2026-024VF ERIE COUNTY NYS GO & SEWER BONDS

REQUEST FOR PROPOSALS
SENIOR MANAGING UNDERWRITER
2026 GENERAL OBLIGATION AND SEWER BONDS
RFP # 2026-024VF
March 9, 2026
Erie County, New York
Office of the Erie County Comptroller
95 Franklin Street, 11th Floor
Buffalo, New York 14202
The County of Erie, New York (the "County") is inviting underwriting firms to submit proposals to serve as
book-running senior manager in connection with the issuance(s) of 2026 General Obligation Bonds (the
"Bonds") for the County. The County reserves the right to also engage a co-manager (s) for this
transaction. Proposals are due by 3:00 p.m. Eastern Standard Time on March 24, 2026.
There is no expressed or implied obligation for the County to reimburse responding firms for any expenses
incurred in preparing proposals in response to this request. The County reserves the right to reject any or
all proposals submitted. Proposals must be submitted by e-mail to Timothy Callan, Erie County Deputy
Comptroller, at Timothy.Callan@erie.gov and also sent to the County's Municipal Advisors:
Kayla MacEwen (kayla.macewen@mastersonadvisors.com)
Brendan Cooney (brendan.cooney@mastersonadvisors.com)
During the evaluation process, the County reserves the right, where it may serve the County's best
interest, to request additional information or clarifications from proposers ("Proposers"), or to allow
corrections of errors or omissions. At the discretion of the County, firms submitting proposals may be
requested to make oral presentations as part of the evaluation process. These presentations might be
made in-person, or virtually via WebEx, Microsoft Teams or Zoom.
The County reserves the right to retain all proposals submitted and to use any ideas in a proposal
regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm
of the conditions contained in this request for proposals, unless clearly and specifically noted in the
proposal submitted and confirmed in a contract between the County and the firm selected.
All qualified applicants will be afforded equal opportunity without discrimination because of race, creed,
color, national origins, sex age, disability or marital status.

TABLE OF CONTENTS
I. CALENDAR OF EVENTS ............................................................................................................................... 3
II. INTRODUCTION ........................................................................................................................................ 3
III. ADMINISTRATIVE INFORMATION ........................................................................................................... 3
A. Restrictions on Communications ................................................................................................. 3
B. Inquiries ..................................................................................................................................... 3
C. Modifications to the RFP.............................................................................................................. 4
D. Conflicts of Interest/Non-Collusion ............................................................................................. 4
E. Minority- and Woman-Owned Business Enterprise (MWBE) Requirements .............................. 4
F. Errors and Omissions .................................................................................................................. 4
G. County's Rights as to All Proposals ............................................................................................. 4
H. Confidentiality of Proposals ....................................................................................................... 5
I. Important Information Affecting Proposers ................................................................................ 5
IV. SERVICES REQUIRED OF AN UNDERWRITER ........................................................................................... 6
A. Mandatory Requirements to Propose ......................................................................................... 6
B. Mandatory Services ................................................................................................................... 6
V. PROPOSAL CONTENT ................................................................................................................................ 7
A. Technical Proposal Content ........................................................................................................ 7
B. Fee Proposal Content................................................................................................................... 9
VI. PROPOSAL SUBMISSION ........................................................................................................................ 9
VII. EVALUATION OF PROPOSALS .................................................................................................................. 9
A. Evaluation of Proposals ............................................................................................................... 9
B. Final Recommendation for Award ............................................................................................... 9
VIII. AWARD OF CONTRACT ........................................................................................................................ 10
A. Notification of Selection ............................................................................................................ 10
B. Termination ............................................................................................................................... 10
IX. INDEMNIFICATION AND INSURANCE .................................................................................................... 10
X. COMPLIANCE WITH LAWS ...................................................................................................................... 11
APPENDIX A: RESPONSE FORM - SECTION V (A) (3) (c) ............................................................................. 12
APPENDIX B: RESPONSE FORM - SECTION V (A) (3) (g) ............................................................................. 13
Page 2 of 12

I. CALENDAR OF EVENTS
* Issuance of RFP: March 9, 2026
* Deadline for RFP Questions: March 16, 2026
* Responses to Questions: March 20, 2026
* Deadline for Submission of Proposals: March 24, 2026
* Notice of award: To be determined; expected in March/April 2026
II. INTRODUCTION
Erie County, New York (the "County") is soliciting firms through this Request for Proposals ("RFP")
to act as senior managing underwriter for the issuance of the 2026 General Obligation Bonds for
the County. The proceeds will be used for the County's annual public improvement projects and
projects for the County's Sewer Districts.
III. ADMINISTRATIVE INFORMATION
Firms receiving this RFP or that receive access to this RFP from a source other than the County
should contact Timothy Callan at 716-858-8853 or Timothy.Callan@erie.gov and Kayla MacEwen
at 646-483-4941 or kayla.macewen@mastersonadvisors.com to ensure that their correct contact
information is listed. This will ensure that they receive all updates and/or
amendments/addendums to this RFP.
The following administrative requirements will apply to this RFP. Failure to comply fully with these
requirements may result in disqualification of your proposal.
A. Restrictions on Communications
From the date this RFP is issued until the contract award has been announced, no Proposer-
initiated contact with any County official shall be permitted regarding this RFP, other than written
inquiries, as described in this Section. This prohibition includes, but is not limited to, any lobbying
of individuals considered to have any influence over proposal evaluation and selection. Violation
of this provision may be grounds for immediate disqualification.
B. Inquiries
There will be an opportunity available for submission of written questions. All questions or
requests for clarification regarding this RFP must be submitted via email to the County contact as
indicated in Section III (A), no later than March 16, 2026, 3:00 p.m. EST, citing the particular RFP
page, section, and paragraph number where applicable. Questions or requests for clarification
received after such time and date will not receive a response from the County. Answers to all
questions, as well as copies of the questions, will be distributed to all firms that were granted
access to this RFP, in accordance with the Calendar of Events in Section I.
Page 3 of 12

C. Modifications to the RFP
The County may modify any part of the RFP prior to the deadline for submission of proposals by
issuance of addendum to all recipients of this RFP. Any addendum issued by the County will be
posted to the County website and email notification of such posting will be distributed to all firms
that have been granted access to this RFP.
D. Conflicts of Interest/Non-Collusion
Proposers must disclose with their proposals the name of any officer, director, or agent of
Proposer who is also an employee of the County, the State of New York or any entity of the State
of New York, including any State agency or State public authority. Proposers must disclose the
name of any State employee who owns, directly or indirectly, an interest of five percent or more
in the Proposer.
The Proposer, by signing the proposal, does hereby warrant and represent that any ensuing
agreement has not been solicited, secured or prepared directly or indirectly, in a manner contrary
to the laws of the State of New York and the County of Erie, and that said laws have not been
violated and shall not be violated as they relate to the procurement or the performance of the
agreement by any conduct, including the paying or the giving of any fee, commission,
compensation, gift, gratuity or consideration of any kind, directly or indirectly, to any County
employee, officer or official.
E. Minority-and Woman-Owned Business Enterprise (MWBE) Requirements
In accordance with the provisions of Article 15-A of the Executive Law and the State Finance Law
and Erie County Local Law, it is the intention of the County to provide real and substantial
opportunities for certified MWBE firms on all contracts.
F. Errors and Omissions
If a recipient discovers any ambiguity, conflict, discrepancy, omission, or other error in this RFP,
he/she shall immediately notify the County (See Section III (A), Restrictions on Communications)
of such error in writing and request clarification or modification of the document.
Prior to the deadline for submission of proposals, the County will provide any necessary
clarifications by email notice to all firms that have been granted access to this RFP. If, prior to the
deadline for submission of proposals, a Proposer fails to notify the County of a known error or an
error that reasonably should have been known, the Proposer shall assume the risk of proposing.
If awarded the contract, the Proposer shall not be entitled to additional compensation by reason
of the error or its correction.
G. The County's Rights as To All Proposals
The County reserves the right to, but is not limited to, the following:
1. Reject any and all proposals received in response to this RFP.
Page 4 of 12

2. Waive any immaterial deviation or defect in a proposal. A waiver of immaterial
deviation or defect shall in no way modify the RFP documents or excuse the Proposer
from full compliance with the RFP requirements.
3. Reject any proposal that contains false or misleading statements, or which provides
references that do not support an attribute or condition claimed by the Proposer.
4. All proposals will become the property of the County and may be disclosed or used by
the County to the extent permitted by law. The County may disclose a proposal to any
person for the purpose of assisting in evaluating the proposal or for any other lawful
purpose. All proposals will become County records, which, in accordance with the
Freedom of Information Law, will be available to the public after the contract award. Any
portion of the proposal that a Proposer believes constitutes a trade secret entitled to
confidential handling, as an exception to the Freedom of Information Law, must be clearly
and specifically designated in the proposal. If the County agrees with the trade secret
claim, the designated portion of the proposal will be withheld from public disclosure.
Blanket assertions of trade secret material will not be accepted, and failure to specifically
designate trade secret material will be deemed a waiver of any right to confidential
handling of such material.
H. Confidentiality of Proposals
The content of each proposal and all communications will be held in confidence and no details
will be divulged to any other Proposer during evaluation.
I. Important Information Affecting Proposers
1. By submitting a proposal, the Proposer agrees not to make any claims for or have a right to
damages because of any misrepresentations or misunderstanding of the specifications or because
of any lack of information.
2. The County reserves the right to modify any part of this RFP, including but not limited to, the
date and time for which proposals must be submitted and received by the County, at any time
prior to the deadline for submission of proposals. Modifications to this RFP will be made by
issuance of addendum. Any addendum issued by the County will be posted to the County website
and email notification of such posting will be distributed to all firms that received access to this
RFP. The County also reserves the right to cancel this RFP, in whole or in part, and to reject any
and all proposals. See also Section III (C) and (G).
3. The County reserves the right to correct any arithmetical errors in any proposal and, in the
event that the fees or costs in two or more proposals are not comparable, to make appropriate
adjustments to render the fees and costs comparable. The County also reserves the right to
require a Proposer to clarify his/her proposal to assure a full understanding of the proposal and
to request revisions to all proposals from Proposers susceptible of award of the contract. Any
request for clarification or revisions is solely at the discretion of the County.
4. Proposers shall not discuss this RFP with employees of the County prior to the County's decision
to award a contract.
Page 5 of 12

5. New York State law requires that a proposal shall not be considered for award if the price in
the proposal was not arrived at independently without collusion, consultation, communication,
or agreement with any other Proposer or with any competitor. In addition, a Proposer is generally
prohibited from making multiple proposals in a different form, i.e., as a prime Proposer or as a
subcontractor to another Proposer.
6. By submitting a proposal, the Proposer certifies that if selected, he/she can and will provide
and make available, at a minimum, all services set forth in this RFP.
7. By submitting a proposal, the Proposer warrants that all information provided in connection
with the proposal is true and accurate.
8. By submitting a proposal, the Proposer warrants that, if selected, he/she will execute an
Agreement of Confidentiality wherein he/she agrees to protect, from unauthorized disclosure,
confidential information accessed during the contract.
9. The successful Proposer must agree to provide the County with access to records related to this
contract on request during the term of the contract and for six years thereafter.
IV. SERVICES REQUIRED OF A SENIOR MANAGING UNDERWRITER
The County is seeking proposals from nationally recognized qualified Underwriters. In addition to
being nationally recognized, the firms must meet the following Mandatory Requirements and
provide the Mandatory Services listed in Section IV (B).
A. Mandatory Requirements to Propose as Senior Manager
The proposing firm must:
1. have experience in providing senior managing underwriting services to New York
municipal bond issuers on transactions closing during the period of January 1, 2023
through January 1, 2026;
2. have experience in structuring and marketing general obligation bonds for issuers in
New York.
Proposers not meeting the Mandatory Requirements to Propose will not be considered for senior
manager.
B. Mandatory Services
The Underwriter will perform the following mandatory services:
1. Make recommendations for the structure, conditions, and terms of the County's Bond
issuance.
Page 6 of 12

2. Participate in meetings with the municipal advisor, bond counsel, and rating agencies,
if requested.
3. Assist in the preparation of the County's official statement, and other necessary
financing documents.
4. Be prepared to execute a bond purchase agreement with the County.
V. PROPOSAL CONTENT - INFORMATION TO BE PROVIDED BY PROPOSERS
Following is a listing of the information required to be provided by the Proposer. A proposal that
does not provide all the information requested below may be subject to rejection. Your proposal
must contain sufficient information to assure the County of its accuracy.
No information beyond that specifically requested is required and firms are requested to keep
their submission to the shortest length consistent with making a complete presentation of
qualifications.
A. Technical Proposal Content
The purpose of the Technical Proposal is to demonstrate the qualifications, competence, and
capacity of the Proposer to undertake the responsibilities of serving as Senior Managing
Underwriter while complying with applicable laws and the requirements of this RFP. The Technical
Proposal should demonstrate the qualifications of the firm and of the particular staff to be
assigned to provide services described in this RFP.
A proposal that is incomplete in any material respect may be eliminated from consideration.
The following outlines the required information to be provided by Proposers. The information
requested should be provided in the prescribed format. Responses that do not follow the
prescribed format may be eliminated from consideration. All responses to the RFP will be subject
to verification for accuracy.
1. Cover Letter
The cover letter shall be considered an integral part of the proposal, and shall be
signed by the individual or individuals authorized to bind the Proposer
contractually. The cover letter must indicate that the signer is so authorized and
the title or position the signer holds in the Proposer's firm. An unsigned proposal
will be rejected.
2. Table of Contents
The Table of Contents should clearly identify the material, by section and page
number, included in the proposal.
3. Qualifications for Senior Managing Underwriter
Page 7 of 12

The following items are designed to elicit information important to the County in determining the
selection of a Senior Managing Underwriter:
a. Provide a brief description of your firm including relevant lines of business.
b. List the contact information for the person responsible for submitting this proposal. Include
any additional offices from which work will be performed.
c. A list (in the form of Appendix A with the grand total for all issuances) of the direct prior
experience of your firm with all New York governmental entities relating to Senior Managing
Underwriter for bond issues closing during the period of January 1, 2023 through January 1, 2026.
Limit this list to assignments of this type. Provide the following information:
1. the name of the issuer;
2. the type of issuance;
3. the size of the issuance;
4. the date of closing; and
5. Type of sale (competitive or negotiated)
6. a description of the services rendered (senior, co-manager, etc.)
d. Provide three (3) current client references, containing contact persons, their titles, addresses,
telephone numbers, email addresses, and a brief description of the relationship between the firm
and the reference and why the reference would be relevant to the appointment.
e. Resumes of the individuals of your firm who would be directly assigned and a description of the
specific function each would perform. The information should additionally identify their qualifying
experience to perform the services identified and state their number of years of experience in the
financial industry as well as their number of years with your firm. A statement as to the availability
of the lead person(s) for consultation with the County, including but not limited to, his or her
willingness to meet (virtually or in-person) with County officials.
f. Provide your firm's price view for a $60 million (project fund amount) public improvement
financing and a $2 million (project fund amount) sewer financing, with current market prices using
the MMD provided in Appendix B and a 20-year amortization. The bonds would be issued as one
series. Assume cost of issuance of $300,000 and underwriter's counsel fee of $20,000. Refer to
Appendix B for the format in which your firm should provide its price view.
g. The County is considering including a refunding series with this bond issue. Please present your
firm's proposed refunding. Please present refunding opportunities (if available) and include
detailed cash flows as well as a summary of the refunding results.
h. The County traditionally requests a rating from S&P and Kroll for its bond transactions. Please
provide your recommendation as to which rating agency(s), if any, should the County request
rating(s) on the County's proposed financing. Include the number of rating agencies, identify the
agency, and the rationale for the selection.
Page 8 of 12

B. Fee Proposal Content
* Management Fee (if any) (Management fee is due to the senior manager only)
* Takedown
* Expenses (Provide a breakdown of expenses and assume underwriter's counsel fee of
$20,000)
VI. PROPOSAL SUBMISSION
All proposals must be submitted by email by 3:00 p.m. EST on March 24, 2026. Proposals must be
submitted by e-mail to Timothy Callan, Erie County Deputy Comptroller, at Timothy.Callan@erie.gov and
also sent to the County's Municipal Advisors:
Kayla MacEwen (kayla.macewen@mastersonadvisors.com)
Brendan Cooney (brendan.cooney@mastersonadvisors.com)
Proposals received after the deadline for submission of proposals may be rejected.
Proposers may withdraw a proposal at any time prior to the deadline for submission of proposals
by written notification to the Contracting Officer as set forth in Section III. A. of this RFP. An
authorizing agent of the firm must sign the notice of withdrawal.
The proposal may thereafter be resubmitted, but not after the deadline for submission of
proposals. Modification, offered in any other manner, oral or written, will not be considered.
Proposals received after the deadline for receipt of proposals will be disqualified and returned to
the Proposer.
VII. EVALUATION OF PROPOSALS
A. Evaluation of Proposals
The County will evaluate proposals using the evaluation methods, procedures, and criteria
contained in this section based upon the "best value" approach. The best value approach
identifies the successful firm as the responsive and responsible Proposer that receives the highest
overall ranking based upon the total weighted score for all evaluation criteria, i.e., the most
beneficial combination of quality and costs for the services being requested.
B. Final Recommendation for Award
Following the completion of the evaluations, the Evaluation Committee will make the award for
Underwriter subject to final approval by the County's Comptroller.
VIII. AWARD OF CONTRACT
A. Notification of Selection
Page 9 of 12

The successful Proposer(s) will be advised of selection by the County. Proposers not selected will
also be notified.
After selection of the successful proposer, a formal written agreement will be prepared by the
County of Erie and will not be binding until signed by both parties and, if necessary, approved by
the Erie County Legislature, the Erie County Fiscal Stability Authority and the Office of the County
Attorney. NO RIGHTS SHALL ACCRUE TO ANY PROPOSER BY THE FACT THAT A PROPOSAL HAS
BEEN SELECTED BY THE COUNTY FOR SUBMISSION TO THE ERIE COUNTY LEGISLATURE AND/OR
THE ERIE COUNTY FISCAL STABILITY AUTHORITY FOR APPROVAL. THE APPROVAL OF SAID
LEGISLATURE AND/OR AUTHORITY MAY BE NECESSARY BEFORE A VALID AND BINDING CONTRACT
MAY BE EXECUTED BY THE COUNTY.
B. Termination
The County reserves the right to terminate the services of the underwriter chosen upon thirty (30)
days written notice for any reason, or immediately for cause. In the event of such termination,
the firm(s) shall be entitled to compensation for acceptable services performed through the date
of termination
IX. INDEMNIFICATION
The Proposer accepts and agrees that language in substantially the following form will be included
in the contract between the Proposer and the County:
In addition to, and not in limitation of the insurance requirements contained herein:
"The Consultant agrees that except for the amount, if any, of damage contributed to, caused by,
or resulting from the negligence of the County, the Consultant shall defend, indemnify and hold
harmless the County, its officers, employees, and agents from and against the Consultant's
proportional share of liability, damage, claim, demand, cost, judgment, fee, attorneys' fees, or
loss which the County may sustain, be subject to, or be caused to incur because of or as a result
of (a) any wrongful act, error, or omission of the Consultant or third-parties under the direction
or control of the Consultant; or (b) any willful misconduct of the Consultant or third parties under
the direction or control of the Consultant; or (c) any infringement of any claimed copyright or
patent right of designs, plans, drawings, or specifications furnished by the Consultant or its
subconsultant. Nothing contained herein shall create or give to third parties any claim or right of
action against the County or the Consultant beyond such as may legally exist without regard to
this provision."
X. COMPLIANCE WITH LAWS
By submitting a proposal, the proposer represents and warrants that it is familiar with all
applicable federal, state and local laws and regulations and will conform to said laws and
regulations. The preparation of proposals, selection of proposers and the award of contracts are
subject to provisions of all Federal, State and County laws, rules and regulations.
Page 10 of 12