy and Pool

compliance. More information on the Finance Committee can be found on the Treasurer’s

website: Finance Committee Meeting Information.

The most current version of the policy can be found here: 2023 Clark County Investment Policy.

As stated in policy, the primary objectives of the Pool’s investment strategy, in priority order, are

safety, liquidity, and return on investment. The policy also details authorized and prohibited

investments, diversification, and roles and responsibilities.

Request for Proposal #871

Investment Advisor

The Treasurer’s Office has a dedicated Investment Officer and Senior Accountant who handle

day-to-day activities of the Pool. The Treasurer Investment Strategy Committee (TISC), which

includes the Treasurer, Chief Deputy Treasurer, Finance and Investment Manager, Senior

Management Analyst, Investment Officer, and Senior Accountant meet weekly to discuss Pool

performance, compliance with policy, and financial market conditions. The investment advisor

participates in these meetings twice a month.

The Pool consists of money invested for approximately 400 funds representing county

departments and offices, school districts, fire districts, cities, sewer district, and port districts.

Participation in the Pool requires an executed Investment Services Agreement with the

Treasurer. Participants are members of the Intergovernmental Investment Pool Committee that

meets quarterly. The investment advisor attendees these meetings and reports on the economy

and Pool compliance.

In 2022 the monthly average balance of the Pool ranged between $1.0 to $1.2 billion, the

balance depends on Participant bond issues and annual property tax cycles.

3. Scope of Project

The Treasurer’s Office is seeking a Proposer who can provide the following required technical

services in support of its administration of the Clark County Investment Pool, including but not

limited to:

• Review and recommend modifications, as needed, to the Clark County Investment

Policy (Attachment D), the Investment Services Agreement (Attachment E) and relevant

state statutes;

• Attend all quarterly Finance Committee and Intergovernmental Investment Pool

Committee meetings and prepare and present written reports to include economic

summary information, Pool investment activity and Pool compliance with approved

policies and state statutes;

• Attend TISC meetings twice a month and recommend investment strategies for the

upcoming quarter and year;

• Perform an independent third-party review of the total portfolio and individual trades;

• Review, recommend, and assist with implementing changes to the current investment

portfolio and investment strategy;

• Evaluate the overall risk to the portfolio associated with securities maintained in the

portfolio;

• Establish analytical techniques to assist the Treasurer’s Office in measuring overall

portfolio risk;

• Evaluate the current benchmarking techniques being used to assess the performance

of the Pool, and if needed, provide the Treasurer’s Office assistance in establishing new

benchmarks;

• Determine if current reporting practices are adequate, and/or recommend appropriate

modifications;

• Review and make recommendations regarding Treasurer’s Office procedures and

processes relating to the reporting requirements of the Governmental Accounting

Standards Board (GASB) Statement No. 31;

INVESTMENT ADVISOR

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