Escrow Agent & Paying Agent Services for the Maryland State Treasurer’s Office, the Maryland Department of Transportation & Other State Agencies as needed

i

MARYLAND STATE TREASURER’S OFFICE (STO )
LOUIS L. GOLDSTEIN TREASURY BUILDING
80 CALVERT STREET, ROOM 109
ANNAPOLIS, MARYLAND 21401

INVITATION FOR BIDS (IFB)
ESCROW AGENT & PAYING AGENT SERVICES
FOR THE MARYLAND STATE TREASURER’S OFFICE , THE
MARYLAND DEPARTMENT OF TRANSPORTATION & OTHER STATE
AGENCIES AS NEEDED
IFB #ESC- 09042024
ISSUE DATE: SEPTEMBER 4 , 2024

NOTICE
A Prospective Bidder that has received this document from a source other than eMarylandMarketplace
(eMMA ) https://procurement.maryland.gov should register on eMMA . See Section 4. 1.
THIS IS A SMALL PROCUREMENT NOT TO EXCEED $100K
MINORITY BUSINESS ENTERPRISES ARE ENCOURAGED TO
RESPOND TO THIS SOLICITATION

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

ii
NO BID NOTICE/ VENDOR FEEDBACK FORM
To help us improve the quality of State solicitations, and to make our procurement process more responsive
and business friendly, please provide comments and suggestions regarding this solicitation. Please return your
comments with your response . If you have chosen not to respond to this solicitation, please email or fax this
completed form to the attention of the Procurement Officer (see Key Information Summary Sheet below for contact information).
Title : Escrow Agent & Paying Agent Services for the Maryland State Treasurer’s Office , the Maryland
Department of Transportation & Other State Agencies as needed
Solicitation No: IFB #ESC -09042024. If you have chosen not to respond to this solicitation, please indicate
the reason(s) below:
Other commitments preclude our participation at this time
The subject of the solicitation is not something we ordinarily provide
We are inexperienced in the work/commodities required
Specifications are unclear, too restrictive, etc. (Explain in REMARKS section)
The scope of work is beyond our present capacity
Doing business with the State is simply too complicated . (Explain in REMARKS section)
We cannot be competitive. (Explain in REMARKS section)
Time allotted for completion of the Bid is insufficient
Start- up time is insufficient
Bonding/Insurance requirements are restrictive (Explain in REMARKS section)
Bid requirements (other than specifications) are unreasonable or too risky (Explain in REMARKS
section)
MBE or VSBE requirements (Explain in REMARKS section)
Prior State of Maryland contract experience was unprofitable or otherwise unsatisfactory .
(Explain in REMARKS section)
Payment schedule too slow
Other: __________________________________________________________________
2. If you have submitted a response to this solicitation, but wish to offer suggestions or express concerns,
please use the REMARKS section below . (Attach additional pages as needed.)
REMARKS: ____________________________________________________________________________________
____________________________________________________________________________________
Vendor Name: ________________________________ Date: _______________________
Contact Person: ________________________________ _ Phone (____) _____ - _________________
Address: ______________________________________________________________________
E-mail Address: ________________________________________________________________

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

iii
STATE OF MARYLAND
STATE TREASURER’S OFFICE (STO)
KEY INFORMATION SUMMARY SHEET
Invitation for Bids Escrow Agent and Paying Agent Services for the Maryland State Treasurer’s
Office , the Maryland Department of Transportation and Other State Agencies as
needed
Solicitation Number: IFB #ESC -09042024
IFB Issue Date: September 4, 2024
IFB Issuing Office: State Treasurer’s Office (STO or the “Office”)
Procurement Officer: Kris Chewlin
80 Calvert Street
Annapolis, MD 21401
e-mail:
Office Phone: kchewlin@ treasurer.state.md.us
410-260-7428
Bids are to be sent to: eMMA Portal or via Trackable Mail or Hand Delivery

Pre-Bid Conference: No Pre -Bid Conference
Questions Due Date and Time September 17, 2024
2:00pm EST
Send questions to: kchewlin@treasurer.state.md.us
Subject line must be : Questions – ESC-09042024
Bid Due (Closing) Date and Time: September 26, 2024
2:00pm EST
Bidder s are reminded that a completed Feedback Form is requested if a no -bid
decision is made (see page i i).
Public Bid Opening Date, Time and
Location: September 26, 2024
2:30 pm EST
80 Calvert Street, Annapolis, Maryland 21401 Room 106 Conf. Room
MBE Subcontracting Goal: Not Applicable
VSBE Subcontracting Goal: Not Applicable
Contract Type: Firm Fixed Price for base period
Contract Duration: Two years with two two-year renewal options
Primary Place of Performance: N/A
SBR Designation: No
Federal Funding: No

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

iv
TABLE OF CONTENTS – IFB
1. Minimum Qualifications ...................................................................................................................... 1
1.1 Bidder Minimum Qualifications .................................................................................................. 1
2 Contractor Requirements: Scope of Work ........................................................................................ 2
2.1 Summary Statement ..................................................................................................................... 2
2.2 Specific Service Requirements .................................................................................................... 2
3 Contractor Requirements: General .................................................................................................... 4
3.1 Contract Initiation Requirements ................................................................................................. 4
3.2 Reserved ...................................................................................................................................... 4
3.3 Invoicing ...................................................................................................................................... 4
3.4 Liquidated Damages .................................................................................................................... 6
3.5 Insurance Requirements .............................................................................................................. 6
3.6 Minority Business Enterprise (MBE) Reports ............................................................................. 7
3.7 Veteran Small Business Enterprise (VSBE) Reports .................................................................. 7
3.8 Work Orders ................................................................................................................................ 7
3.9 Additional Clauses ....................................................................................................................... 7
4 Procurement Instructions .................................................................................................................... 9
4.1 eMaryland Marketplace Advantage (eMMA) ............................................................................. 9
4.2 Questions ..................................................................................................................................... 9
4.3 Procurement Method ................................................................................................................... 9
4.4 Bid Due (Closing) Date and Time ............................................................................................... 9
4.5 Multiple or Alternate Bids ......................................................................................................... 10
4.6 Receipt, Opening and Recording of Bids .................................................................................. 10
4.7 Confidentiality of Bids / Public Information Act Notice ........................................................... 10
4.8 Award Basis ............................................................................................................................... 10
4.9 Tie Bids ..................................................................................................................................... 10
4.10 Duration of Bids ........................................................................................................................ 11
4.11 Revisions to the IFB .................................................................................................................. 11
4.12 Incurred Expenses ..................................................................................................................... 11
4.13 Protest/Disputes ......................................................................................................................... 11
4.14 Bidder Responsibilities .............................................................................................................. 11
4.15 Acceptance of Terms and Conditions ........................................................................................ 12
4.16 Bid/Proposal Affidavit ............................................................................................................... 12

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

v
4.17 Contract Affidavit ...................................................................................................................... 12
4.18 Compliance with Laws/Arrearages ........................................................................................... 12
4.19 Verification of Registration and Tax Payment .......................................................................... 12
4.20 False Statements ........................................................................................................................ 13
4.21 Payments by Electronic Funds Transfer .................................................................................... 13
4.22 Prompt Payment Policy ............................................................................................................. 13
4.23 Electronic Procurements Authorized ......................................................................................... 14
4.24 MBE Participation Goal ............................................................................................................ 15
4.25 VSBE Participation Goal ........................................................................................................... 15
4.26 Federal Funding Acknowledgement .......................................................................................... 15
4.27 Conflict of Interest Affidavit and Disclosure ............................................................................ 15
4.28 Non-Disclosure Agreement (Bidder) ......................................................................................... 15
4.29 Non-Disclosure Agreement (Contractor) .................................................................................. 15
4.30 HIPAA - Business Associate Agreement .................................................................................. 15
4.31 Nonvisual Access ...................................................................................................................... 15
4.32 Mercury and Products That Contain Mercury ........................................................................... 15
4.33 Location of the Performance of Services Disclosure ................................................................ 15
4.34 Department of Human Services (DHS) Hiring Agreement ....................................................... 15
4.35 Small Business Reserve (SBR) Procurement ............................................................................ 16
4.36 Maryland Healthy Working Families Act Requirements .......................................................... 16
5 Bid Format .......................................................................................................................................... 17
5.1 One Part Submission ................................................................................................................. 17
5.2 Labeling ..................................................................................................................................... 17
5.3 Bid Price Form .......................................................................................................................... 17
5.4 Required Bid Submission .......................................................................................................... 17
5.5 Delivery ..................................................................................................................................... 18
5.6 Documents Required upon Notice of Recommendation for Contract Award ........................... 19
6 Bid Evaluation and Award ................................................................................................................ 20
6.1 Bid Evaluation Criteria .............................................................................................................. 20
6.2 Reciprocal Preference ................................................................................................................ 20
6.3 Award Determination ................................................................................................................ 20
7 IFB ATTACHMENTS AND APPENDICES ................................................................................... 21
Attachment A. Pre-Bid Conference Response Form ......................................................................... 23

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

vi
Attachment B. Bid Instructions & Form ............................................................................................ 24
Attachment C. Bid/Proposal Affidavit ................................................................................................ 27
Attachment D. Maryland Living Wage Affidavit of Agreement for Service Contracts ................ 35
Attachment E. Contract ....................................................................................................................... 39
Attachment F. Contract Affidavit ...................................................................................................... 54
8 Appendix 1. Abbreviations and Definitions ..................................................................................... 58
9 Appendix 2 . Bidder Information Sheet ............................................................................................ 60
10 Appendix 3. Evidence of Insurance ................................................................................................. 61
11 Appendix 4. Maryland State Treasurer’s Office Form of Escrow Deposit Agreement .............. 61
12 Appendix 5. Maryland Department of Transportation Form of Escrow Deposit Agreement ... 78

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

1
1. Minimum Qualifications
1.1 Bidder Minimum Qualifications
Every financial institution submitting a bid in response to this solicitation must clearly state in
writing that it complies with each of the following mandatory requirements. Failure to maintain
compliance with any of these requirements during the term of the contract will be an event of
default which will permit the State to terminate for cause.
1.1.1 The bidder must be a financial institution as defined in Section 6 -201 (e) of the State Finance and
Procurement Article of the Annotated of Maryland.
1.1.2 The bidder must have a Corporate Trust Department that has been granted trust powers by Federal
or State regulators.
1.1.3 The bidder must not be in conservatorship, receivership, or possession of a regulatory agency.
1.1.4 The bidder must be a member of the Federal Reserve System and able to settle promptly with DTC .
1.1.5 The bidder must be a member of the National Automated Clearing House Association (NACHA).
1.1.6 The bidder must have a KBRA rating or a similar financial strength rating from a nationally
recognized statistical organization such as Kroll Bond Rating Agency, Inc., of at least a “C” rating. The bidder must maintain a minimum of a “C” rating for the entire term of the Contract.
1.1.7 The bidder submitting a bid under this IFB must have experience serving as bond trustee for municipal issuers for a minimum of ten (10) years and have served as escrow & paying agent within
the last three (3) years. The bidder shall identify t en issues for which it has served as escrow &
paying agent by title, issuing agency, and amount issued.
1.1.8 The bidder must provide a copy of their most current audited financial statement with its bid and
thereafter submit the statements annually to the Contract Officers. The financial statements of the
bidder must be audited annually by an independent certified public accounting firm and an unqualified opinion must be issued by the auditor in connection with the audit.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

2
2 Contractor Requirements: Scope of Work
2.1 Summary Statement
2.1.1 The State Treasurer’s Office ( STO or the " Office ") is issuing this Invitation for Bid s (IFB) in order
to procure the services defined in this Section 2 , as specified in this IFB, from a contract between
the successful bidder and the State Treasurer’s Office and other State agencies, such as Maryland
Department of Transportation, in providing escrow and paying agent services and helping the
agencies carry out their duties for the term of October 1st 2024 through September 30th 2026, with
two two -year renewal options.
2.1.2 It is the State’s intention to obtain goods and services , as specified in this IFB , from a Contract
between the selected Bidder and the State.
2.1.3 The Office intends to make a single award for the work under this IFB. See IFB Section 4.8 Award
Basis for more Contract award information.
2.1.4 A Bidder , either directly or through its subcontractor(s), must be able to provide all goods and
services and meet all of the requirements requested in this solicitation and the successful Bidder
(the Contractor) shall remain responsible for Contract performance regardless of subcontractor
participation in the work.

Background
STO
As of June 30, 2024, approximately $10.3 billion in General Obligation Bonds are outstanding. The
State’s Bonds are limited to a maximum maturity of 15 years and generally with optional redemption provisions of 8 - 10 years. Refundings of Bonds may occur as financial circumstances
permit. The Bonds are purchased and maintained in book- entry form only, with interest being paid
by electronic funds transfer on the specified interest payment date. One Bond represents the entire
principal amount of a series and is issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), as the registered owner.

MDOT
As of June 30, 2024, approximately $3 billion in Department of Transportation of Maryland
Consolidated Transportation Bonds and approximately $64 million in Department of
Transportation of Maryland County Transportation Revenue Bonds are outstanding. The Bonds are
limited to a maximum maturity of 15 years and generally with optional redemption provisions of
either 8 or 10 years. Refundings of Bonds may occur as financial circumstances permit. The Bonds are purchased and maintained in book- entry form only, w ith interest being paid by electronic funds
transfer on the specified interest payment date. One Bond represents the entire principal amount of a series and is issued to and registered in the name of Cede & Co., as nominee of The Depository
Trust Company, New York, New York (“DTC”), as the registered owner.

2.2 Specific Service Requirements
2.2.1 Escrow Agent Services and Paying Agent Services

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

3
The Contractor shall provide escrow agent services and paying agent services associated with
current and advance refundings of Bonds for STO , MDOT and potentially other State Agencies as
needed .
The Contractor may be required to open an account or series of accounts for the deposit of Bond
proceeds, invest those proceeds as directed by the State, in State and Local Government Series
(SLGS) or open -market U.S. Treasury securities, or other securities permitted by law , and hold
those securities until the call date of each refunded series and maturity and the disbursement of the
funds in payment of the refunded Bonds. The Contractor shall prepare the customary reports on
fund and account transactions during the term of the Bonds in a format acceptable to the State.
The Contractor will perform all services generally required of an escrow agent and paying agent
for each refunding issue, including making all debt service payments on the refunded Bonds until
the redemption date of the refunded Bonds.
All Bidders are advised that the successful B idder agrees to the terms and conditions set forth in
the forms of the Escrow Deposit Agreements (one for use by STO and one for use by MDOT)
included as Appendices 4 and 5 to the IFB. The Contractor will be required to execute an Escrow
Deposit Agreement in the applicable form at the time of issuance of refunding bonds. In the event
that the Contractor provides escrow agent services to other State Agencies in connection with this
IFB, the successful Bidder agrees to execute an Escrow Deposit Agreement substantially similar to
the Escrow Deposit Agreements included as Appendices 4 and 5. Please note that the form s of
Escrow Deposit Agreement included as Appendices 4 and 5 assume that Government Obligations (as defined therein ) will be purchased for deposit in the respective Escrow Deposit Fund established
under the Escrow Deposit Agreements. If no Government Obligations will be purchased,
corresponding changes to the Escrow Deposit Agreements will be made.
2.2.2 The Contractor shall perform all procedures related to a call for redemption of the Bonds including
but not limited to:
A. Timely provision of any required notices of redemption, including any required delivery of
publication of such notices, the out -of-pocket costs for which will be reimbursed by the State;
and
B. Payment of all principal, premiums and accrued interest on a timely basis.
2.2.3 The Contractor shall maintain an accounting system for all payments of interest and principal on
the Bonds and all interest earned on amounts deposited with the Contractor . The accounting system
must be capable of providing both historical information concerning actual payment amounts by
dates as well as anticipated payment amounts by due dates.

2.2.4 The Contractor must identify a single point of contact for the purposes of this Contract. The
Contractor must provide the name, address, phone number and e -mail address of the contact person.
That individual shall be the single point of contact to resolve any issues related to this procurement
and shall have authority to resolve any operating issues associat ed with the Contract resulting from
this procurement.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

4
3 Contractor Requirements: General
3.1 Contract Initiation Requirements
THIS SECTION IS INAPPLICABLE TO THIS IFB .
3.2 Reserved
3.2.1 Return and Maintenance of State Data
3.2.1.1 Upon termination or the expiration of the Contract Term, the Contractor shall: (a) return to the
State all State data in either the form it was provided to the Contractor or in a mutually agreed
upon format along with the schema necessary to read such data; (b) preserve, maintain, and
protect all State data until the earlier of a direction by the State to delete such data or the expiration
of 90 days (“the retention period”) from the date of termination or expiration of the Contract term;
(c) after the rete ntion period, the Contractor shall securely dispose of and permanently delete all
State data in all of its forms, such as log-ins and stored passwords, templates , disk, CD/DVD,
backup tape and paper such that it is not recoverable, according to National Institute of Standards and Technology ( NIST )-approved methods with certificates of destruction to be provided to the
State; and (d) prepare an accurate accounting from which the State may reconcile all outstanding
accounts. The final monthly invoice for the services provided hereunder shall include all charges for the 90-day data retention period.
3.2.1.2 During any period of service suspension, the Contractor shall maintain all State data in its then
existing form, unless otherwise directed in writing by the Contract Monitor or the Procurement
Officer .
3.2.1.3 In addition to the foregoing, the State shall be entitled to any post -termination/expiration
assistance generally made available by Contractor with respect to the services.
3.3 Invoicing
3.3.1 General
3.3.1.1 For all services provided t he Contractor shall e- mail the original of each invoice and signed
authorization of invoice to STO at e-mail address: stodebt@treasurer.state.md.us. All invoices
for services shall be verified by the Contractor as accurate at the time of submission.
An invoice not satisfying the requirements of a Proper Invoice (as defined in COMAR 21.06.09)
cannot be processed for payment. To be considered a Proper Invoice, invoices must include the
following information, without error:
1. Contractor name and address;
2. Remittance address;
3. Federal taxpayer identification (FEIN) number, social security number, as appropriate;
4. Invoice period (i.e. time period during which services covered by invoice were performed);
5. Invoice date;
6. Invoice number;
7. State assigned Contract number;
8. State assigned (Blanket) Purchase Order number(s) if applicable ;
9. Goods or services provided;
10. Amount due; and

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

5
11. Any additional documentation required by regulation or the Contract.
Invoices that contain both fixed price and time and material items shall clearly identify each item
as either fixed price or time and material billing.
The Office reserves the right to reduce or withhold Contract payment in the event the Contractor
does not provide the Office with all required deliverables within the time frame specified in the
Contract or otherwise breaches the terms and conditions of the Contract until such time as the
Contractor brings itself into full compliance with the Contract .
Any action on the part of the Office , or dispute of action by the Contractor, shall be in accordance
with the provisions of Md. Code Ann., State Finance and Procurement Article §§ 15- 215 through
15-223 and with COMAR 21.10.04.
The State is generally exempt from federal excise taxes, Maryland sales and use taxes, District of
Columbia sales taxes and transportation taxes. The Contractor , however, is not exempt from such
sales and use taxes and may be liable for the same.
Invoices shall not be paid via purchasing card and the State shall not pay and fees incurred by the
contractor.
Invoices for final payment shall be clearly marked as “FINAL” and submitted when all work
requirements have been completed and no further charges are to be incurred under the Contract . In
no event shall any invoice be submitted later than 60 calendar days from the Contract termination
date.
3.3.2 Invoice Submission Schedule
The Contractor shall submit invoices in accordance with the following schedule:
a) For items of work for which there is one -time pricing (see Attachment B – Bid Form )
those items shall be billed in the month following the acceptance of the work by the Office .
3.3.3 For the purposes of the Contract an amount will not be deemed due and payable if:
a) The amount invoiced is inconsistent with the Contract ;
b) The proper invoice has not been received by the party or office specified in the Contract ;
c) The invoice or performance is in dispute or the Contractor has failed to otherwise comply with the provisions of the Contract ;
d) The item or services have not been accepted ;
e) The quantity of items delivered is less than the quantity ordered ;
f) The stock delivered is damaged to the point that its unusable,
g) The items or services do not meet the quality requirements of the Contract ;
h) If the Contract provides for progress payments, the proper invoice for the progress payment
has not been submitted pursuant to the schedule ;
i) If the Contract provides for withholding a retainage and the invoice is for the retainage, all
stipulated conditions for release of the retainage have not been met ; or
j) The Contractor has not submitted satisfactory documentation or other evidence reasonably
required by the Procurement Officer or by the C ontract concerning performance under the
Contract and compliance with its provisions.
3.3.4
Travel Reimbursement
Travel will not be reimbursed under this IFB .
a) There shall be no reimbursement for Routine Travel . Contractor shall not be reimbursed
for Non- Routine Travel without prior Contract Monitor approval.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

6
b) Routine Travel is defined as travel within a 50- mile radius of the Office ’s base location, as
identified in the IFB, or the Contractor’s facility, whichever is closer to the consulting site .
There will be no payment for labor hours for travel time or reimbursement for any travel
expenses for work performed within these radiuses or at the Contractor’s facility.
c) Non-routine Travel is defined as travel beyond the 50- mile radius of Office ’s base location,
as identified in the IFB , or the Contractor’s facility, whichever is closer to the consulting
site. Non-routine travel will be reimbursed according to the State’s travel regulations and
reimbursement rates, which can be found at : www.DBM.maryland.gov - search : Fleet
Management . If non- routine travel is conducted by automobile, the first 50 miles of such
travel will be treated as routine travel and as described in S ection 3.3.4.b and will not be
reimbursed . The Contractor may bill for labor hours expended in non- routine traveling
beyond the identified 50- mile radius, only if so specified in the IFB or Work Order.
3.4 Liquidated Damages
3.4.1 MBE Liquidated Damages
Inapplicable because there is no MBE goal for this IFB.
3.4.2 Liquidated Damages other than MBE
THIS SECTION IS INAPPLICABLE TO THIS IFB .
3.5 Insurance Requirements
The Contractor shall maintain, at a minimum, the insurance coverages outlined below, or any minimum requirements established by law if higher, for the duration of the Contract, including
option periods, if exercised:
3.5.1 The following type(s) of insurance and minimum amount(s) of coverage are required:
a) Commercial General Liability - of $1,000,000 combined single limit per occurrence for
bodily injury, property damage, and personal and advertising injury and $2,000,000 annual
aggregate. The minimum limits required herein may be satisfied through any combination of primary and umbrella/excess liability policies.
b) Errors and Omissions/Professional Liability - $1,000,000 per combined single limit per
claim and $ 2,000,000 annual aggregate.
c) Crime Insurance/ Employee Theft Insurance - to cover employee theft with a minimum
single loss limit of $1,000,000 per loss, and a minimum single loss retention not to exceed $10,000. T he State of Maryland and the Office should be added as a “loss payee.”
d) Cyber Security / Data Breach Insurance – (For any service offer ing hosted by the
Contractor) one million dollars ($1,000,000) per occurrence . The coverage must be valid
at all locations where work is performed or data or other information concerning the State’s
claimants or employers is processed or stored.
e) Worker’s Compensation - The Contractor shall maintain such insurance as necessary or as
required under Workers’ Compensation Acts, the Longshore and Harbor Workers’
Compensation Act, and the Federal Employers’ Liability Act , to not be less than. one
million dollars ($1,000,000) per occurrence (unless a state’s law requires a greater amount
of coverage). Coverage must be valid in all states where work is performed.
f) Automobile or Commercial Truck Insurance - The Contractor shall maintain Automobile
or Commercial Truck Insurance (including hired, and non- owned vehicles) as appropriate
with Liability, Collision, and PIP limits no less than those required by the State where the
vehicle(s) is registered, but in no case less than those required by the State of Maryland.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

7
3.5.2 The State shall be listed as an additional insured on the faces of the certificates associated with the
coverages listed above, including umbrella policies, excluding Workers’ Compensation Insurance
and professional liability.
3.5.3 All insurance policies shall be endorsed to include a clause requiring the insurance carrier provide
the Procurement Officer, not less than 30 days’ advance notice of any non- renewal, cancellation,
or expiration. The Contractor shall notify the Procurement Officer in writing if policies are
cancelled or not renewed within fi ve (5) days of learning of such cancellation or nonrenewal. The
Contractor shall provide evidence of replacement insurance coverage to the Procurement Officer
at least 15 days prior to the expiration of the insurance policy then in effect.
3.5.4 Any insurance furnished as a condition of the Contract shall be issued by a company authorized to
do business in the State.
3.5.5 The recommended awardee must provide current certificate(s) of insurance with the prescribed coverages, limits and requirements set forth in this section within five (5) Business Days from
notice of recommended award. During the period of performance for m ulti-year contracts, the
Contractor shall provide certificates of insurance annually, or as otherwise directed by the Contract
Monitor.
3.5.6 The Contractor shall require any subcontractors to obtain and maintain comparable levels of
coverage and shall provide the Contract Monitor with the same documentation as is required of the
Contractor.
3.5.7 On-Site Security Requirement(s):
a) For the conditions noted below, Contractor Personnel may be barred from entrance or
leaving any site until such time that the State’s conditions and queries are satisfied.
1) Contractor Personnel may be subject to random security checks when entering and
leaving State secured areas. The State reserves the right to require Contractor Personnel
to be accompanied while in secured premises.
3.6 Minority Business Enterprise (MBE) Reports
This solicitation does not include an MBE Goal
3.7 Veteran Small Business Enterprise (VSBE ) Reports
This solicitation does not include a VSBE Goal
3.8 Work Orders
THIS SECTION IS INAPPLICABLE TO THIS IFB .
3.9 Additional Clauses
3.9.1 The State of Maryland’s Commitment to Purchasing Environmentally Preferred Products
and Services (EPPs)
Maryland’s State Finance & Procurement Article §14 -410 defines environmentally preferable
purchasing as “the procurement or acquisition of goods and services that have a lesser or reduced
effect on human health and the environment when compared with competing goods or services that
serve the same purpose.” Accordingly, Bidders are strongly encouraged to offer EPPs to fulfill this contract, to the greatest extent practicable.
3.9.2 No-Cost Extensions

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

8
In accordance with BPW Advisory 1995- 1 item 7.b, in the event there are unspent funds remaining
on the Contract, prior to the Contract's expiration date the Procurement Officer may modify the
Contract to extend the Contract beyond its expiration date for a period up to, but not exceeding,
one-third of the base term of the Contract (e.g., eight -month extension on a two- year contract) for
the performance of work within the Contract's scope of work. Notwithstanding anything to the
contrary, no funds may be added to the Contract in connection with any such extension.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

9
4 Procurement Instructions
4.1 eMaryland Marketplace Advantage (eMMA )
4.1.1 eMMA is the electronic commerce system for the State of Maryland. The IFB , Conference
summary and attendance sheet, Bidder s’ questions and the Procurement Officer’s responses,
addenda, and other solicitation- related information will be made available via eMMA .
4.1.2 In order to receive a contract award, a vendor must be registered on eMMA. Registration is free.
Go to emma.maryland.gov, click on “New Vendor? Register Now” to begin the process, and then
follow the prompts.
4.2 Questions
4.2.1 All questions , including concerns shall be identif ied in the subject line “Questions – ESC-
09042024” and shall be submitted in writing via e -mail to the Procurement Officer @
kchewlin@treasurer.state.md.us by September 17, 2024 at 2:00p m EST.
4.2.2 Answers to all questions that are not clearly specific only to the requestor will be distributed via
the same mechanism as for IFB amendments and posted on eMMA .
4.2.3 The statements and interpretations contained in responses to any questions, whether responded to verbally or in writing, are not binding on the Office unless it issues an amendment in writing.
4.3 Procurement Method
A Contract will be awarded in accordance with the Competitive Sealed Bidding method under
COMAR 21.05.02.
4.4 Bid Due (Closing) Date and Time
4.4.1 Bids, in the number and form set forth in Section 5 Bid Format , must be received by the
Procurement Officer no later than September 26, 2024 at 2:00pm EST as indicated on the Key
Information Summary Sheet in order to be considered.
4.4.2 Requests for extension of this date or time shall not be granted.
4.4.3 Bidder s submitting Bid s should allow sufficient delivery time to ensure timely receipt by the
Procurement Officer . Except as provided in COMAR 21.05.02.10, Bid s received after the due date
and time listed in the Key Information Summary Sheet will not be considered.
4.4.4 The date and time of a submission is determined by the date and time of arrival in the e lectronic
stamp on eMMA or the date stamp receipt on any hard copies that may be submitted .
4.4.5 Bids may be modified or withdrawn by written notice received by the Procurement Officer before
the time and date set forth in the Key Information Summary Sheet for receipt of Bids.
4.4.6 Bids may be submitted by eMMA or in hard- copy format only. No fax or email bids will be
accepted. Bid s will be opened publicly at the date and time indicated on the Key Information
Summary Sheet.
4.4.7 Potential Bidder s not responding to this solicitation are requested to submit the “ No Bid
Notice/Vendor Feedback ” form, which includes company information and the reason for not
responding (e.g., too busy, cannot meet mandatory requirements).

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

10
4.5 Multiple or Alternate Bids
Multiple or alternate Bid s will not be accepted.
4.6 Receipt, Opening and Recording of Bids
4.6.1 Bids shall be opened publicly at the time, date and place designated in the IFB Key Information
Summary Sheet (near the beginning of the solicitation, after the Title Page and Notice to Vendors) .
The name of each Bidder, the T otal Bid P rice, and such other information as is deemed appropriate
shall be read aloud or otherwise made available and recorded at the time of bid opening.
4.7 Confidentiality of Bids / Public Information Act Notice
4.7.1 The Bidder should give specific attention to the clear identification of those portions of its Bid that
it considers confidential and/or proprietary commercial information or trade secrets, and provide
justification why such materials, upon request, should not be disclosed by the State under the Public
Information Act, Md. Code Ann., General Provisions Article, Title 4. This information should be
identified by page number and placed in the Transmittal Letter with the Bid.
4.7.2 The Bids shall be tabulated, or a Bid abstract made. The opened Bids shall be available for public
inspection at a reasonable time after Bid opening, but in any case, before contract award, except to
the extent the Bidder designates trade secrets or other proprietary data to be confidential as set forth
in this solicitation. Material so designated as confidential shall accompany the Bid and shall be readily separable f rom the Bid in order to facilitate public inspection of the non- confidential portion
of the Bid, including the Total Bid Price.
4.7.3 For requests for information made under the PIA, the Procurement Officer shall examine the Bids
to determine the validity of any requests for nondisclosure of trade secrets and other proprietary
data identified in writing. Nondisclosure is permissible onl y if approved by the Office of the
Attorney General.
4.8 Award Basis
4.8.1 A Contract shall be awarded to the responsible Bidder (s) submitting a responsive Bid with the most
favorable bid price or most favorable evaluated bid price (as referenced in COMAR 21.05.02.13)
for providing the goods and services as specified in this IFB. Bidders must bid all line items.
Partial or incomplete bids will be rejected unless otherwise stated in the solicitation. See IFB
Section 6 for Bid evaluation and award information.
4.8.2 Award of this contract will not be final and complete until after: (1) the Contractor submits complete and satisfactory documentation required under the Contract and/or documentation
required by the Procurement Officer; and (2) the Contract is signed by the Office following any
required approvals of the Contract, including approval by the Board of Public Works, if such
approval is required.
4.9 Tie Bids
Tie Bids will be decided pursuant to COMAR 21.05.02.14.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

11
4.10 Duration of Bids
Bids submitted in response to this IFB are irrevocable for the latest of the following: 120 days
following the Bid due date and time or the date any protest concerning this IFB is finally resolved .
This period may be extended at the Procurement Officer’s request only with the Bidder ’s written
agreement.
4.11 Revisions to the IFB
4.11.1 If the IFB is revised before the due date for Bid s, the Office shall post any addenda to the IFB on
eMMA and shall endeavor to provide such addenda to all prospective Bidder s that were sent this
IFB or are otherwise known by the Procurement Officer to have obtained this IFB . It remains the
responsibility of all prospective Bidder s to check eMMA for any addenda issued prior to the
submission of Bids.
4.11.2 Bidders shall acknowledge the receipt of all addenda to this IFB issued before the Bid due date .
4.11.3 Failure to acknowledge receipt of an addendum does not relieve the Bidder from complying with
the terms, additions, deletions, or corrections set forth in the addendum, and may cause the Bid to
be deemed not responsive.
4.11.4 The State reserves the right to cancel this IFB , accept or reject any and all Bid s, in whole or in part,
received in response to this IFB and to waive or permit the cure of minor irregularities.
4.11.5 In the event a government entity proposes and receives the recommendation for award, the
procurement may be cancelled, and the award processed in accordance with COMAR
21.01.03.01.A(4).
4.11.6 If the services that are the subject of the IFB are currently being provided under an interagency
agreement with a public institution of higher education and the State determines that the services
can be provided more cost effectively by the public institution of higher education, then the IFB
may be cancelled in accordance with Md. Code Ann., State Finance and Procurement Art., § 3 -
207(b)(2).
4.12 Incurred Expenses
The State will not be responsible for any costs incurred by any Bidder in preparing and submitting
a Bid or performing any other activities related to submitting a Bid in response to this solicitation.
4.13 Protest/Disputes
Any protest or dispute related to this solicitation or the Contract award shall be subject to the
provisions of COMAR 21.10.02 (Administrative and Civil Remedies) .
4.14 Bidder Responsibilities
4.14.1 Bidder s must be able to provide all goods and services and meet all of the requirements requested
in this solicitation and the successful Bidder shall be responsible for Contract performance
including any subcontractor participation.
4.14.2 If applicable, subcontractors utilized in meeting the established MBE or VSBE participation goal(s)
for this solicitation shall be identified as provided in the appropriate Attachment(s) to this IFB (see
Section 4.24 “MBE Participation Goal” and Section 4.2 5 “VSBE Goal ”).
4.14.3 If the Bidder is the subsidiary of another entity, all information submitted by the Bidder , including
but not limited to references, financial reports, or experience and documentation (e.g. insurance

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

12
policies, bonds, letters of credit) used to meet minimum qualifications, if any, shall pertain
exclusively to the Bidder , unless the parent organization is willing to guarantee the performance of
the subsidiary. If applicable, the Bidder ’s Bid shall contain an explicit statement, signed by an
authorized representative of the parent organization, stating that the parent organization will
guarantee the performance of the subsidiary.
4.14.4 A parental guarantee of the performance of the Bidder under this Section will not automatically
result in crediting the Bidder with the experience or qualifications of the parent under any
evaluation criteria pertaining to the actual Bidder ’s experience and qualifications. Instead, the
Bidder ’s responsibility will be assessed to the extent to which the State determines that the
experience and qualifications of the parent are applicable to and have been shared with the Bidder ,
any stated intent by the paren t to be directly involved in the performance of the Contract, and the
value of the parent’s participation as determined by the State.
4.15 Acceptance of Terms and Conditions
By submitting a Bid in response to this IFB , the Bidder , if selected for award , shall be deemed to
have accepted the terms and conditions of this IFB and the Contract, attached hereto as Attachment
E. Any exceptions to this IFB or the Contract must be raised prior to Bid submission .
Exceptions will be taken into consideration when reviewing the Offeror’s Bid. The STO reserves
the right to accept or reject any exceptions.
Changes to the solicitation, including the Bid Form or Contract, made by the Bidder may result in
Bid rejection.
4.16 Bid/Proposal Affidavit
A Bid submitted by the Bidder must be accompanied by the completed Bid/Proposal Affidavit
included as Attachment C of this IFB .
4.17 Contract Affidavit
All Bidder s are advised that if a Contract is awarded as a result of this solicitation, the successful
Bidder will be required to complete the Contract Affidavit which is included as Attachment F of
this IFB. This Affidavit must be provided within five (5) Business Days of notification of
recommended award. For purposes of completing Section “B” of this Affidavit (Certification of
Registration or Qualification with the State Department of Assessments and Taxation), a business entity that is organized outside of the State of Maryland is considered a “foreign” business.
4.18 Compliance with Laws/Arrearages
By submitting a Bid in response to this IFB , the Bidder , if selected for award , agrees that it will
comply with all federal, State, and local laws applicable to its activities and obligations under the Contract.
By submitting a response to this solicitation, each Bidder represents that it is not in arrears in the
payment of any obligations due and owing the State, including the payment of taxes and employee benefits, and shall not become so in arrears during the term of the Contract if selected for Contract
award.
4.19 Verification of Registration and Tax Payment
Before a business entity can do business in the State, it must be registered with the State Department
of Assessments and Taxation (SDAT) . SDAT is located at State Office Building, Room 803, 301

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

13
West Preston Street, Baltimore, Maryland 21201. For registration information, visit
https:// www. egov.maryland.gov/businessexpress .
It is strongly recommended that any potential Bidder complete registration prior to the Bid due date
and time . The Bidder ’s failure to complete registration with SDAT may disqualify an otherwise
successful Bidder from final consideration and recommendation for Contract award.
4.20 False Statements
Bidder s are advised that Md. Code Ann., State Finance and Procurement Article, § 11- 205.1
provides as follows:
4.20.1 In connection with a procurement contract a person may not willfully:
a) Falsify, conceal, or suppress a material fact by any scheme or device.
b) Make a false or fraudulent statement or representation of a material fact.
c) Use a false writing or document that contains a false or fraudulent statement or entry of a
material fact.
4.20.2 A person may not aid or conspire with another person to commit an act under Section 4.20. 1.
4.20.3 A person who violates any provision of this section is guilty of a felony and on conviction is subject
to a fine not exceeding $20,000 or imprisonment not exceeding five (5) years or both.
4.21 Payments by Electronic Funds Transfer
By submitting a Bid in response to this solicitation, the Bidder , if selected for award:
4.21.1 Agrees to accept payments by electronic funds transfer (EFT) unless the State Comptroller’s Office
grants an exemption. Payment by EFT is mandatory for contracts exceeding $200,000. The
successful Bidder shall register using the COT/GAD X -10 Vendor Electronic Funds (EFT)
Registration Request Form.
4.21.2 Any request for exemption must be submitted to the State Comptroller’s Office for approval at the
address specified on the COT/GAD X -10 form, must include the business identification
information as stated on the form, and must include the reason for the exemption. The COT/GAD X-10 form may be downloaded from the Comptroller’s website at :

http://comptroller.marylandtaxes.com/Vendor_Services/Accounting_Information/St
atic_Files/GADX10Form20150615.pdf .
4.22 Prompt Payment Policy
This procurement and the Contract (s) to be awarded pursuant to this solicitation are subject to the
Prompt Payment Policy Directive issued by the Governor’s Office of Small, Minority & Women
Business Affairs (GOSBA) and dated August 1, 2008. Promulgated pursuant to Md. Code Ann.,
State Finance and Procurement Article, §§ 11- 201, 13- 205(a), and Title 14, Subtitle 3, and COMAR
21.01.01.03 and 21.11.03.01, the Directive seeks to ensure the prompt payment of all
subcontractors on non- construction procurement contracts . The Contractor shall comply with the
prompt payment requirements outlined in the Contract , Section 31 “Prompt Pay Requirements” .
Additional information is available on GOSBA’s website at:
http://www.gomdsmallbiz.maryland.gov/documents/legislation/promptpaymentfaqs.pdf .

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

14
4.23 Electronic Procurements Authorized
4.23.1 Under COMAR 21.03.05, unless otherwise prohibited by law, the Office may conduct procurement
transactions by electronic means, including the solicitation, proposing , award, execution, and
administration of a contract, as provided in Md. Code Ann., Maryland Uniform Electronic
Transactions Act, Commercial Law Article, Title 21.
4.23.2 Participation in the solicitation process on a procurement contract for which electronic means has
been authorized shall constitute consent by the Bidder to conduct by electronic means all elements
of the procurement of that Contract which are specifically authorized under the solicitation or
Contract. In the case of electronic transactions authorized by this IFB , electronic records and
signatures by an authorized representative will satisfy a requirement for written submission and
signatures.
4.23.3 “Electronic means” refers to exchanges or communications using electronic, digital, magnetic,
wireless, optical, electromagnetic, or other means of electronically conducting transactions.
Electronic means includes e- mail, internet -based communications, ele ctronic funds transfer,
specific electronic bidding platforms (e.g., https://procurement.maryland.gov ), and electronic
data interchange.
4.23.4 In addition to specific electronic transactions specifically authorized in other sections of this solicitation (e.g., IFB § 4.23 describing payments by Electronic Funds Transfer), the following
transactions are authorized to be conducted by electronic means on the terms as authorized in
COMAR 21.03.05:
The Procurement Officer may conduct the procurement using eMMA t o issue:
1) The IFB ;
2) Any amendments ;
3) Pre-Bid conference documents ;
4) Questions and responses ;
5) Communications regarding the solicitation or Bid to any Bidder or potential Bidder ;
6) Notices of award selection or non- selection; and
7) The Procurement Officer’s decision on any Bid protest or Contract claim.
The Bidder or potential Bidder may use eMMA to:
8) Submit Bid s;
9) Ask questions regarding the solicitation ;
10) Reply to any material received from the Procurement Officer by electronic means that
includes a Procurement Officer’s request or direction to reply through eMMA , but only on
the terms specifically approved and directed by the Procurement Officer ; and
11) Submit a " No Bid Notice/Vendor Feedback Form " to the IFB.
The Procurement Officer, the Contract Monitor , and the Contractor may conduct day- to-day
Contract administration, utilizing e -mail, or other electronic means if authorized by the
Procurement Officer or Contract Monitor .
4.23.5 The following transactions related to this procurement and any Contract awarded pursuant to it are
not authorized to be conducted by electronic means:
A. Submission of initial Bid s, except through eMMA ;
B. Filing of bid protests;
C. Filing of Contract claims;
D. Submission of documents determined by the Office to require original signatures (e.g.,
Contract execution, Contract modifications); or

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

15
E. Any transaction, submission, or communication where the Procurement Officer has
specifically directed that a response from the Contractor or Bidder be provided in writing
or hard copy.
4.23.6 Any e-mail transmission is only authorized to the e -mail addresses for the identified person as
provided in the solicitation, the Contract, or in the direction from the Procurement Officer or
Contract Monitor .
4.24 MBE Participation Goal
There is no MBE subcontractor participation goal for this procurement.
4.25 VSBE Participation Goal
There is no VSBE subcontractor participation goal for this procurement.
4.26 Federal Funding Acknowledgement
This Contract does not contain federal funds.
4.27 Conflict of Interest Affidavit and Disclosure
A Conflict of Interest is not required for this procurement.
4.28 Non-Disclosure Agreement (Bidder)
A Non -Disclosure Agreement ( Bidder ) is not required for this procurement.
4.29 Non-Disclosure Agreement (Contractor)
A Non -Disclosure Agreement (Contractor) is not required for this procurement.
4.30 HIPAA - Business Associate Agreement
A HIPAA Business Associate Agreement is not required for this procurement.
4.31 Nonvisual Access
This solicitation does not contain Information Technology (IT) provisions requiring Nonvisual
Access.
4.32 Mercury and Products That Contain Mercury
This solicitation does not include the procurement of products known to likely include mercury as
a component.
4.33 Location of the Performance of Services Disclosure
This solicitation does not require a Location of the Performance of Services Disclosure.
4.34 Department of Human Services (DHS) Hiring Agreement
This solicitation does not require a DHS Hiring Agreement.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

16
4.35 Small Business Reserve (SBR) Procurement
This solicitation is not designated as a Small Business Reserve (SBR) Procurement.
4.36 Maryland Healthy Working Families Act Requirements
On February 11, 2018, the Maryland Healthy Working Families Act went into effect. All offerors
should be aware of how this Act could affect your potential contract award with the State of
Maryland. See the Department of Labor, Licensing and Regulations web site for Maryland Healthy
Working Families Act Information: http://dllr.maryland.gov/paidleave/ .

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

17
5 Bid Format
5.1 One Part Submission
Each Bidder shall submit its Bid with all Required Bid Submissions (see IFB Section 5.4) in a single sealed
package.
5.2 Labeling
Each Bidder is required to label the sealed Bid with the IFB title and number, name and address of the
Bidder, and closing date and time for receipt of the Bids.
5.3 Bid Price Form
The Bid shall contain all price information in the format specified on the Bid Form. The Bidder shall
complete the Bid Form only as provided in the Bid Pricing Instructions and the Bid Form . Do not amend,
alter, or leave blank any items on the Bid Form or include additional clarifying or contingent language on
or attached to the Bid Form. Failure to adhere to any of these instructions may result in the Bid being
determined to be non -responsive and rejected by the Office .
5.4 Required Bid Submission
A Bidder shall include the following with its Bid:
5.4.1 Bidder Information Sheet (see Appendix 2)
5.4.2 Acknowledgement of all addenda to this IFB.
5.4.3 Minimum Qualifications Documentation . The Bidder shall submit any Minimum Qualifications
documentation that may be required, as set forth in IFB Section 1 . If references are required in IFB
Section 1 , those references shall be submitted in this section and shall contain the information
described in Section 1 .
5.4.4 Completed Required Attachments. If submitting hard copy, s ubmit three (3) copies of each with
original signatures:
1) Completed Bid Form ( Attachment B ).
2) Completed Bid Affidavit ( Attachment C ).
5.4.5 References . At least three (3) references are requested from customers who are capable of
documenting the Bidder ’s ability to provide the goods and services specified in this IFB.
References used to meet any Minimum Qualifications (see IFB Section 1 ) may be used to meet
this request . Each reference shall be from a client for whom the Bidder has provided services within
the past five (5) years and shall include the following information:
1) Name of client organization;
2) Name, title, telephone number, and e -mail address, if available, of point of contact for client
organization; and
3) Value, type, duration, and description of services provided.
The Office reserves the right to request additional references or utilize references not provided by
the Bidder. Points of contact must be accessible and knowledgeable regarding Bidder performance.
5.4.6 List of Current or Prior State Contracts . Provide a list of all contracts with any entity of the
State of Maryland for which the Bidder is currently performing services or for which services have
been completed within the last five (5) years. For each identified contract, the Bidder is to provide:

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

18
1) The State contracting entity;
2) A brief description of the services provided;
3) The dollar value of the contract;
4) The term of the contract;
5) The State employee contact person (name, title, telephone number, and, if possible, e- mail
address); and
6) Whether the contract was terminated before the end of the term specified in the original
contract, including whether any available renewal option was not exercised.
Information obtained regarding the Bidder ’s level of performance on State contracts will be used
by the Procurement Officer to determine the responsibility of the Bidder and considered as part of
the experience and past performance evaluation criteria of the IFB.
5.4.7 Financial Capability . The Bidder must include in its Bid a commonly accepted method to prove
its fiscal integrity for the last two (2) years (independently audited preferred).
5.4.8 Certificate o f Insurance. The Bidder shall provide a copy of its current certificate of insurance
showing the types and limits of insurance in effect as of the Bid submission date . The current
insurance types and limits do not have to be the same as described in Section 3.5 but must be
rectified upon award to comply with Insurance requirements for this Contract . See Section 3. 5 for
the required insurance certificate submission for the apparent awardee.
5.4.9 Subcontractors. The Bidder shall provide a complete list of all subcontractor s that will work on
the Contract if the Bidder receives an award, including those utilized in meeting the MBE and
VSBE subcontracting goal (s), if applicable. This list shall include a full description of the duties
each subcontractor will perform and why/how each subcontractor was deemed the most qualified
for this project. If applicable, subcontractors utilized in meeting the established MBE or VSBE
participation goal(s) for this solicitation shall be identified as provided in the appropriate
attachment(s) of this IFB .
5.4.10 Legal Action Summary. This summary shall include:
1) A statement as to whether there are any outstanding legal actions or potential claims against
the Bidder and a brief description of any action;
2) A brief description of any settled or closed legal actions or claims against the Bidder over
the past five (5) years;
3) A description of any judgments against the Bidder within the past five (5) years, including
the court, case name, complaint number, and a brief description of the final ruling or determination; and
4) In instances where litigation is ongoing and the Bidder has been directed not to disclose
information by the court, provide the name of the judge and location of the court.
5.5 Delivery
5.5.1 Bids shall only be accepted via the State’s internet -based electronic procurement system, eMMA
or by trackable mail or hand delivery to State Treasurer’s Office - 80 Calvert Street, Room 109
Annapolis, MD 21401 Attn: Kris Chewlin , Procurement Manager.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

19
5.6 Documents Required upon Notice of Recommendation for Contract Award
Upon receipt of a notification of recommendation for contract award, the following documents shall be
completed and submitted by the recommended awardee within five (5) business days, unless noted
otherwise. Submit one (1) electronic cop y of each of the following documents:
A. Signed contract ( Attachment E ),
B. Completed C ontract A ffidavit ( Attachment F ),
C. Copy of a current certificate of insurance with the prescribed limits set forth in IFB Section
3.5 “Insurance Requirements,” listing the State as an A dditional Insured, if applicable ; see
IFB Section 3. 5.
D. Escrow Deposit Agreement (Appendix 4)

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

20
6 Bid Evaluation and Award
6.1 Bid Evaluation Criteria
The Bids will be evaluated based on the Total Bid Price, as per COMAR 21.02.13. All responsible Bidder s
will be ranked from the lowest (most advantageous) to the highest (least advantageous) price based on the
Total Bid Price as submitted on the Attachment B - Bid Form .
6.2 Reciprocal Preference
6.2.1 Although Maryland law does not authorize procuring agencies to favor resident Bidders in
awarding procurement contracts, many other states do grant their resident businesses preferences over Maryland contractors. COMAR 21.05.01.04 permits procuring agenci es to apply a
reciprocal preference under the following conditions:
a) The Maryland resident business is a responsible Bidder;
b) The lowest responsive Bid is from a responsible Bidder whose principal office, or principal base of operations is in another state;
c) The other state gives a preference to its resident businesses through law, policy, or
practice; and
d) The preference does not conflict with a federal law or grant affecting the procurement Contract.
e) The preference given shall be identical to the preference that the other state, through law,
policy, or practice gives to its resident businesses.
6.3 Award Determination
Award will be made to the responsible Bidder who submits to the State the responsive Bid that has
the lowest Total Bid Price.
6.4 Documents Required upon Notice of Recommendation for Contract Award
Upon receipt of a Notification of Recommendation for Contract award, the apparent awardee shall
complete and furnish the documents and attestations as directed in Table 1 – IFB Attachments
and Appendices .

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

21
7 IFB ATTACHMENTS AND APPENDICES
Instructions Page
A Bid submitted by the Bidder must be accompanied by the completed forms and/or affidavits identified
as “with Bid ” in the “When to Submit” column in Table 1 below . All forms and affidavits applicable to
this IFB, including any applicable instructions and/or terms, are identified in the “Applies” and “Label”
columns in Table 1.
For documents required as part of the Bid:
• For submissions on eMMA, submit one (1) copy of each with signatures.
• For paper submissions, submit two (2) copies of each with original signatures . All
signatures must be clearly visible.
All Bidder s are advised that if a Contract is awarded as a result of this solicitation, the successful Bidder
will be required to complete certain forms and affidavits after notification of recommended award. The
list of forms and affidavits that must be provided is described in Table 1 below in the “When to Submit”
column.
For documents required after award, submit three (3) copies of each document within the appropriate
number of days after notification of recommended award, as listed in Table 1 below in the “When to
Submit” column.
Table 1: IFB ATTACHMENTS AND APPENDICES Applies?
When to Submit
Label
Attachment Name
Y With Bid B Bid Instructions and Form
Y With Bid C Bid/Proposal Affida vit
N With Bid D Maryland Living Wage Requirements for Service
Contracts and Affidavit of Agreement )
Y 5 Business Days after recommended award E Contract ( included in this IFB)
Y 5 Business Days after recommended award F Contract Affidavit

Appendices
Applies?
When to Submit
Label
Attachment Name
Y n/a 1 Abbreviations and Definitions (included in this IFB)

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

22
Applies?
When to Submit
Label
Attachment Name
With Bid 2 Bidder Information Sheet ( see link at
http://procurement.maryland.gov/wp-
content/uploads/sites/12/2018/04/Appendix2-Bidder_OfferorInformationSheet.pdf)
Additional Submissions Applies?
When to Submit
Label
Document Name
Y 5 Business Days after recommended award 6
Evidence of meeting insurance requirements
(see Section 3. 5); 1 copy

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

23
Attachment A. Pre-Bid Conference Response Form
This form is not applicable as we are not holding a pre -bid conference for this
procurement.
Please indicate:
Yes, the following representatives will be in attendance.
Attendees (Check the IFB for limits to the number of attendees allowed):
1.
2.
3.
No, we will not be in attendance.

Please specify whether any reasonable accommodations are requested (see IFB § 4.1“Pre -Bid
conference”):

Bidder :
Bidder Name (please print or type)
By:
Signature/Seal
Printed Name:
Printed Name
Title:
Title
Date:
Date
Directions to the Pre -Bid Conference
From Baltimore: Take I -97 South until it ends, stay in left lanes and merge onto Rt. 50 East.
From Rt. 50 East take Exit 24A – Rowe Blvd. Stay right on exit ramp. Travel approximately 1 ½ miles on Rowe Blvd. Stay in left lane. After the bridge over College Creek, Rowe Blvd. will fork
– stay left (turns into Bladen St.). You can see the Treasury Building located in front of you (two
flag poles in front, weathervane on top, and a bronze statue of Louis Goldstein to the left of the
building). At traffic light, turn left onto Calvert Street. Go to end of block, turn left onto St. Johns
Street. Entrance to Calvert Street Garage is on left.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

24
Attachment B. Bid Instructions & Form
B-1 Bid Instructions
In order to assist each Bidder in the preparation of its Bid and to comply with the requirements of this
solicitation, Bid Instructions and a Bid Form have been prepared. Each Bidder shall submit its Bid on the
Bid Form in accordance with the instructions on the Bid Form and as specified herein . Do not alter the Bid
Form or the Bid may be determined to be not responsive. The Bid Form is to be signed and dated, where
requested, by an individual who is authorized to bind the Bidder to the prices entered on the Bid Form .
The Bid Form is used to calculate the Bidder ’s TOTAL BID PRICE . Follow these instructions carefully
when completing your Bid Form :
A) All Unit and Extended Prices must be clearly entered in dollars and cents, e.g., $24.15. Make your
decimal points clear and distinct.
B) All Unit Prices must be the actual price per unit the State will pay for the specific item or service
identified in this IFB and may not be contingent on any other factor or condition in any manner.
C) All calculations shall be rounded to the nearest cent, e.g ., .344 shall be .34 and .345 shall be .35.
D) Any goods or services required through this IFB and proposed by the vendor at No Cost to the
State must be clearly entered in the Unit Price, if appropriate, and Extended Price with $0.00.
E) Every blank in every Bid Form shall be filled in . Any changes or corrections made to the Bid Form
by the Bidder prior to submission shall be initialed and dated.
F) Except as instructed on the Bid Form , nothing shall be entered on or attached to the Bid Form that
alters or proposes conditions or contingencies on the prices . Alterations and/or conditions may render the
Bid not responsive.
G) It is imperative that the prices included on the Bid Form have been entered correctly and calculated
accurately by the Bidder and that the respective total prices agree with the entries on the Bid Form . Any
incorrect entries or inaccurate calculations by the Bidder will be treated as provided in COMAR
21.05.02.12, and may cause the Bid to be rejected.
H) If option years are included, Bidder s must submit pricing for each option year . Any option to renew
will be exercised at the sole discretion of the State and comply with all terms and conditions in force at the
time the option is exercised . If exercised, the option period shall be for a period identified in the IFB at the
prices entered in the Bid Form .
I) All Bid prices entered below are to be fully loaded prices that include all costs/expenses associated
with the provision of services as required by the IFB . The Bid price shall include, but is not limited to, all:
labor, profit/overhead, general operating, administrative, and all other expenses and costs necessary to perform the work set forth in the solicitation . No other amounts will be paid to the Contractor . If labor rates
are requested, those amounts shall be fully-loaded rates; no overtime amounts will be paid.
J) Unless indicated elsewhere in the IFB, sample amounts used for calculations on the Bid Form are
typically estimates for evaluation purposes only. Unless stated otherwise in the IFB , the Office does not
guarantee a minimum or maximum number of units or usage in the performance of the Contract.
K) Failure to adhere to any of these instructions may result in the Bid being determined not responsive.

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

25
B-1 Bid Form
The Bi d Form shall contain all price information in the format specified on these pages. Complete the Bid
Form only as provided in the Bid Instructions. Do not amend, alter or leave blank any items on the Bid
Form . Please ensure that pricing is inclusive of both Escrow Agent & Paying Agent Services. Any
changes or alterations to this form may render Contractor’s Bid invalid. If renewal options are
included, Bidder s must submit pricing for each renewal option term. Failure to adhere to any of these
instructions may result in the Bid being determined not responsive .

Initial Review and Setup Fee Per Refunding
Issue* :
$ ___________
Maximum Total Legal Fee (cap) Per Refunding
Issue:
$ ___________

Annual Administration Fee Per Refunding Issue: $ ___________
Total Amount for Initial and Renewal Option Must Not Exceed $100,000.00

For purposes of bid evaluation, the Office will assume that a refunding issue will have an average duration
of seven (7) years. There is no guarantee regarding the frequency or refunding or that the average duration
will be seven (7) years.

*A refunding Issue will typically consist of several series and maturities of Bonds being refunded ( e.g.,
2019 Second Series– 2022 maturity; 2018 First Series – 2024 maturity, etc.).

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

26

Submitted by :_____________________________________________________________________

Signature of Authorized Representative
Date
Printed Name and Title:

Telephone:
Email address:
Bidder Company Name:
Bidder Company Address:
FEIN:
eMMA #:

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

27
Attachment C. Bid/Proposal Affidavit
A. AUTHORITY

I hereby affirm that I, _________________________________________ (name of affiant) am the ___________________________________________ ____ (title) and duly authorized
representative of __________________________________ (name of business entity) and that I possess the legal authority to make this affidavit on behalf of the business for which I am acting.

B. CERTIFICATION REGARDING COMMERCIAL NONDISCRIMINATION

The undersigned Bidder/Offeror hereby certifies and agrees that the following information is
correct: In preparing its Bid/proposal on this project, the Bidder/Offeror has considered all
Bid/proposals submitted from qualified, potential subcontractors and suppliers, and has not
engaged in “discrimination” as defined in § 19- 103 of the State Finance and Procurement Article
of the Annotated Code of Maryland. “Discrimination” means any disadvantage, difference,
distinction, or preference in the solicitation, s election, hiring, or commercial treatment of a vendor,
subcontractor, or commercial customer on the basis of race, color, religion, ancestry, or national origin, sex, age, marital status, sexual orientation, sexual identity, genetic information or an
individual’s refusal to submit to a genetic test or make available the results of a genetic test, disability, or any otherwise unlawful use of characteristics regarding the vendor’s, supplier’s, or
commercial customer’s employees or owners. “Discrimination” also includes retaliating against
any person or other entity for reporting any incident of “discrimination”. Without limiting any other
provision of the solicitation on this project, it is understood that, if the certification is false, such
false certificati on constitutes grounds for the State to reject the Bid/proposal submitted by the
Bidder/Offeror on this project, and terminate any contract awarded based on the Bid/proposal. As part of its Bid/proposal, the Bidder/Offeror herewith submits a list of all in stances within the past
four (4) years where there has been a final adjudicated determination in a legal or administrative
proceeding in the State of Maryland that the Bidder/Offeror discriminated against subcontractors,
vendors, suppliers, or commercial c ustomers, and a description of the status or resolution of that
determination, including any remedial action taken. Bidder/Offeror agrees to comply in all respects with the State’s Commercial Nondiscrimination Policy as described under Title 19 of the Stat e
Finance and Procurement Article of the Annotated Code of Maryland.

B-1. CERTIFICATION REGARDING MINORITY BUSINESS ENTERPRISES .
The undersigned Bidder/Offeror hereby certifies and agrees that it has fully complied with the State Minority Business Enterprise Law, State Finance and Procurement Article, § 14 -308(a)(2),
Annotated Code of Maryland, which provides that, except as otherwise provided by law, a contractor may not identify a certified minority business enterprise in a Bid/proposal and:

(1) Fail to request, receive, or otherwise obtain authorization from the certified minority
business enterprise to identify the certified minority bid/proposal;

(2) Fail to notify the certified minority business enterprise before execution of the contract
of its inclusion in the Bid/proposal;

(3) Fail to use the certified minority business enterprise in the performance of the contract;
or

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

28

(4) Pay the certified minority business enterprise solely for the use of its name in the
Bid/proposal.

Without limiting any other provision of the solicitation on this project, it is understood that if the
certification is false, such false certification constitutes grounds for the State to reject the
Bid/proposal submitted by the Bidder/Offeror on this project, and terminate any contract awarded
based on the Bid/proposal.

B-2 CERTIFICATION REGARDING VETERAN- OWNED SMALL BUSINESS
ENTERPRISES .

The undersigned Bidder/Offeror hereby certifies and agrees that it has fully complied with the State
veteran -owned small business enterprise law, State Finance and Procurement Article, § 14 -605,
Annotated Code of Maryland, which provides that a person may not:

(1) Knowingly and with intent to defraud, fraudulently obtain, attempt to obtain, or aid
another person in fraudulently obtaining or attempting to obtain public money, procurement contracts, or funds expended under a procurement contract to which the
perso n is not entitled under this title;
(2) Knowingly and with intent to defraud, fraudulently represent participation of a veteran-
owned small business enterprise in order to obtain or retain a Bid/proposal preference
or a procurement contract;
(3) Willfully and knowingly make or subscribe to any statement, declaration, or other
document that is fraudulent or false as to any material matter, whether or not that falsity
or fraud is committed with the knowledge or consent of the person authorized or
required to present the declaration, statement, or document;
(4) Willfully and knowingly aid, assist in, procure, counsel, or advise the preparation or
presentation of a declaration, statement, or other document that is fraudulent or false
as to any material matter, regardless of whether that falsity or fraud is com mitted with
the knowledge or consent of the person authorized or required to present the
declaration, statement, or document;

(5) Willfully and knowingly fail to file any declaration or notice with the unit that is
required by COMAR 21.11.13; or

(6) Establish, knowingly aid in the establishment of, or exercise control over a business
found to have violated a provision of § B -2(1) - (5) of this regulation.

C. AFFIRMATION REGARDING BRIBERY CONVICTIONS

I FURTHER AFFIRM THAT:

Neither I, nor to the best of my knowledge, information, and belief, the above business (as is defined
in Section 16- 101(b) of the State Finance and Procurement Article of the Annotated Code of
Maryland), or any of its officers, directors, partners, controlling stockholders, or any of its
employees directly involved in the business’s contracting activities including obtaining or
performing contracts with public bodies has been convicted of, or has had probation before

Escrow Agent & Paying Agent Services
Solicitation #: IFB # ESC -09042024 IFB Document

29
judgment imposed pursuant to Criminal Procedure Article, § 6- 220, Annotated Code of Maryland,
or has pleaded nolo contendere to a charge of, bribery, attempted bribery, or conspiracy to bribe in
violation of Maryland law, or of the law of any other state or federal law, except as follows (indicate
the reasons why the affirmation cannot be given and list any conviction, plea, or imposition of
probation before judgment with the date, court, official or administrative body, the sentence or
disposition, the nam e(s) of person(s) involved, and their current positions and responsibilities with
the business):

____________________________________________________________
____________________________________________________________

D. AFFIRMATION REGARDING OTHER CONVICTIONS

I FURTHER AFFIRM THAT :

Neither I, nor to the best of my knowledge, information, and belief, the above business, or any of
its officers, directors, partners, controlling stockholders, or any of its employees directly involved
in the business’s contracting activities including obt aining or performing contracts with public
bodies, has:

(1) Been convicted under state or federal statute of:

(a) A criminal offense incident to obtaining, attempting to obtain, or performing a
public or private contract; or
(b) Fraud, embezzlement, theft, forgery, falsification or destruction of records or
receiving stolen property;
(2) Been convicted of any criminal violation of a state or federal antitrust statute;
(3) Been convicted under the provisions of Title 18 of the United States Code for violation
of the Racketeer Influenced and Corrupt Organization Act, 18 U.S.C. § 1961 et seq.,
or the Mail Fraud Act, 18 U.S.C. § 1341 et seq., for acts in connection with the
submission of Bids/Proposals for a public or private contract;

(4) Been convicted of a violation of the State Minority Business Enterprise Law, § 14 -308
of the State Finance and Procurement Article of the Annotated Code of Maryland;
(5) Been convicted of a violation of § 11- 205.1 of the State Finance and Procurement
Article of the Annotated Code of Maryland;

(6) Been convicted of conspiracy to commit any act or omission that would constitute
grounds for conviction or liability under any law or statute described in subsections (1)— (5) above;