Underwriter Pool Services and General Airport Revenue Bond Underwriting

The Ontario International Airport Authority (“OIAA” or “Authority”) is requesting proposals from qualified investment banking firms to establish a pool of approximately six (6) underwriting firms to support the issuance and refunding of future airport debt.

Firms selected for the underwriter pool will be eligible to serve as Senior Managing Underwriter or Co-Managing Underwriter for negotiated bond issuances undertaken by the Authority during the pool term. Participation in the pool does not guarantee assignment to any specific financing.

Background

Through this Request for Proposals (RFP), the Authority seeks to:

• Establish a pool of qualified underwriting firms to support potential future financings during the pool term; and
• Evaluate each firm’s proposed approach to structuring, marketing, and pricing anticipated bond issuances.

The Authority currently anticipates issuing approximately $500 million in General Airport Revenue Bonds (GARBs) through negotiated sales structured as two separate series:

• Series 2026, anticipated to be issued in calendar year 2026; and

• Series 2027, anticipated to be issued in calendar year 2027.

These financings are expected to support capital improvement projects and may include the refinancing of certain existing obligations. Final transaction size, structure, and timing will be determined based on the Authority’s Board-approved Capital Improvement Program (CIP) and associated financing plans.

Selection to the underwriter pool does not guarantee participation in any specific transaction. Assignment of underwriting roles for the anticipated 2026 and 2027 bond issuances will be determined by the Authority based on proposal evaluations, interviews (if conducted), and overall demonstrated qualifications.

Project Details

• Reference ID: 2026-RFP-079
• Department: Finance
• Department Head: David Goldsberry (Director of Finance)

Important Dates

• Questions Due: 2026-05-04T23:00:00.000Z
• Pre-Proposal Meeting: 2026-04-27T18:00:00.000Z — Microsoft Teams Webinar Link: https://events.gcc.teams.microsoft.com/event/af73dcc5-17b1-4f27-be3f-218638c0d351@726bed49-7011-47d7-8024-49cdc0e9cae8 Attendance is not mandatory; however, interested firms are strongly encouraged to participate. Please note that registration is required to attend the Pre-Proposal meeting. Upon registering, you will receive the meeting link and additional details

Evaluation Criteria

• Administrative Requirements Compliance (1 pts) —

  Proposals will be evaluated for compliance with the administrative requirements outlined in Section 10 (Administrative Requirements).

  This review will include verification that the proposer has submitted all required administrative documents, including:

  • Small Business Certifications (or “N/A” if not applicable)
  • Small Business & Subcontractor Letter of Intent (LOI)
  • List of Subconsultants
  • Supplier Information Form
  • W-9 Form (signed and dated within the last 12 months)
  • Conflict of Interest Disclosure Form
  • Affidavit of Non-Collusion (must be notarized prior to submission)
  • Confidentiality and Non-Disclosure Form
  • Acknowledgement of Draft Contract terms

  Failure to submit any required administrative documents, including a notarized Affidavit of Non-Collusion, will result in the proposal being deemed non-responsive and rejected.

• Submission Compliance (1 pts) —

  Proposals will be reviewed for compliance with the submission requirements outlined in Section 6. This includes, but is not limited to:

  • Timely submission through the OpenGov portal
  • Adherence to required file format (PDF)
  • Compliance with page limitations and formatting requirements
  • Inclusion of required sections and cover letter
  • Proper organization in accordance with Section 7 (Proposal Content Requirements)
  • Separate submission of the Cost Proposal

  Failure to meet these requirements may result in the proposal being deemed non-responsive and removed from further evaluation.

• References (15 pts) —

  Proposers shall provide the names and current contact information for three (3) references who have direct knowledge of the proposer’s performance on projects relevant to the services described in this RFP, specifically municipal bond underwriting services, including General Airport Revenue Bonds or comparable financings.

  For each of the three (3) references, the proposer shall include the following:

  • Project title
  • Issuer name (Client)
  • Client contact information:
    • Name and title
    • Telephone number
    • Email address
  • Transaction size 
  • Year of issuance (preferably within the last 3–5 years)
  • Type of financing (airport revenue bond, refunding, new money, etc.)
  • Respondent’s role in the transaction (Senior Manager, Co-Manager)
  • Approximate contract value or underwriting compensation
  • Description of services provided, including scope and responsibilities
  • Summary of the transaction structure and any unique or complex elements
  • How the project relates to this OIAA solicitation
• Qualifications (35 pts) —

  The respondent’s qualifications will be evaluated based on the extent to which the firm:

  • Meets and exceeds the minimum qualifications outlined in Section 4.5
  • Demonstrates relevant experience with municipal bond financings, including airport revenue bonds
  • Demonstrates experience serving as Senior Manager and/or Co-Manager on comparable transactions
  • Provides a strong record of recent, relevant transactions (last 3-5 years)
  • Demonstrates distribution capabilities, market presence, and ability to successfully execute financings
• Project Delivery & Anticipated Functions (40 pts) —

  The respondent’s approach will be evaluated based on the extent to which the proposal demonstrates a clear understanding of, and ability to effectively perform, the services outlined in Section 4.2 (Project Deliverables & Anticipated Functions) and the proposer’s response provided in Section 8.3 (Approach to Services / Methodology).

  Evaluation will consider the proposer’s:

  • Ability to advise on market conditions and timing of bond issuances
  • Ability to structure bond transactions and provide financing recommendations
  • Approach to credit rating agency engagement and preparation
  • Strategy for investor marketing and distribution
  • Ability to coordinate effectively with the Authority and financing team
  • Approach to pricing, transaction execution, and investor order period management
  • Ability to provide post-pricing and post-closing analysis and support

  Higher scores will be awarded to proposers that demonstrate a clear, comprehensive, and well-supported approach, as well as a strong understanding of municipal bond underwriting practices and airport-related financings.

• Cost Proposal (10 pts) —

  Cost Proposals will remain unopened until completion of the technical evaluation phase and will be reviewed by Procurement staff.

  Pricing provided in response to this RFP is informational only and will not be the sole basis for selection to the underwriting pool.

  Cost Proposals will be evaluated based on the following:

  • Completeness of Cost Proposal Submission
    Evaluation of whether proposer provided all required cost proposal elements, including spread ranges, fee breakdown, real transaction examples, and a description of pricing approach. Completeness will be considered to ensure fufficient information is provided to support evaluation of the proposer's pricing.
  • Reasonableness of Proposed Underwriting Spread Ranges
    Evaluation of whether proposed spreads are reasonable in comparison to other proposals received and consistent with the proposer's past transaction examples.
  • Clarity and Transparency of Pricing Structure
    Degree to which the proposer clearly defines and explains components of the underwriting spread, including management fee, takedown, and expenses.
  • Demonstrated Pricing Discipline
    Evidence from recent comparable transactions showing the proposer’s ability to maintain consistent and credible pricing aligned with past performance.
  • Alignment of Pricing Approach with Execution Strategy
    Evaluation of how well the proposer’s pricing methodology supports effective distribution, investor demand, and successful transaction execution.

  Cost proposals will be scored on a scale of 0 to 10 points, with each of the five criteria above weighted equally.

   

  The Authority will not assign the highest score solely to the proposer with the lowest indicative pricing. Proposals that demonstrate balanced, market-aligned, and sustainable pricing strategies will be scored more favorably than those presenting unrealistically low or unsupported pricing.

  Final underwriting compensation will be determined at the time of each bond issuance and may be established through competitive proposals, negotiation, or other methods at the Authority’s discretion.

Submission Requirements

• Certification (required) —

  Upload any small business certifications (SBE/SB-Micro/SB-PW/SB etc.) that your organization, partners, or subcontractors hold. If not applicable, upload a document stating "N/A"

• Small Business & Subcontractor Letter of Intent (LOI) (required) —

  Please download the below documents, complete, and upload it in this section.

  This form must be completed for each small business subcontractors included in your proposal. If you are partnering with multiple small businesses, please upload a separate form for each.

  If not applicable, upload a document stating "N/A".

• List of Subconsultants (required) —

  Please fill out the List of Subconsultants form and include all subconsultants, subcontractors and partners. If not applicable, upload a document stating "N/A". 

• Supplier Information Form (required) —

  Please download the below documents, complete, and upload.

• Upload Your Organization's Current W-9 Form (required) —

  The form must be signed and dated with the last 12 months. The latest tax form can be found here: https://www.irs.gov/forms-instructions. 

• Conflict of Interest Form (required) —

  All Persons or organizations seeking contracts or agreements with the OIAA must complete and submit this OIAA Conflict of Interest Disclosure Form along with the bid/proposal.

  Note: Failure to comply with this requirement may cause your proposal to be declared nonresponsive.

  Any questions regarding the information required to be disclosed in this form should be directed to OIAA's General Legal Counsel, especially "yes" responses to questions in this form, which may also disqualify your organization from submitting an offer on the bid/proposal.

  Please download the document below, complete and sign it, and then upload the signed copy to this section.

• Affidavit of Non-Collusion (form must be notarized prior to submission) (required) —

  Please download the document below. Fill out the document completely, sign it.

• Confidentiality and Non-Disclosure Form (required) —

  Please download the documents below, complete, and sign.

• Proposal Section (required) —

  Submit your proposal solely in this section. Failure to do so may result in the proposal being deemed invalid

• Cost Proposal (required) —

  Submit your cost proposal solely in this section. Failure to do so may result in the proposal being deemed invalid

• Daft Contract —

  The Authority will issue an addendum to upload the draft contract. Proposers are responsible for reviewing the draft contract in full upon release. All questions, comments, or requested clarifications related to the contract must be submitted during the RFI/question period outlined in this RFP/

• By selecting the box below, you confirm that you have read and understood the Draft Contract Terms. (required) —

  NOTE: Questions regarding the terms and conditions of the draft contract should be submitted during the open RFI period of this solicitation.

• Conditional - Administrative Requirements for successful Proposer —

  Administrative Requirements due prior to award of contract:

  • Certification of Insurance
  • Copy of successful Proposer's City of Ontario Business License
  • Completion of supplier onboarding through Graphite

  Failure to complete all administrative requirements for successful proposer(s) may result in delays to contract execution and/or award. No contract will be executed, and no payments will be issued, until all requirements are completed and approved.

• Certificate of Insurance Requirement* —

  Please download the document below for the type of insurance required from successful proposer.

• City of Ontario Business License (required) —

  Please confirm that you will provide a copy of your City of Ontario Business License and/or confirmation response prior to Award of Contract and/or Commencement of Work.

• Supplier Onboarding (Graphite) (required) —

  The successful Proposer(s) will be required to complete supplier onboarding through Graphite in order to be established as a supplier.

  This process includes submission of required documentation and completion of all onboarding steps. 

• Budgetary Information (required) —

  Please enter the spend codes for this project:

  • Spend Category
  • Cost Center
  • Activity Code
• Worktag (required) —

  Is there a Worktag associated with this purchase/project?

  • If yes, enter the number below.
  • If not, enter NONE.
• Approvals (required) —

  Has this request been approved by the requesting department head and the Finance department?

• Project Deliverables or Anticipated Functions (required) —

  List and/or describe in detail all the tangible results, products, or services that the project is expected to produce. Be sure to include the number of each item needed if applicable. 

• Supplier Qualifications (required) —

  Please list all qualifications for a supplier to be deemed acceptable. Include any relevant industry standards, product types, manufacturing requirements, quality control regulations, or years of experience required.

• General Description (required) —

  Provide a brief description of the project, including its objectives, purpose, any relevant goals, and expected outcomes.

• Project Resources (required) —

  Identify the work plan required for the project, including equipment, materials, and any external resources.

• Terms and Conditions (required) —

  List any desired contract terms and conditions such as length of contract, options for renewals, and conditions for renewal.

• Acceptance Criteria (required) —

  Please list any product/good/service/software requirements that would deem a proposal acceptable.

• Specs or Service Requirements (required) —

  Please list any measurements, specifications, or dimensions required for this product/good/service.