Municipal Advisor Services RFP

The Santa Barbara County Association of Governments (SBCAG) is the Metropolitan Planning Organization (MPO) and Regional Transportation Planning Agency for Santa Barbara County. SBCAG’s member agencies include the County of Santa Barbara and all eight incorporated cities within the county.  SBCAG distributes local, state, and federal transportation funds and acts as a forum for addressing regional and multi-jurisdictional issues. SBCAG is committed to planning, funding and delivering transportation projects for the region. SBCAG is also committed to providing information to the public about its projects, plans and activities, ensuring public participation and fostering public understanding of its functions.

SBCAG also serves as the Local Transportation Authority for Santa Barbara County and is responsible for administering Santa Barbara County’s voter approved transportation sales tax measure, Measure A. Measure A was approved by voters in 2008 and is estimated to provide $1.05 billion in estimated local sales tax revenue for transportation projects in Santa Barbara County from 2010 to 2040.

Anticipated Borrowing ("Project")

SBCAG invites proposals from qualified and independent Municipal Advisory firms to provide on-call advisory services related to debt planning and execution, including the refunding of SBCAG's existing Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.

The selected firm will act as SBCAG's fiduciary advisor, per applicable U.S. Securities and Exchange Commision (SEC) and Municipal Securities Rulemaking Board (MSRB) rules, and must demonstrate experience with California transportation agencies, sales tax revenue financings, and federal credit program refundings (including TIFIA). SBCAG anticipates a near-term transaction to refund its TIFIA loan contingent upon estimated net present value savings of at least 3%.

Background

In 2022, SBCAG secured a TIFIA loan to finance and  deliver Measure A’s flagship project, the U.S. 101 Carpinteria to Santa Barbara Widening project. More information can be found at www.sbcag.org. The current outstanding principal balance of the TIFIA loan is $46,271,883.10.

Project Details

• Reference ID: 2026-RFP-031
• Department: Administration and Finance
• Department Head: Martha Gibbs (CFO/HR Director)

Important Dates

• Questions Due: 2026-03-18T23:00:00.000Z
• Answers Posted By: 2026-03-24T16:30:00.000Z

Addenda

• Addendum #1 (released 2026-03-24T16:28:59.679Z) —

  Please note the following changes:

  • The question response date has been updated.
  • Attachments now include, Attachment A- "Agreement Example" for offerors consideration.

Evaluation Criteria

• Executive Summary (5 pts) —

  This section should include the offeror’s overall understanding of the project. This section should also provide a brief summary of what is to be covered in the remaining sections of the proposal. The offeror shall briefly outline its qualifications for performing work, its management and technical approaches for the project, and similar project experience. Within this section, the offeror shall also identify all subcontractors and the services subcontractors will provide.

• Technical Approach (20 pts) —

  The offeror shall outline its technical approach for the implementation of the project. The content of the technical approach shall include, but is not limited to:

  1. A brief discussion of each of the tasks in the scope of services to complete the project. Sub-tasks should be added as necessary to clearly define the Scope of Services.
  2. A discussion of unusual aspects that may be encountered during the development of the project.
  3. Describe the plan-of-finance approach, analytics, market strategy, and execution steps.
  4. Provide a TIFIA-specific work plan (consents, payoff mechanics, lien releases, timing).
  5. Discuss MSRB/SEC compliance framework (G-42 fiduciary duty, disclosures, supervision/recordkeeping).
  6. Explain independence from underwriting (G-23) and how conflicts are prevented/managed. 

  Identify potential risks (e.g., timing of approvals, conditions precedent, documentation requirements) and mitigation strategies.

• Management Approach (15 pts) —

  The offeror shall include brief résumé summaries of each of the key project personnel. Résumé summaries should focus on relevant experience and qualifications. The offeror shall also identify and describe a management approach.

  SBCAG has a 10% Disadvantaged Business Enterprise (DBE) usage goal. The offeror is encouraged to solicit and use DBE services to the maximum extent feasible. Offerors are not required to, nor will they be penalized if they do not meet the established goal. Furthermore, the offeror will be given no additional credit for use of DBE firms, but must show in the management approach a good faith effort in soliciting DBE services. The offeror shall identify any subcontractors and the capacity they will serve on the project.

• Experience of Offeror and Personnel (35 pts) —

  The offeror shall provide a brief description of relevant similar experience by members of the project team.  Experience shall be within the last three (3) years. The following information should be included in a table or other convenient format.

  1. Provide a brief description of offeror’s involvement in similar project efforts, particularly in California municipal bond transactions within the last five years.  Include technical analysis experience on those projects as well as the following information for reference purposes:
     1. Members of offeror team (by name)
     2. Description of services provided
     3. Total cost of services provided
     4. Service start date and completion dates
     5. Budget and schedule performance
     6. Subcontractors involved; and
     7. Name, telephone number, and address of the offeror’s contact person
  2. Provide a matrix that shows proposed team members (specific individuals by name) and the projects they will work on.
     
     
  3. TIFIA/Federal Credit: Describe prior work involving TIFIA, Railroad Rehabilitation and Improvement Financing (RRIF), or similar federal credit program transactions, especially refundings/payoffs; include coordination with the Build America Bureau, consent processes, payoff mechanics, and release documentation.
     
     
  4. Identify transportation‑related or sales tax measure experience (e.g., Measure A‑like programs).
     
     
  5. List all contracts for bond and/or disclosure counsel that were terminated (partially or completely) by clients for convenience or default within the past three years. For terminating public agencies include contract value, description of work, contract number, name of contracting entity, and reason for termination.
• Cost Estimate (25 pts) —

  SBCAG prefers a fixed fee structure for each financing transaction, payable from debt proceeds at closing.

  Proposers should provide:

  • Provide fixed per-transaction fees (including TIFIA refunding support).
  • Provide on-call advisory/retainer pricing and hourly rates for non-issuance work.
  • State Assumptions and any reimbursable expenses.
  • Disclose any contingent compensation elements and associated G-42 conflict disclosures; SBCAG prefers non-contingent advisory compensation except for the standard transaction fee payable from proceeds. 

Submission Requirements

• Proposal Requirements (required) —

  Did you read through and confirm that you meet all of the proposal requirements?

• Agreement Example Review (required) —

  Di you read the Agreement Example (Attachment A) in Attachments?

• Edits to SBCAG Agreement (required) —

  After reviewing the SBCAG standard agreement in Attachments, did you include any desired edits to the agreement within your proposal?

• Proposal (without Cost Proposal) (required) —

  Please upload your COMPLETE proposal here. Upload the Cost Proposal in the next step.

• Separate Cost Proposal (required) —

  Confirm that your Cost Proposal is not attached in your Proposal, and is attached separately here.

• Will this project be funded by Measure A? (required)
• Expectation of Execution of Contract (required) —

  Execution of the contract is expected no later than:

  Example: February 18, 2021.

Questions & Answers