RFP 25-08: Senior Managing Underwriter Services Addendum No.1

Agency:	Rhode Island Turnpike and Bridge Authority
State:	Rhode Island
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services
Posted Date:	Nov 21, 2025
Due Date:	Dec 3, 2025
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Contact information:	Please Login to View Page
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Rhode Island Turnpike and Bridge Authority

November 12, 2025

Request for Proposal No. 25-08

Senior Managing Underwriter Services

INTRODUCTION

The Rhode Island Turnpike & Bridge Authority (“RITBA” or the “Authority”) is seeking

proposals from qualified firms to provide the services of a Senior Managing Underwriter

(and possibly Co-Managing Underwriters).

BACKGROUND

RITBA is a quasi-public agency created by the Rhode Island General Assembly in 1954

as a corporate and body politic, with powers to construct, acquire, maintain, and operate

bridge projects as defined by law. The Authority was responsible for the construction of

the Claiborne Pell Bridge (formerly the Newport Bridge) which opened to traffic on June

28, 1969. The Authority has been responsible for the operation and maintenance of the

Mount Hope Bridge between Bristol, Rhode Island and Portsmouth, Rhode Island and the

Claiborne Pell Bridge between Newport, Rhode Island and Jamestown, Rhode Island

since 1964 and 1969, respectively.

In its 2012 Session, the General Assembly authorized the transfer of the Sakonnet River

Bridge, the Jamestown Verrazzano Bridge and the Route 138 connecting highway from

Route 1A to the Claiborne Pell (Newport) Bridge to the Authority. In 2014, the General

Assembly voted to allocate $0.035 per gallon of the State’s motor fuel tax to RITBA

beginning July 1, 2014 for maintenance expenses, capital expenditures and debt service.

On April 25, 2013, the State transferred custody, control and supervision of the land and

improvements for the Jamestown Verrazzano and the Sakonnet River Bridges from the

Rhode Island Department of Transportation (RIDOT) to the Authority. Ownership and

title of the bridges remains with the State. In addition to the four (4) bridges noted above,

RITBA also operates and maintains Route 138 through Jamestown and ten (10) smaller

bridges associated with this highway and the approaches to the four (4) major bridges.

REQUEST FOR PROPOSAL REQUIREMENTS

RITBA requires respondents keep the proposals to a maximum of ten (10) double sided

8 ½ x 11 pages (no less than 12 font), excluding:

• Cover Letter

• Table of Contents

• Front & back cover and dividers

• Key staff resumes

• Appendices

RITBA will not accept videos, simulations, or other electronic presentations for this

submittal. However, such electronic information may be presented during an interview

process for the shortlisted proposers if so necessary.

Proposing firms shall submit one electronic (via email to procurement@ritba.org) and

three (3) printed copies of the proposal to:

Office of Procurement

Rhode Island Turnpike and Bridge Authority

1 East Shore Road

Jamestown, RI 02835

Attn: Senior Managing Underwriter Services - RFP 25-08

RITBA is soliciting proposals from firms interested in serving as Senior Manager or Co-

Manager with whom RITBA will negotiate the sale of its proposed Motor Fuel Tax

Refunding Revenue Bonds, Series 2026 A (the “Bonds”).

The Authority proposes to issue the Bonds to refund the outstanding Motor Fuel Tax

Revenue Bonds, Series 2016 A (the “Prior Bonds”) on a current tax-exempt basis. It is

currently expected that the bonds will be sold via negotiated public offering.

The Authority will be represented by Taft & McSally LLP, as Bond Counsel.

The proposal must be received no later than 2:00pm EDT December 3, 2025, EDT. Late

submissions will not be accepted. RITBA accepts deliveries during normal business

hours Monday through Friday 9:00am to 4:00pm EDT excluding national and local state

holidays. It is the sole responsibility of the responding firm to ensure delivery of its

proposal on or before the due date/time, RITBA will not accept any proposals that are

received after the due date/time. To control the dissemination of information regarding

this RFP, firms interested in submitting proposals shall not make personal contact with

any member of RITBA staff and/or Board of Directors. Questions concerning this RFP

should be directed, via email to procurement@ritba.org no later than 2:00pm November

20, 2025, EDT. RITBA will respond to all relevant questions no later than end of day EDT

November 25, 2025. This addendum will be posted to RITBA’s website (www.ritba.org)

and the State of Rhode Island’s Division of Purchasing website (www.purchasing.ri.gov).

RITBA accepts no financial responsibility for any costs incurred by a firm in responding

to this RFP, participating in oral presentations, or meeting with RITBA prior to being

awarded the contract. The proposals in response to this RFP become the property of

RITBA and may be used by RITBA in any way it deems appropriate. All information

submitted in response to this RFP is deemed public and subject to disclosure unless a

separate redacted public copy is submitted, regardless of whether the information is

marked confidential/proprietary. Firms may redact in the public copy any trade secrets or

commercial or financial information which is of a privileged or confidential nature pursuant

to the Access to Public Records Act (R.I. Gen. Laws § 38-2 et. seq.). If Firm does not

submit a redacted public copy, RITBA assumes that firm is not seeking confidential

treatment for any of its information and thus, all information is subject to public disclosure.

By submitting a proposal, the firm certifies that it has fully read and understands the RFP,

has full knowledge of the scope of work to be provided, and accepts the terms and

conditions under which the services are to be performed. RITBA will be the sole judge in

determining as equivalent products (if applicable).

RITBA reserves the right to interview some, all, or none of the firms responding to this

RFP based solely on its judgment as to the firm(s) proposals and capabilities. RITBA

reserves the right to select firms directly from the proposals received without the use of

an interview process. RITBA reserves the right to request and consider additional

information from submitters, and to reject any submittals on any basis without disclosing

the reason. No firm may withdraw their submittal for at least one-hundred twenty (120)

days after the time and date set for submission.

RITBA reserves the right to waive any irregularities and technical defects. RITBA reserves

the right to modify, amend or waive any provision of this RFP, prior to the issuance of an

award for these services.

RESPONSE FORMAT

A. Letter of Transmittal. Each proposal should be accompanied by a letter of transmittal

not exceeding two pages which summarizes the proposal and which is signed by an

officer of the firm who is responsible for committing the firm’s resources.

B. General Information. Please provide the following general information:

1) Name, address, telephone number, fax number, e-mail address and the title of the

individual submitting the Proposal on behalf of the responding firm and to whom

questions or requests for additional data should be directed.

2) Brief history of the firm.

3) Firm’s corporate address.

C. Financial Condition of the Firm. Please indicate your firm’s equity capital, net capital

and excess net capital, according to your firm’s financial statements, calculated in

accordance with SEC Rule 15c3-1 for each of the past five (5) years.

D. Experience. RITBA will evaluate the firm’s experience on similar projects, with similar

clients to determine whether the organization contains sufficient expertise to carry out

the duties of Senior (or Co) Managing Underwriter.

1) Summarize the firm’s experience in negotiated underwriting of transportation bond

issues since January 2023 in tabular form. Provide your ranking for 2023, 2024

and 2025 YTD on surface transportation bond issues for the categories of senior

manager, co-senior manager and co-manager.

2) Summarize in tabular form your firm’s experience for 2023, 2024 and 2025 YTD

on Rhode Island bond issues for the categories of senior manager, co-senior

manager and co-manager.

3) Please select three transactions listed above that demonstrate your firm’s

creativity and innovation in responding to financial challenges of your clients. Such

transactions should demonstrate the following: (i) creative ability; (ii)

understanding of transportation and/or special tax-secured financings; (iii)

knowledge of municipal market conditions and trends and demonstrated ability to

underwrite bonds; and, (iv) analytical capabilities.

This information should be provided in a table with the following column headings:

- Name of Issuer

- Date of Issue

- Issuer Contact and telephone number (senior and co-managed

transactions only)

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- Transaction security (e.g. toll road revenue, motor fuel revenue, sales tax

revenue, etc.)

- Issue Amount

- Debt Instrument (fixed rate, variable rate)

- Rating

- Credit Enhancement

- Respondent’s Role (senior manager, co-senior, co-manager, etc.)

- Description/Notable Elements of the Financing

E. Distribution and Marketing Capabilities. Describe your firm’s municipal sales and

distribution capabilities (retail and institutional).

F. Finance Plan. Based upon your understanding of the Authority’s financial position and

the desired refunding of the Authority’s Prior Bonds, please provide the following:

1) Please provide a refunding analysis of the Authority’s Prior Bonds using the

following assumptions as a Base Case:

- Market rates and spreads to MMD as of November 14, 2025

- Closing Date of 3/1/2026

- Costs of Issuance (not including Underwriter’s Discount) of $350,000

- Level annual savings

2) Please discuss your firm’s recommended plan of finance for the Authority’s

proposed Bonds, including any proposed alternatives to the Base Case discussed

above.

3) Your firm’s assessment of the credit strengths and weaknesses of the Authority

and any recommendations for rating strategies which you would recommend to the

Authority.

4) Your firm’s recommendation for ensuring fair allocation of bonds among syndicate

members and fair distribution of compensation in the Authority’s proposed

financings.

5) Describe how best to conduct a negotiated sale given current market conditions

and discuss the issues which should be addressed in developing a marketing

strategy for the Authority. Discussion should include, but not be limited to, how you

would deploy retail and institutional sales distribution, identify target investors for

each maturity range, marketing strategy methods to communicate the sale to

potential investors, and other ideas geared toward obtaining the best price. Include

information as to how best to balance the objectives of obtaining the lowest

effective interest rate for the Authority’s bonds with optimal call flexibility.

G. Proposed Fees. Please provide the following for Underwriter’s Discount:

- State the underwriter’s discount that your firm would expect to charge on the

proposed bond

- Include a takedown by maturity and average takedown based on the Base Case

provided above.

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This page summarizes the opportunity, including an overview and a preview of the attached documents.

RFP 25-08: Senior Managing Underwriter Services Addendum No.1

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