Proposal Materials & Schedule

(Click on the project title link below to access official project information and documents)

 Title: Request for Proposal for Bond Counsel

Project Scope: Please see Exhibit A in the RFP document (click on the above RFP link).

Project Background:   Seattle is the largest city in Washington State. The elected officials of the City include a Mayor, nine City Council members, and a City Attorney. The Director of Finance is responsible for the City’s debt management. The City operates four utilities: electric, water, drainage and wastewater, and solid waste.

The City’s debt typically consists of general obligation and revenue debt, which are separately rated, including separate ratings for each utility. Each debt issue is reviewed by the City’s Debt Management Policy Advisory Committee (DMPAC) and is authorized by ordinance. The Director of Finance is responsible for the sale of all authorized debt issued by the City. Bond Counsel and financial advisor consultants report to the Director of Finance and work closely in coordination with the City Attorney and departments issuing the debt.

The City’s debt management policies designate competitive bid as the City’s preferred method of sale, except for issues with complex circumstances.

The City’s present unlimited tax general obligation bond ratings are Aaa by Moody’s, AAA by Fitch IBCA and AAA by Standard and Poor’s. The City’s limited tax general obligation bonds ratings are Aa1 by Moody’s, AA+ by Fitch IBCA, and AAA Standard and Poor’s. Ratings on revenue bonds vary, but range from Aa3/AA- to Aa1/AA+.

The City had about $900 million of general obligation bonds and $3.2 billion of revenue bonds outstanding at the end of 2011. Typically, the City issues general obligation bonds annually and one series of bonds for each of its four utilities every other year (electric, water, drainage and wastewater, and solid waste).

Proposal Due Date and Time: 10/12/2012, 5:00 PM (Pacific).

City Contact: Michael VanDyck, michael.vandyck@seattle.gov 206-684-8347