(RFQ No. 25-26/12) Bond Underwriting Services

Agency:	Port of Oakland
State:	California
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services
Posted Date:	Nov 18, 2025
Due Date:	Dec 11, 2025
Original Source:	Please Login to View Page
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Purchasing Department

530 Water Street

Oakland, CA 94607

November 18, 2025

ADDENDUM No. 1

RFQ No.: 25-26/12, Bond Underwriting Services

This Addendum modifies the original RFP Documents for the above-mentioned RFQ.

Acknowledge receipt of this addendum in the space provided on the RFQ

Acknowledgement and Signature Form (Attachment 3). Failure to do so may disqualify

your qualifications.

The following additional questions were submitted by the deadline and are answered in

this addendum.

1. Question: While going through it we saw in Section II. Minimum Qualifications letter B.

- Firm shall have at least one office in California; and At least one senior team member

identified in Section V (Vice President and above) must be located in the State of

California. We wanted to check if there was any exception for smaller firms like

ourselves seeking just a co-manager role in your underwriting pool as we do not

currently have an office in California. We are a smaller women-owned firm based in

Chatham, New Jersey with phenomenal distribution operating for over 40-years as a

municipal bond distribution platform.

Answer: The requirements outlined in Section II.B of the RFQ apply to all firms

regardless of size or the role being sought within the underwriting pool.

Unfortunately, the Port is not able to grant exceptions to these minimum

qualifications.

2. Question: On page 16 (included in this addendum) of the Port FY2026 Budget, could

you please share the tax status of each projected debt issuance?

Answer: On page 16 of the FY 2026 Operating and Capital Budgets presentation to

the Board of Port Commissioners on July 10, 2025, projected Maritime Division debt

issuances in the form of CP drawdowns in fiscal years 2027 and 2028 are assumed to

be 70% Non-AMT and 30% AMT. Projected CP drawdowns in fiscal years 2029 and

2030 are 100% Non-AMT. The Non-AMT portions of these issuances are intended to

finance the Turning Basins Widening Project.

For all other Port Revenue Divisions (Aviation, CRE, Utilities) assume 100% AMT debt

issuances (CP drawdown) in the future.

There are no other questions to RFQ No. 25-26/12.

25-26/12 – Addendum No. 1

Page 1 of 1

Highlights:

As each revenue

division’s Capital

Investment Fund

balance is depleted

over time, debt

must be issued to

fully fund projects in

division’s CIP.

No new CP Notes

were issued in FY

2025. New CP

Notes (short-term

debt) are planned in

FY 2026.

Total issuance of

CP Notes to fund

capital projects in

the 5-Year CIP is

estimated at $365.3

million.

Issuance of long-

term revenue bonds

to refinance CP

Notes anticipated in

FY 2027.

Preliminary Numbers – Subject to Change

Summary of Actual and Projected Debt Issuances by Division

($ millions)

Port Revenue Division

Aviation

Maritime

CRE

Utilities – AIR

Utilities - SEA

Total (CP Notes Issued)

2025

(Actual)

2026

2027

2028

2029

2030

Total

(2026-30)

$43.9

$33.9

$77.8

$32.1

$42.1

$16.5

$38.1 $128.8

$9.5

$8.5

$4.6

$22.7

$4.7

$21.8

$13.6

$61.8

$33.0

$21.0

$20.2

$74.2

$4.7

$63.3 $149.3

$89.6

$58.3 $365.3

 Financing plan is projected based on current assumptions regarding CIP costs and funding sources over the next five fiscal years.

Financing needs will change to the extent projects are delayed, contingencies not needed, underspend in operating or capital budgets

are realized, and/or availability of additional grant funding sources. Future interest rate environment may change proportion of CIP

funded with debt.

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

Type	Title	Deadline	Status
RFQ	(RFQ No. 25-26/12) Bond Underwriting Services (RFQ No. 25-26/12) Addendum No. 1 (Posted 11/18/2025)	12/11/2025 until 11:00 am [Pacific Time]	Current

(RFQ No. 25-26/12) Bond Underwriting Services

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