Request for Proposals Bond Counsel Services - Craig Sports Complex

REQUEST FOR PROPOSALS (RFP)
BOND COUNSEL SERVICES - CRAIG SPORTS COMPLEX
City of Craig
300 West 4th Street
Craig, CO 81625
www.cityofcraig.org
Issue Date: September 9, 2026
Closing Date: September 30, 2026 | 2pm MST
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CITY OF CRAIG, COLORADO
REQUEST FOR PROPOSALS (RFP)
Bond Counsel Services - Craig Sports Complex
I. INTRODUCTION
The City of Craig, Colorado ("City") is soliciting proposals from qualified law firms to serve as Bond Counsel in connection
with the planning, development, financing, and potential future debt issuance for the proposed Craig Sports Complex.
The selected Bond Counsel will serve as the City's independent legal counsel for municipal financing matters and will
advise the City concerning the legal structure, authorization, documentation, disclosure, issuance, and closing. Financing
decisions will be coordinated with the City of Craig and City's Municipal Advisor.
The City is seeking a firm with substantial experience representing Colorado municipalities in public finance transactions,
particularly recreation, parks, aquatic, and other public facility projects.
II. PROJECT BACKGROUND
The City currently operates an outdoor seasonal aquatics facility that serves as a key amenity within the Parks &
Recreation system. The lap pool is approaching 50 years of service, and the wave pool has exceeded 40 years. While both
pools remain highly utilized, aging infrastructure has resulted in increased maintenance needs and rising repair costs.
A 2022 feasibility study identified approximately $2 million in repairs needed to restore the existing facility, strong
community support for a year-round indoor aquatic facility, and additional demand for indoor recreation space, including
gymnasiums and multipurpose areas.
Following the study, the City engaged Ohlson Lavoie Corporation to complete programming, concept planning, and
schematic design for the Craig Sports Complex. The current concept is approximately 70,000 square feet with a total
project cost of approximately $60 million.
The City's current planning effort most likely will include a ballot initiative in 2027. The ultimate financing structure,
timing, amount of debt, security, repayment source, and issuance method have not yet been determined. Bond Counsel
will therefore be expected to provide advice beginning during the planning stage and continuing through any financing
authorized by the City.
III. PROJECT GOALS
* Provide the City with clear legal guidance regarding available municipal financing options and associated legal
requirements.
* Support the City's evaluation of potential general obligation bonds, revenue bonds, certificates of participation, sales-
tax-supported obligations, or other legally available financing structures, as applicable.
* Assist the City in minimizing legal, tax and transaction risk while preserving flexibility.
* Support preparation for a potential future ballot initiative and advise regarding legal requirements applicable to voter
authorization, ballot language, election procedures, and post-election implementation, to the extent within Bond
Counsel's scope.
* Coordinate effectively with the City's project team and other professionals.
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* Provide timely, professional advice to City Council and staff throughout the financing process.
* Deliver a complete and legally compliant financing transaction with clear documentation and an orderly closing
process.
IV. Anticipated Scope of Services
The following scope represents the City's anticipated needs. Any additional services or fees should be clearly identified in
the proposal.
A. Early-Stage Financing and Legal Strategy
* Review available project information, preliminary financing assumptions, project costs, funding sources, and
anticipated financing schedule.
* Meet with City staff and the Municipal Advisor to understand project objectives, anticipated funding needs, and
potential financing structures.
* Advise the City regarding legal considerations associated with alternative financing structures and sources of
repayment.
* Identify significant legal, tax, securities, disclosure, authorization, and procedural issues that should be addressed
before the City proceeds with financing.
* Provide practical recommendations concerning timing, authorization, security, pledged revenues, covenants, and
other material financing considerations.
B. Financing Structure and Authorization
* Assist in determining the appropriate legal structure and requirements for the proposed financing.
* Prepare or review legal memoranda addressing the authority of the City to undertake the proposed financing.
* Advise regarding applicable provisions of Colorado statutes, City Charter, ordinances, resolutions, and other
applicable law.
* Prepare legal framework for any voter authorization or ballot initiative associated with the financing.
* Prepare or review financing authorization resolutions, ordinances, notices, certificates, and related City Council
materials.
* Advise regarding required public hearings, notices, election procedures, approvals, filings, and other legal
prerequisites.
* Coordinate legal requirements with the City's Municipal Advisor and other financing professionals.
C. Bond Documents and Transaction Documentation
* Prepare or review the bond resolution, ordinance, indenture, loan agreement, tax certificate, and other applicable
documents.
* Prepare bond purchase agreements, placement agreements, disclosure-related agreements, or other transaction
documents, as applicable to the selected financing structure.
* Review documents prepared by other transaction participants and advise the City regarding material legal provisions.
* Coordinate document preparation and maintain an organized closing and transaction schedule.
* Ensure that final financing documents accurately reflect the City's approved financing structure and negotiated terms.
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D. Official Statement and Disclosure Support
* Assist the City with preparation and review of the preliminary and final official statements or other offering
documents, as applicable.
* Review disclosure concerning the City, project, security, sources and uses, financial information, litigation, risks, debt,
and other material matters.
* Advise City officials and staff concerning disclosure responsibilities and potential material omissions or misstatements.
* Coordinate with the Municipal Advisor, underwriter, disclosure counsel, City staff, auditors, consultants, and other
parties responsible for information included in offering documents.
* Assist in establishing a practical process for gathering, reviewing, confirming, and documenting disclosure
information.
* Provide appropriate legal opinions regarding the offering of documents and transaction.
E. Tax and Federal Tax Compliance
* Provide advice regarding the federal income tax treatment of interest on the proposed obligations.
* Prepare or coordinate preparation of the federal tax certificate and related tax compliance documents.
* Advise regarding arbitrage rebate, private-use, private-payment, investment, expenditure, and other applicable
federal tax requirements.
* Provide guidance regarding post-issuance tax compliance requirements and recommended recordkeeping.
* Identify circumstances that could affect the tax-exempt status of obligations and advise the City regarding appropriate
safeguards.
* Coordinate with specialized tax counsel if the transaction requires expertise beyond the firm's proposed services,
clearly identifying any additional cost.
F. Legal Opinions and Closing
* Deliver customary bond counsel opinions and other legal opinions required for the financing.
* Review authorization, execution, and delivery requirements for all transaction documents.
* Coordinate closing requirements with the City and Municipal Advisor, and other participants.
* Prepare or review closing certificates, incumbency certificates, signature certificates, no-litigation certificates, tax
certificates, and other closing documents.
* Coordinate and participate in the closing of the financing.
* Confirm that all conditions to closing have been satisfied and provide the City with a final closing package.
G. Post-Issuance Services
* Provide reasonable post-closing legal guidance concerning the bonds or other obligations issued.
* Advise regarding continuing disclosure obligations and material event requirements, as applicable.
* Assist with amendments, restructuring, or other post-issuance actions if requested.
* Provide guidance concerning federal tax compliance and arbitrage matters during the applicable compliance period.
* Identify and clearly price any post-issuance services that are outside the proposed base fee.
H. Coordination, Meetings, and Council Support
* Participate in meetings with City staff, City Council, Municipal Advisor, and other consultants as reasonably requested.
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* Attend City Council meetings, workshops, public meetings, and financing team meetings when legal participation is
appropriate.
* Provide concise legal explanations and recommendations suitable for elected officials and the public.
* Maintain regular communication with the City's designated representative and promptly identify material issues,
risks, delays, or decisions requiring City direction.
V. Required Bond Counsel Qualifications
* The proposing firm must be licensed to practice law in Colorado and authorized to provide the proposed services.
* Demonstrated experience serving as bond counsel to Colorado municipalities or other governmental entities.
* Demonstrated experience with public financings comparable in complexity and size to the anticipated Craig Sports
Complex financing.
* Experience with multiple municipal financing structures, including general obligation, revenue, certificates of
participation, and/or other governmental obligations, as applicable.
* Demonstrated experience with tax-exempt municipal debt and federal tax requirements.
* Demonstrated ability to coordinate effectively with municipal advisors, financial consultants, engineers, architects,
and other project professionals.
* Ability to provide senior-level attorney involvement and timely access to the assigned team.
* No material conflicts of interest that would prevent or impair representation of the City.
VI. Proposal Requirements
Proposals should be organized in the following order:
* Cover Letter. Identify the firm, primary contact, and commitment to the project.
* Firm Qualifications. Describe the firm's public finance practice and Colorado municipal experience.
* Project Team. Identify the lead bond attorney, supporting attorneys, paralegals, and other personnel expected to
participate. Include roles, qualifications, and years of relevant experience.
* Project Approach. Describe how the firm would approach the Craig Sports Complex
* Relevant Experience. Provide examples of at least three comparable governmental financings, preferably including
experience supporting Colorado municipalities on TABOR requirements, ballot language, municipal elections, and
voter-authorized debt or revenue measures.
* References. Provide up to three municipal references for similar work, including entity name, contact person,
telephone number, email address, financing type, and approximate issue size.
* Conflicts and Disclosures. Identify actual or potential conflicts and describe any relationships with the City's Municipal
Advisor, or other anticipated project participants.
* Fee Proposal. Provide the detailed fee information requested in Section VII.
VII. Fee Proposal and Compensation
The City considers a clear, predictable, and transparent fee structure to be an important component of the selection
process. Proposers shall provide sufficient detail for the City to understand the total anticipated legal cost of financing,
including circumstances that could cause the fee to increase.
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A. Base Bond Counsel Fee
Provide a proposed fixed or not-to-exceed fee for each anticipated phase of work. At a minimum, proposers should
provide separate pricing for:
* Pre-issuance legal and financing structure review, including meetings and preliminary legal analysis.
* Financing authorization and ballot/election-related legal support, if applicable.
* Preparation and negotiation of bond/financing documents.
* Official statement and disclosure review.
* Tax certificate and federal tax analysis.
* Bond counsel opinion and closing services.
* Post-closing and post-issuance services included in the base fee.
B. Financing-Contingent Fees
If the firm's fee is contingent upon successful issuance or closing, clearly state the proposed fee and the event that
triggers payment. The City prefers that proposals distinguish between fees payable upon closing and fees for services that
may be incurred before a financing closes.
C. Alternative Fee Structures
Proposers may offer alternative fee structures, including a fixed fee, not-to-exceed fee, hourly fee with a cap, or
transaction-based fee. If hourly rates are proposed, provide rates for each attorney classification expected to perform the
work and identify the proposed maximum fee.
D. Separate or Additional Services
Clearly identify all services not included in the base fee and the applicable hourly rates or fixed charges. Examples may
include litigation, extraordinary tax opinions, complex restructuring, defeasance, refunding, specialized disclosure
matters, post-issuance, or additional bond counsel opinions.
E. Reimbursable Expenses
Identify all reimbursable expenses, including anticipated amounts or caps. The City prefers that routine administrative
expenses, ordinary copying, electronic document delivery, local travel, and similar overhead be included in the proposed
fee. Any unusual or material expense should require prior City approval.
F. Fee Assumptions
Identify all assumptions underlying the proposed fee.
G. Transparency
The City will not be responsible for fees or expenses outside the agreed scope unless authorized in writing by the City. The
final professional services agreement will establish the controlling compensation terms.
VIII. Evaluation Criteria
Proposals will be evaluated based on the following criteria. The City may invite selected firms to participate in interviews
or presentations.
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Evaluation Criterion Weight
Relevant Public Finance and Colorado Municipal 30%
Experience
Project Approach and Understanding of the Craig 25%
Sports Complex
Qualifications and Experience of Assigned Team 20%
Fee Proposal and Cost Transparency 20%
References / Overall Responsiveness 5%
IX. SUBMISSION INSTRUCTIONS
Submit Proposals To:
Kathleen Carmody
City of Craig - City Clerk's Office
300 West Fourth Street
Craig, CO 81625
Electronic submissions may be accepted via email at: kcarmody@cityofcraig.org
Late proposals will not be accepted.
X. QUESTIONS
Questions or requests for clarification should be directed to:
Kathleen Carmody, City Clerk/HR Director
Email: kcarmody@cityofcraig.org
Phone: 970-826-2008
XI. Anticipated Timeline
Milestone Date
Distribution of Request for Proposals 9/9/2026
Questions & Inquiries 9/18/2026
Response to Questions 9/25/2026
Proposal Due Date 9/30/2026 at 2:00pm (MST)
City staff interviews (if requested) Week of 10/5/2026
Recommendation to City Council 10/13/2026
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XII. General Terms & Conditions
* Public Record: Proposals are public records under the Colorado Public Records Act once the review process or
contract award is concluded.
* Additional Information: The City may request clarification or additional information from any proposer.
* Proposal Acceptance/Rejection: The City reserves the right to reject any or all proposals or waive informalities.
* Right to Cancel/Amend: The City may amend or cancel this RFP at any time.
* Debarment: Firms must certify that they are not currently debarred from contracting with any Colorado public
agency.
* Proposal Costs: This RFP does not commit the City to award a contract or pay costs incurred in preparing a proposal.
* Modification of Scope: The City may modify the scope of services prior to award.
* Award: Selection may occur without discussion based on initial submittals.
* Coordination of Work: Communication and scheduling will be coordinated through the City's designated
representative.
* Inspection and Acceptance: Deliverables are subject to review and approval by the City.
* Conflict of Interest: The firm shall disclose all actual or potential conflicts of interest and any relationships with the
City's Municipal Advisor, underwriter, financial consultants, project consultants, or other financing participants.
* Confidentiality and Public Records: Proposers should identify any material they believe is protected from disclosure
under applicable law; however, the City makes no representation that any submitted material will remain
confidential.
* Compliance with Law: The firm shall comply with all applicable federal, state, and local laws, rules, and regulations.
* No Commitment to Issue Debt: Issuance of any bonds or other obligations is subject to City approval and any required
voter authorization. Selection as Bond Counsel does not guarantee that a financing will occur.
ATTACHMENT A - Standard Insurance Requirements
The selected firm shall maintain insurance coverage as outlined below and provide proof prior to contract execution:
* General Liability: $1,000,000 per occurrence / $2,000,000 aggregate, if applicable to the firm's operations.
* Professional Liability (Errors & Omissions): $1,000,000 per claim.
* Automobile Liability: $500,000 per accident, if applicable.
* Workers' Compensation: As required by Colorado law.
* Employer's Liability: $1,000,000 per occurrence.
All insurance shall be issued by companies authorized to conduct business in Colorado with an AM Best rating of A: VII or
better, where applicable. Certificates shall name the City of Craig as additional insured where applicable. Professional
liability coverage shall include evidence of extended reporting ("tail") coverage for a minimum of three (3) years when
available and applicable.
ATTACHMENT B - General Contract Terms and Conditions
* Independent Contractor: The firm shall perform as an independent contractor and be responsible for its own taxes,
personnel, and insurance.
* Indemnification: The firm shall indemnify, defend, and hold harmless the City, its officials, employees, and agents
from claims, damages, liabilities, penalties, costs, and expenses to the extent arising from the firm's negligent acts,
errors, omissions, violations of law, or misrepresentations, subject to applicable Colorado law.
* Insurance Compliance: Certificates of insurance shall be provided as required in Attachment A.
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* Non-Assignment: No part of the contract shall be assigned without City approval.
* Compliance with Law: The firm shall comply with all applicable federal, state, and local laws and regulations.
* Payment Terms: Payment will be made according to the executed professional services agreement and agreed fee
schedule.
* Termination: The City may terminate the agreement with or without cause upon written notice, subject to applicable
contractual obligations and payment for authorized services performed through termination.
* Governing Law and Venue: The agreement shall be governed by Colorado law and venue for any disputes shall be in
Moffat County, Colorado with all parties waiving their right, if any, to the jurisdiction of any federal court.
* Contract Execution: Execution of a professional services agreement constitutes the final binding contract between the
parties.
* Governmental Immunity. The City preserves all defenses, immunities, and limitations of liability under the Colorado
Governmental Immunity Act, C.R.S. 24-10-101, et seq.
* Subject to Annual Appropriations. The City requires that any multi-year financial obligation be contingent on the City's
annual budget appropriations and disclaims any multi-fiscal-year debt obligation under Article X, 20 of the Colorado
Constitution (TABOR) and C.R.S. 29-1-110.
* Conflicts and Professional Responsibility: The firm shall comply with applicable professional responsibility rules and
promptly disclose any actual or potential conflict that could affect representation of the City.
* Work Product: Upon payment of applicable fees, the City shall receive and retain copies of transaction documents
and other work products prepared specifically for the City, subject to applicable attorney-client privilege and
professional obligations.
* Termination Transition: Upon termination, the firm shall promptly provide the City with work products and
transaction materials necessary to facilitate an orderly transition, subject to applicable law and professional
obligations.
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