RFP

University Financial Services is inviting proposals from firms to provide bond counsel services to the University of Kentucky on anticipated agency bond issues, disclosure counsel services to the University on anticipated public-private partnership transactions that include debt issuances (bond counsel together with disclosure counsel, “Counsel”), and post issuance compliance consulting services. The University reserves the right to select two or more firms to provide Counsel services on anticipated transactions and/or to provide post issuance compliance consulting services. The initial engagement period for all services will be for three fiscal years beginning July 1, 2025 and ending June 30, 2028 (“FY 2026 - 2028”) with an option to review for two subsequent three year periods for a maximum length of nine years.

The firm selected to perform Counsel services for the University will be responsible for duties which include, but are not limited to, the following: providing legal opinions; advising on debt structuring such as taxable versus tax-exempt bonds, maturity, or refunding provisions; drafting and producing the preliminary and final official statements; sale and closing of the securities; tax issues including arbitrage regulation compliance; consulting with the issuer, the trustees, and the Commonwealth on all bond related items including IRS questionnaires; providing information as requested to the rating agencies and insurers; all applicable posting of notices and advertising relating to the bond issuance; overseeing the printing of bond certificates; drafting and circulating required issuance documents for approval; coordinating the closing of all issues; and reviewing any investment agreements related to debt service reserve fund deposits. Subsequent to the closing the firm shall provide electronic bond transcripts to parties involved in the transaction.

The firm selected to perform post issuance compliance consulting services to the University will be responsible for duties which include, but are not limited to, the following: advising on tax issues such as arbitrage regulation compliance; performing annual arbitrage rebate calculations and report estimated arbitrage rebate liability for the University’s tax-exempt bonds; consulting with the issuer, the trustee, and the Commonwealth on all bond related items including IRS questionnaires; providing continuing advice regarding any actions necessary to ensure that interest on the University’s bonds will continue to be tax-exempt, as well as assisting with post-issuance compliance and as needed assisting in any necessary remedial actions; supporting institutional staff in educating relevant campus personnel regarding bond compliance issues and responsibilities; advising the University on the impact of pending state and federal legislation; monitoring IRS rulings, official guidance and higher education industry professional practice to keep up-to-date on current developments, interpretations and trends related to tax-exempt financing; and assisting the University with due diligence regarding post issuance compliance and tax issues for potential mergers, acquisitions and/or partnerships.