Financial Advisor Services

Dereck E. Davis
State Treasurer

Jonathan D. Martin
Chief Deputy Treasurer

MARYLAND STATE TREASURER’S OFFICE
Louis L. Goldstein Treasury Building
80 Calvert Street, Room 109
Annapolis, Maryland 21401

REQUEST FOR PROPOSALS (RFP)
FOR
FINANCIAL ADVISOR SERVICES
RFP #FA - 03212024

ISSUE DATE: MARCH 21, 2024

NOTICES :
STO strongly encourage s MBE participation in all its solicitations, especially when
there is/are no stated goal(s). To the extent that MBEs employed in this industry are
interested but are not fully qualified to respond, please contact the Procurement
Officer listed on the Key Information Summary Sheet for further information.

A Prospective Offeror that has received this document from a source other than eMaryland Marketplace
Advantage (eMMA ) https://procurement.maryland.gov should register on eMMA . See Section 4.2.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page ii
STATE OF MARYLAND
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 this completed form to the attention of the Procurement Officer (see Key Information
Summary Sheet below for contact information).
Title : Financial Advisor Services
RFP #: FA - 03212024
1. 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 Proposal is insufficient
Start -up time is insufficient
Bonding/Insurance requirements are restrictive (Explain in REMARKS section)
Proposal 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: ________________________________________________________________

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page iii
KEY INFORMATION SUMMARY SHEET

Request for Proposals Financial Advisor Services

Solicitation Number: RFP #FA - 03212024

RFP Issue Date: March 21, 2 024

RFP Issuing Office: State Treasurer’s Office (“STO” or the "Office")

Procurement Officer: Kris Chewlin
Louis L. Goldstein Treasury Building
80 Calvert Street, Room 109
Annapolis, Maryland 21401
e-mail:
Office Phone: kchewlin@treasurer.state.md.us
[410- 260-7428]

Proposals are to be sent to: eMMA Portal or via Mail or Hand Delivery

Questions Due Date and Time April 5th, 2024 by [2.00] p.m. Local time

Proposal Due (Closing) Date
and Time: April 22nd, 2024 by [2.00] p.m. Local time
Offerors are reminded that a completed Feedback Form is
requested if a no -bid decision is made (see page iv ).
Oral Presentations, if any The week of May 13th , 2024
MBE Subcontracting Goal: 25%
Contract Type: Fixed Fee
Contract Duration: Three (3) year base period with two (2) two-year option
periods

VSBE Subcontracting Goal The Office has not established a veteran -owned small
business enterprise (“VSBE”) goal for this solicitation, but
Offerors are encouraged to work with certified VSBE subcontractors. The VSBE list can be found at:
http://www.vetbiz.gov

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page iv
TABLE OF CONTENTS
1 Minimum Qualifications ...................................................................................................................... 7
Offeror Minimum Qualifications ................................................................................................. 7
2 Contractor Requirements: Scope of Work ........................................................................................ 8
Summary Statement ..................................................................................................................... 8
Background .................................................................................................................................. 8
Objectives .................................................................................................................................... 9
Financial Advisor Services ........................................................................................................ 12
Independence ............................................................................................................................. 11
Compliance with Applicable Rules and Regulations ................................................................ 12
2.7 Order of Precedence .................................................................................................................. 12
2.8 Term .......................................................................................................................................... 12
2.9 Compensation ............................................................................................................................ 12
2.10 Staffing Requirements ............................................................................................................... 13
3 Contractor Requirements: General .................................................................................................. 14
End of Contract Transition ........................................................................................................ 14
Invoicing .................................................................................................................................... 14
Disaster Recovery and Data ...................................................................................................... 15
Insurance Requirements ............................................................................................................ 15
Security Requirements ............................................................................................................... 16
Experience and Personnel .......................................................................................................... 17
Substitution of Personnel ........................................................................................................... 20
Minority Business Enterprise (MBE) Reports ........................................................................... 20
4 Procurement Instructions .................................................................................................................. 21
Pre-Proposal Conference ........................................................................................................... 21
eMaryland Marketplace Advantage (eMMA) ........................................................................... 21
Questions ................................................................................................................................... 21
Procurement Method ................................................................................................................. 21
Proposal Due (Closing) Date and Time ..................................................................................... 21
Multiple or Alternate Proposals ................................................................................................. 21
Economy of Preparation ............................................................................................................ 21
Public Information Act Notice .................................................................................................. 21
Award Basis ............................................................................................................................... 22
Oral Presentation ....................................................................................................................... 22

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page v

Duration of Proposal .................................................................................................................. 22
Revisions to the RFP ................................................................................................................. 22
Cancellations ............................................................................................................................. 22
Incurred Expenses ..................................................................................................................... 22
Protest/Disputes ......................................................................................................................... 22
Offeror Responsibilities ............................................................................................................. 23
Acceptance of Terms and Conditions ........................................................................................ 23
Proposal Affidavit ..................................................................................................................... 23
Contract Affidavit ...................................................................................................................... 23
Compliance with Laws/Arrearages ........................................................................................... 23
Verification of Registration and Tax Payment .......................................................................... 23
False Statements ........................................................................................................................ 23
Payments by Electronic Funds Transfer .................................................................................... 23
Electronic Procurements Authorized ......................................................................................... 24
MBE Participation Goal ............................................................................................................ 25
Living Wage Requirements ....................................................................................................... 26
Conflict of Interest Affidavit and Disclosure ............................................................................ 26
Maryland Healthy Working Families Act Requirements .......................................................... 27
5 Proposal Format ................................................................................................................................. 28
Two Part Submission ................................................................................................................. 28
Proposal Delivery and Packaging .............................................................................................. 28
Volume I – Technical Proposal ................................................................................................. 29
Volume II – Financial Proposal ................................................................................................. 31
6 Evaluation and Selection Process ...................................................................................................... 32
Evaluation Committee ............................................................................................................... 32
Technical Proposal Evaluation Criteria ..................................................................................... 32
Financial Proposal Evaluation Criteria ...................................................................................... 32
Selection Procedures .................................................................................................................. 32
Documents Required upon Notice of Recommendation for Contract Award ........................... 33
Attachment A. Financial Proposal Instructions & Form ................................................................... 34
Attachment B. Proposal Affidavit ........................................................................................................ 36
Attachment C. Maryland Living Wage Affidavit of Agreement for Service Contracts .................. 42
Attachment D. Minority Business Enterprise Forms .......................................................................... 45
Attachment E. Conflict of Interest Affidavit and Disclosure ............................................................. 46

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page vi
Attachment F. Contract ........................................................................................................................ 47
Attachment G . Contract Affidavit ........................................................................................................ 56

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 7
1 Minimum Qualifications
Offeror Minimum Qualifications
As part of the determination t o be considered reasonably susceptible of being selected for award, the Offeror must
document in its Proposal that the following Minimum Qualifications have been met:
1.1.1 The Offeror must have, since March 31st 2023, s erved as senior financial advisor to a state, or local
entity with a total outstanding debt of at least $1.0 billion .
1.1.2 The Offeror must have, since March 31st 2023, served as financial advisor on bond issuances from
a state or local entity totaling at least $1.0 billion in the aggregate.
1.1.3 The Offeror must have, since March 31st 2023, served as senior financial advisor on an issuance
of general obligation bonds.

1.1.4 The Offeror must be registered as a Municipal Advisor with the U.S. Securities and Exchange
Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). Senior level
professionals must have at least 5 years’ experience providing financial advice to public finance
clients. The Offeror’s response must include information evidencing its compliance with this requirement in its Technical Proposal as set forth in Section 5.3 of this RFP.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 8
2 Contractor Requirements: Scope of Work
Summary Statement
The Maryland State Treasurer’s Office ( “STO” or the “Office”) is responsible for coordinating the administrative
activities related to the sale of State of Maryland general obligation bonds and other bonds, capital leases and public
finance transactions as provided by law. The Office has also provided financial advice relating to bonds and other
forms of public finance to the Board of Public Works (the “Board”), the General Assembly and, upon request, to other State Agencies.
The purpose of this RFP is to select a pool of financial advisors to assist the Office and, from time to time, the
Board and other State agencies in carrying out these duties and to provide advisory services on a broad range of
issues in the area of public finance, for the term of July 1
st 2024 through June 30th 2027, with two two-year renewal
options.
It is the State’s intention to obtain services , as specified in this RFP , from a Contract (s) between the selected
Offeror (s) and the State.
The Office will award one or more contract s from this RFP. See RFP Section 4.9 (Award Basis) for more Contract
award information.
An Offeror, either directly or through its subcontractor(s), must be able to provide the services and meet the
requirements requested in this solicitation and the successful Offeror (the Contractor) shall remain responsible for
Contract performance regardless of subcontractor participation .
Background
In Maryland, general obligation bonds, certificates of participation, energy performance contract leases and capital
leases are authorized, sold and issued primarily to provide funds for State- owned capital improvements, including
improvements for institutions of higher education and construction of locally owned public schools. Bonds have
also been issued to fund local government improvement projects, correctional facilities and repayable loans or
outright grants to private, nonprofit, cultural and educati onal institutions.

As of January 1, 2024, the outstanding total of general obligation bonds is projected to total $9.3 billion. The State’s
general obligation bonds have been consistently rated AAA by all three rating agencies (since 1961 for S&P, 1970
for Moody’s, and 1993 for Fitch).

The Treasurer has adopted a Debt Management Policy that is available at:
State of Maryland Debt Management Policy

The Office handles the following activities related to the sale of the State’s general obligation bonds: determining
the amount of the sale and the method of sale, managing the preparation of the official statements, scheduling calls
and meetings with the rating agencies, coordinating the resolutions and actions by the Board of Public Works,
negotiating the sale of bonds with underwriters, receiving and verifying competitive bids, and coordinating
settlement.

The Office also handles matters related to post -sale compliance with federal regulations and is responsible for
tracking private activity and determining any arbitrage rebate liability. Furthermore, throughout the year, the Office
manages relationships wit h the rating agencies by updating financial information (e.g., budgets, revenue estimates,
Fiscal Digest and the Annual Comprehensive Financial Report). The Office is also responsible for compliance with
Continuing Disclosure Agreements and for the Prelimi nary and Final Official Statements.

Payments for debt service on the general obligation bonds are made from the Annuity Bond Fund, whose primary
source of revenue is state property taxes. The Office is the paying agent for all outstanding general obligation bonds
with the exception of three issues of tax credit bonds – the 2009 and 2010 Qualified School Construction Bonds
and 2010 Qualified Zone Academy Bonds. The Office projects future debt service and assists in the preparation of
budgets for the Annuity Bond Fund.

The State anticipates selling general obligation bonds one to two times a year. Historically, when holding two
sales per year, these are issuances for equal amounts with the sales held in late February or early March and late
July or early August. The majority of the State’s issuance is of tax -exempt bonds, though the State typically
issues a smaller amount of taxable bonds each year as well. General obligation bonds have a maximum maturity
of 15 years and have historically been issued as serial maturities with level debt service for years 3 – 15. The

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 9
State also permits the use of term bonds. Bonds with maturities greater than 8 to 10 years are generally callable.
Official Statements for general obligation bonds issued over the past several years are available at:
Maryland General Obligation Bonds – Official Statements

Currently, all the bonds issued by the State are fixed rate. However, the State does have the option to issue variable
rate bonds. Statute limits the amount of variable rate debt to 15% of the outstanding bonds. Maryland law permits
Interest Rate Exchange Agreements, but their use is not anticipated in the near future.

The State does not generally issue short -term notes. However, statute does authorize the Office to issue up to $100.0
million in Tax Anticipation Notes, which must then be repaid within 180 days. The State Constitution requires that
all revenues used to securitize the Tax Anticipation Notes must be “so certain as to be readily estimable as to the
time of receipt of the revenues and as to the amount of the revenues.”

The Office manages two capital lease programs for equipment and energy improvements. The Office currently has
a Master Lease agreement with a lessor for a two -year contract. The Office can either procure a master lessor or it
may periodically request bids from qualified lessors and administers all aspects of these programs including draw
downs and repayments. The Office anticipates annual financing of approximately $18.0 million in Equipment
leases (generally 3 -to-10-year terms for office equipment, computers, etc). In addition, the Office expects to finance
$20.0 million in Energy Performance Contracts (up to 30- year terms for energy improvements) in fiscal year 2024
- 2025.

In addition to its duties with respect to the general obligation bond program, the Office occasionally provides
advice to State agencies that enter the bond market infrequently, including but not limited to the procurement of
financial services (e.g. financial advisor, trustee, underwriter) and participation in the development of official
statements.

The Office also responds to requests for information from State agencies and the legislature on various financing
issues, including, for example, funding options for Pensions and Other Post Employment Benefits (“OPEB”) and
financing capital projects by sec uritizing various revenue streams. The State has also expanded the use of Public-
Private Partnerships in Maryland, such as the Purple Line and proposed installation of managed toll lanes on I -495
and I -270 in the D.C. suburbs, resulting in a greater need f or the Office to analyze the financial impacts of such
partnerships.

The Treasurer chairs the Capital Debt Affordability Committee (“CDAC”) and the Commission on State Debt.
The reports of both entities are available on the Treasurer’s website at:
Reports & Activities – Maryland State Treasurer
The Financial Advisor may assist the Office in debt projections and assumptions of personal income and
revenues (including property taxes) that are necessary for CDAC analyses. The Office may request guidance
from the Financial Advisor on the evaluation of affordability criteria.

Though the primary purpose of this contract is to serve the needs of the Office, several other State agencies and
instrumentalities are authorized to issue debt and, subject to approval by the Treasurer or the Treasurer’s designee
may request financial advisory services under the terms of this contract.

Objectives
The objective of this procurement is to select a pool of Financial Advisors, each of which will provide:

• Advisory services related to the sale, issuance and refunding of bonds and other forms of debt. The Office will determine, in the Office’s sole discretion, which Contractor will serve as financial advisor for each
issuance of debt; and

• Advisory services for a broad range of issues in the area of public finance (e.g., lease financing, disclosures,
rating agency relations, research on alternative methods of financing, evaluation of other State agencies’
financing plans, and any other financing assignment from the Office.) The Office will determine, in the
Office’s sole discretion, which Contractor is best suited and available to provide advice on any particular
matter at any given time.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 10

• Diverse and varied experience as senior financial advisor to issuers in different areas of public finance, so
that upon written request of the Office, contracted firms may provide the above advisory services to any
State agency or instrumentality. The Offi ce will determine, in the Office’s sole discretion, which
Contractor is best suited to advise the State agency or instrumentality.

The Office reserves the right to remove firms from the pool at any time based on factors including, but not limited
to, performance, change in staff or firm organization and/or any change in ownership status.
Financial Advisor Services
The Financial Advisor must work cooperatively and efficiently with the Office, Office of the Attorney General,
Investment Advisor, Bond Counsel, Verification Agent, Escrow Agent, Remarketing Agent, Underwriters and
liquidity providers. The Financial Advisor is expected to familiarize itself with the State’s existing debt portfolio
and applicable State and Federal laws and regulations without cost.

Upon request of the Office, the Contractor(s) will provide the following financial advisory services :
2.4.1 Advise the Office on general market conditions and outlook for bonds, capital leases, and other debt
obligations including, but not limited to, new issues, refundings, new products, derivatives, market
trends, and investor preferences, and perform analyses related to such matters.
2.4.2 Advise the Office on the structuring of debt, including tax- exempt and taxable new money sales,
fixed and variable rate debt, derivatives and swaps, credit enhancements, serial and term bonds,
maturity schedules, refundings, use of competitive versus negot iated method of sale and/or use of
retail order periods, bank loans or other direct placements, and any other options to achieve the
State’s goals while maintaining the State’s credit ratings and minimizing the cost of borrowing;
2.4.3 Prepare cash flows both prior to and after the issuance of securities as requested by the Office.
2.4.4 Analyze various financing proposals that are presented by investment bankers.
2.4.5 Advise the Office on the use and/or issuance of lines of credit, bank loans, short -term notes, Federal
Reserve facilities, or any other forms of financing.
2.4.6 Participate in the preparation and review of material for the Preliminary and Final Official
Statements, other offering documents, and closing documents.
2.4.7 Advise the Office on rating agency matters such as changes in criteria that could affect the State or
its agencies and development of strategies for rating agency communications and meetings
including, if requested by the Office, the preparation of materia l in final form for inclusion in a
briefing book for rating agency visits or calls, scheduling of meetings, identification and background of rating agency personnel and a synopsis of their likely concerns, a general script for the State
participants includ ing outlines of talking points to be made by each State presenter, and potential
questions and answers.
2.4.8 Advise the Office on all issues relating to the marketability of State bonds and perform analysis
related to the marketing of the bonds.
2.4.9 Assist, as needed, in making presentations on proposed bond issues and lease financings to rating
agencies, the Board of Public Works and other elected officials, and potential purchasers of the
securities.
2.4.10 Attend bond sales, assist in the evaluation of bids for both competitive and negotiated sales, and
recommend acceptance of bids.
2.4.11 Complete post bond sale analyses. For negotiated sales, review bond underwriter performance and
costs of issuance. Report the results of the sale compared to similar transactions in the market and
the distribution of bonds among the underwriters. For compe titive sales, compare the results with
Municipal Market Data information, other indices, and other similar transactions in the market at the
time of the general obligation sale. For variable rate debt, report remarketing results.
2.4.12 Assist the Office in any matters regarding capital leases, including bidding, structuring, and sale
alternatives.
2.4.13 As directed, assist the Office in any response to, negotiations with, and inquiries or audits from the U.S. Treasury and other regulatory agencies; including, but not limited to IRS, SEC, MSRB etc.
2.4.14 Assist the Office in the procurement and selection of agents and services necessary or desirable for
the sale and issuance of State bonds, including but not limited to verification agents, remarketing

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 11
agents, dealers, tender agents, insurers, liquidity providers, counterparties, trustee services,
electronic bidding and posting services, and advertising and reviewing the performance of any of
these entities.

Upon request of the Office, the approved Contractor(s) or subcontractor(s) will provide the following services:
2.4.15 Provide the Office with any training, newsletter and other informational material routinely provided
to clients.
2.4.16 Assist the Office with respect to continuing disc losure requirements and best practices and other
post-sale compliance matters.
2.4.17 Assist the Office on other matters as required including, but not limited to, new or innovative financing techniques, approaches, or the use of non- traditional debt instruments (e.g. leasing
transactions, securitization of revenue streams, loan funds, public -private partnerships, State
Infrastructure Banks, credit enhancement mechanisms, and any other financing method that may be
employed under federal and state law).
2.4.18 Assist the Office on revising and updating debt, swap and disclosure policies and procedures.
2.4.19 Assist the Office on written Post -Issuance Compliance policies and procedures.
2.4.20 Provide guidance on proposed and enacted statutory and regulatory changes affecting the State
imposed by Congress, the U.S. Treasury and other regulatory agencies; including, but not limited to
IRS, SEC, MSRB etc.
2.4.21 Provide assistance, training, and training materials to the Office staff in order to enhance Office
capacity for a variety of bond- related activities.
2.4.22 Assist with the modification or development of supplemental bond indentures, bond covenants,
target co verage ratios, etc.
2.4.23 Upon request, review and report on state fiscal and revenue projections, perform financial modeling and cash flow analyses, and create financial forecasts.
2.4.24 As directed, review secondary market activity and report the activity to the Office.
2.4.25 Provide investment advice including but not limited to sinking fund structuring and escrow account
structuring; providing bidding agent services including preparation, solicitation, evaluation, and in
consultation or as directed by the Office, award of bids; and maintaining all required documentation
and recordkeeping for purposes of compliance with federal, state and local laws, and IRS regulations.
2.4.26 Upon request, advise on the handling of bond proceeds, including the accounting, calculation of
interest rates for arbitrage considerations and the methodology for the calculation of rebates.
2.4.27 Upon request, provide advice on the development of new programs and initiatives by the Office or other State agencies.
2.4.28 Provide advice on and assist in the drafting of any proposed State legislation pertaining to debt.
2.4.29 Perform other tasks consistent with the purpose of this Contract which, in the view of the Office,
do not require a fiduciary relationship between Offeror or subcontractor and the Office as may be
specified by the Office including any other service necessary, customary, or incidental to the sale
or the issuance of debt and the financing of capital debt.
2.4.30 Upon the written request of the Office, provide the services listed above to the Board and to other
State agencies engaged in bond sales or other public finance transactions.

All services will be performed only upon request of the Office. Any services requested to be performed to the
Board or other State agencies is subject to the written approval of the Treasurer or the Treasurer’s designee. Work
plans and budgets for any studies or special analyses must be approved in advance by the Office.

Independence
During the term of the Contract, the selected Offeror, as well as its parent, its subsidiaries, and its affiliates (if any),
may not:

• Serve as an underwriter or member of an underwriting syndicate for the financing transactions upon which the selected Offeror has advised the Office.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 12
• Make political contributions or give gifts or gratuities in violation of rules promulgated or proposed by the
MSRB.

• Engage in other activities (such as fee splitting or paying finders’ fees) that could present a real or perceived
conflict of interest with the duties of the selected Offeror under the Contract.
Any such affiliation or action made known to the Office during the term of the Contract may cause the Office to
terminate the Contract.

Compliance with Applicable Rules and Regulations
During the term of the Contract, the selected Offeror shall maintain all required registrations, and comply with all
applicable regulatory agency rules, including but not limited to those of the M SRB and the SEC. Failure to comply
with such rules may result in termination of the Contract.

2.7 Order of Precedence
The Contract between the parties will be embodied in the Contract documents which will consist of the following,
listed in their order of precedence:

1) The executed Contract;
2) The RFP; and
3) The Offeror’s proposal

The Office will not accept any modifications to the order of precedence provision of this solicitation.

2.8 Term
The term for the Contract (s) for Financial Advisor Services will be July 1 , 2024 through June 30, 2027 , with up to
two consecutive two -year renewal options on each contract to be exercis ed at the sole discretion of the Treasurer
or the Treasurer’s designee. The Contract extends to settlement of any financing transactions in process at the
conclusion of the Contract.

2.9 Compensation
Financial advisor services shall be compensated at two different hourly rates. The primary rate shall be an hourly
rate for senior professional level personnel reviewing complex financial analyses and advising the Office. A lower
rate shall apply to servic es performed by associate level professionals (e.g., production of refunding analysis, cash
flows). Projects requiring significant associate- level effort must use associate level fees. All invoices will be
reviewed for appropriate assignment of personnel. Both financial advisor rates must include all expenses other than
(a) express mail charges where the Office directs the Contractor to use express mail; and (b) direct out of pocket
travel (transportation only) expenses which will be invoiced and reimbursed in accordance with the State’s standard
travel regulations (COMAR 23.02.01), and (c) charges for outside services that are authorized by the Office (such as postings of the POS on Parity). Meals will not be covered as part of travel expenses. All invoices for payment
must include specific information on the personnel assigned and time spent for each task.
By submitting a response to this solicitation, the Offeror agrees to accept any payments from the State by electronic
funds transfer unless the State Comptroller’s Office grants an exemption. The Contractor shall register using form
COT/GAD X- 10 Vendor Electronic Funds (EFT) Registration Request Form. 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 and
must include the business identification information as stated on the form and include the reason for the exemption.
The COT/GAD X- 10 Vendor Electronic Funds (EFT) Registration Request Form may be downloaded from:
https://www.marylandtaxes.gov/forms/state -accounting/static -files/GADX10Form20150615.pdf.

The selected Offeror may not engage in activities on behalf of the Office that produce a direct or indirect financial
gain for the Offeror, other than the agreed- upon compensation, without the Office’s informed consent.

Payments to the selected Offeror shall be made no later than 30 days after receipt by the Office of monthly invoices
from the Contractor. Each invoice for services rendered must reflect the Contractor’s federal tax identification
number. Charges for late payment of invoices, other than as prescribed by Title 15, Subtitle 1 of the State Finance
and Procurement Article, Annotated Code of Maryland, as from time to time amended, are prohibited.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 13

2.10. Staffing Requirements

The Office expects that personnel will be assigned to the account as described in Section 3.6 and the Offeror’s
Technical Proposal. If one or more of the proposed personnel become unavailable for continuation of the work assignment, the Contractor shall replace said individual(s) with personnel of substantially equal ability and qualifications. However, any changes to designated person nel will require the prior written approval of the Office If
the proposed replacement personnel are accepted by the Office, the changes in personnel shall be effected without
additional cost to the State and without formal modification of this Contract. If the proposed replacement personnel are
not accepted by the Office, additional replacement personnel must be proposed until accepted by the State. Under no
circumstances shall work for the State be performed by replacement personnel prior to approval by the State.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 14
3 Contractor Requirements: General
End of Contract Transition
At the end of the Contract term, the Contractor shall continue to perform any contract services that were in process
on the expiration date of the Contract and shall receive the payment specified in the Contract for such services.
The Contractor shall als o assist the Office during any transition period to a new contractor and provide all necessary
information and data to any subsequent contractor engaged to perform the services described in this RFP.
Invoicing
3.2.1 General
A. The Contractor shall e -mail and send by First Class Mail the original of each invoice and
signed authorization to invoice to the Contract Monitor and the STO Accounting Department
at e-mail address: STOaccountspayable@treasurer.state.md.us and mail at 80 Calvert Street,
Room 109 , Annapolis, Maryland 21401 Attn: Accounts Payable .
B. All invoices for services shall be verified by the Contractor as accurate at the time of
submission.
C. An invoice not satisfying the requirements of a Proper Invoice (as defined at COMAR
21.06.09.01 and .02) 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) Goods or services provided;
9) Amount due; and
10) Any additional documentation required by regulation or the Contract.
D. 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 .
E. 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.
F. 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.
G. 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.
3.2.2 For the purposes of the Contract an amount will not be deemed due and payable if :
1) The amount invoiced is inconsistent with the Contract ;
2) The proper invoice has not been received by the party or office specified in the Contract ;
3) The invoice or performance is in dispute or the Contractor has failed to otherwise
comply with the provisions of the Contract ;
4) The item or services have not been accepted ;

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 15
3.2.3 Travel Reimbursement
Travel will not be reimbursed under this RFP .
Disaster Recovery and Data
The following requirements apply to the Contract:
3.3.1 Redundancy, Data Backup and Disaster Recovery
3.3.1.1 Unless specified otherwise in the RFP, Contractor shall maintain or cause to be maintained
disaster avoidance procedures designed to safeguard State data and other confidential
information, Contractor’s processing capability and the availability of hosted services, in
each case throughout the Contract term. Any force majeure provisions of the Contract do
not limit the Contractor’s obligations under this provision.
3.3.1.2 The Contractor shall have robust contingency and disaster recovery (DR) plans in place to
ensure that the services provided under the Contract will be maintained in the event of
disruption to the Contractor/subcontractor’s operations (including by not limi ted to,
disruption to information technology systems), however caused.
3.3.1.3 Notify the appropriate State -identified contact immediately of an event.
3.3.1.4 The DR site shall be at least 100 miles from the primary operations site and have the
capacity to take over complete production volume in case the primary site becomes
unresponsive.
3.3.2 Data Ownership and Access
3.3.2.1 Data, databases and derived data products created, collected, manipulated, or directly
purchased as part of an RFP are the property of the State. The purchasing State agency is
considered the custodian of the data and shall determine the use, access, dist ribution and
other conditions based on appropriate State statutes and regulations.
3.3.2.2 At no time shall any data or processes – that either belong to or are intended for the use of
the State or its officers, agents or employees – be copied, disclosed or retained by the
Contractor or any party related to the Contractor for subsequent use in a ny transaction that
does not include the State.
3.3.2.3 The Contractor shall not use any information collected in connection with the services
furnished under the Contract for any purpose other than fulfilling such services.
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:
3.4.1 The following type(s) of insurance and minimum amount(s) of coverage are required:
A. Commercial General Liability - of one million dollars ( $1,000,000) combined single limit
per occurrence for bodily injury, property damage, and personal and advertising injury and
three million dollars ( $3,000,000) annual aggregate. The minimum limits required herein
may be satisfied through any combination of primary and umbrella/excess liability policies.
B. Professional Errors and Omissions/Professional Liability with a limit of at least ten million
dollars ( $10,000,000) .
C. Crime Insurance/ Employee Theft Insurance - to cover employee theft with a minimum
single loss limit of one million dollars ( $1,000,000) per loss . The State of Maryland and the
Office shall be added as a “loss payee.”
D. Cyber Security / Network Security / Privacy Liability / Data Breach Insurance - five million
dollars ($5,000,000) 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.
3.4.2 The State shall be listed as an additional insured on the faces of the certificates associated with the
coverages listed above, including umbrella and cyber policies, excluding errors and
omissions/ professional liability.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 16
3.4.3 All insurance policies shall be endorsed to include a clause requiring the insurance carrier and
Contractor to provide the Procurement Officer and Contract Monitor , by certified mail, not less than
90 days’ advance notice of any non- renewal, cancellation, or expiration. The Contractor shall
provide evidence of replacement insurance coverage to the Procurement Officer and Contractor
Monitor at least 15 days prior to the expiration of the insurance policy then in effect.
3.4.4 Any insurance furnished as a condition of the Contract shall be issued by a company authorized to
do business in the State.
3.4.5 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.
3.4.6 Subcontractor Insurance
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.
Security Requirements
3.5.1 Data Protection and Controls
Contractor shall ensure a secure environment for all State data and any hardware and software
(including but not limited to servers, network and data components) provided or used in connection
with the performance of the Contract and shall apply or cause application of appropriate controls
so as to maintain such a secure environment (“Security Best Practices”). Such Security Best
Practices shall comply with an accepted industry standard, such as the NIST cybersecurit y
framework.
1) Ensure that State data is not comingled with non- State data through the proper
appli cation of compartmentalization S ecurity Measures.
2) Apply data encryption to protect Sensitive Data at all times, including in transit,
at rest, and also when archived for backup purposes. Unless otherwise directed,
the Contractor is responsible for the encryption of all Sensitive Data.
3) For all State data the Contractor manages or control s, data encryption shall be
applied to such data in transit over untrusted networks.
4) Enable appropriate logging parameters to monitor user access activities,
authorized and failed access attempts, system exceptions, and critical information
security events as recommended by the operating system and application
manufacturers and information security standards, including Maryland
Department of Information Technology’s Information Security Policy.
5) Ensure system and network environments are separated by properly configured
and updated firewalls.
6) Restrict network connections between trusted and untrusted networks by
physically or logically isolating systems from unsolicited and unauthenticated
network traffic.
7) Ensure State data is not processed, transferred, or stored outside of the United
States (“U.S.”). The Contractor shall provide its services to the State and the
State’s end users solely from data centers in the U.S. Unless granted an exception
in writing b y the State, the Contractor shall not allow Contractor Personnel to store
State data on portable devices, including personal computers, except for devices that are used and kept only at its U.S. data centers. The Contractor shall permit its
Contractor Pers onnel to access State data remotely only as required to provide
technical support.
3.5.2 Security Incident Response
The Contractor shall comply with all applicable laws that require the notification of individuals in the event
of unauthorized release of State data or other event requiring notification, and, where notification is
required, assume responsibility for infor ming all such individuals in accordance with applicable law and
to indemnify and hold harmless the State and its officials and employees from and against any claims,
damages, and actions related to the event requiring notification.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 17
3.5.3 Data Breach Responsibilities
A. If the Contractor reasonably believes or has actual knowledge of a Data Breach, the
Contractor shall, unless otherwise directed:
1) Notify the appropriate State -identified contact immediately upon suspi cion of a
breach ;
2) Cooperate with the State to investigate and resolve the data breach;
3) Promptly implement commercially reasonable remedial measures to remedy the
Data Breach; and
4) Document responsive actions taken related to the Data Breach, including any post -
incident review of events and actions taken to make changes in business practices
in providing the services.
B. If a Data Breach is a direct result of the Contractor’s breach of its Contract obligation to
encrypt State data or otherwise prevent its release, the Contractor shall bear the costs
associated with (1) the investigation and resolution of the data breach; ( 2) notifications to
individuals, regulators or others required by State law; (3) a credit monitoring service
required by State or federal law; (4) a website or a toll -free number and call center for
affected individuals required by State law; and (5) complete all corrective actions as
reasonably determined by Contractor based on root cause .
3.5.4 The State shall, at its discretion, have the right to review and assess the Contractor’s compliance
to the security requirements and standards defined in the Contract.

Experience and Personnel
3.6.1 Indicate how the Offeror’s proposed team meets the Minimum Qualifications cited in Section
1.1.
3.6.2 Firm Capabilities
A. Describe your firm, including when organized, corporate structure, and type of ownership.
B. Describe, by location, the number of professional level employees, associate level employees, and support staff engaged full time in advising tax- exempt issuers (other than
health care and housing issuers), on matters related to the issuance of tax- exempt bonds.
C. State the approximate portion of firm’s revenues derived from financial advisor services to
tax-exempt entities other than health care and housing issuers.
3.6.3 Financing Experience
3.6.3.1 Proposed Team’s Financial Advisor Experience – Tax -Exempt General Obligation
Bond Issuers
A. Provide a representative list of tax -exempt general obligation bond issuers for which your
proposed team has served as a senior financial advisor since July 1, 2018.
1) Name of issuer
2) Amount of issue
3) Credit rating of issuer at the time of issuance
4) Date of issue
5) Type of issue e.g. fixed, variable, taxable
6) Use of derivative products
7) Purpose/use of proceeds
8) Method of sale
9) Personnel assigned and role performed
10) Whether or not a current or advance refunding, and
11) Nature of your services
B. Select two (2) of the issuers listed above and discuss how the experience gained from
working for these issuers relates to the services requested by the Office. Be sure to indicate

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 18
any unusual or exceptional problems, conditions, or situations that your firm faced and
solved.
3.6.3.2 Proposed Team’s Financial Advisor Experience – Revenue Bond Issuers
A. Provide a list of revenue bond issuers for which your proposed team has served as a primary
financial advisor since July 1, 2018.
1) Name of issuer
2) Amount of issue
3) Credit rating of issuer at the time of issuance
4) Date of issue
5) Type of issue e.g. fixed, variable, taxable
6) Type of securitization e.g. water and sewer, toll or other transportation revenues, gaming and/or lottery proceeds etc.
7) Use of derivative products
8) Purpose/use of proceeds
9) Method of sale
10) Personnel assigned and role performed
11) Whether or not a current or advance refunding, and
12) Nature of your services
B. Select one (1) of each type of securitization listed above and discuss how the experience
gained from working for these issuers relates to the services requested by the Office. Be sure to indicate any unusual or exceptional problems, conditions, or situations that your firm faced and solved.
3.6.3.3 Proposed Team’s Financial Advisor Experience – Retail Sale. Provide Representative
lists since July 1, 2018:
1) Name of issuer
2) Amount of issue
3) Date of issue
4) Description of financing
5) Personnel assigned and role performed, and
6) Nature of services

3.6.3.4 Proposed Team’s Financial Advisor Experience – Capital Lease Financing
A. Provide a representative list of governmental units engaged in capital lease financing
(including COPs) for which your firm’s proposed team has served as a primary financial
advisor since July 1, 2018 indicating:

1) Name of government
2) Amount of financing
3) Date of financing
4) Description of financing (type, use of proceeds, method)
5) Personnel assigned and role performed, and
6) Nature of your services

B. Select one (1) entity listed above and discuss how the experience gained from working for
these entities relates to the services requested by the Office. Be sure to indicate any unusual or
exceptional pr oblems, conditions or situations that your firm faced and solved.

3.6.3.5 Proposed Team’s Financial Advisor Experience – Public/Private Partnerships

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 19
A. Provide a representative list of public entities engaged in public/private partnerships (“P3”)
for which your firm’s proposed team has served as a primary financial advisor since July 1,
2018 indicating:

1) Name of public entity
2) Amount of P3 financing
3) Date of P3 financing
4) Description of P3 financing (type, use of proceeds, method)
5) Personnel assigned and role performed, and
6) Nature of your services

B. Select one (1) transportation entity and one (1) non- transportation entity listed above and
discuss how the experience gained from working for these entities relates to the services requested
by the Office. Be sure to indicate any unusual or exceptional problems, conditions or situations
that your firm faced and solved.

3.6.3.6 Proposed Professional Level and Associate Level Personnel
A. Indicate the manner in which you would organize the proposed team’s resources to provide
the appropriate assistance to the Office by including the following:

1) Identify the individual who will be the principal advisor to the Office
2) How many years’ experience does this individual have with the firm?
3) How many years’ experience does this individual have in providing
financial advisor services to issuers similar to Maryland in rating and
annual issuance of general obligation bonds?
4) How many years’ experience does this individual have in providing
financial advisor services to issuers of tax -exempt revenue bonds?
5) How many years’ experience does this individual have in providing financial advisor services to issuers of taxable and tax credit bonds?
6) How many years’ experience does this individual have in providing financial advisor services related to the use of a retail order period ?
7) Define this individual’s position with the firm
8) What is this person’s availability i.e. what is the nature of this person’s
responsibility for other clients? What is the percentage of the scope of
services to be performed by this individual?
9) Did this individual participate with any of the issuers listed in 3.6.3.1,
3.6.3.2, 3.6.3.3 and 3.6.3.5? If yes, what role did this individual play?

B. Identify other professional level and associate level staff that will be assigned to this Contract,
the percentage of the scope of services to be performed by each person assigned, their roles
and responsibilities, their participation with any of the issue rs listed on 3.6.3.1, 3.6.3.2, 3.6.3.3
and 3.6.3.5, years of experience and the relevant aspects of their background.
C. Identify any other professional level and associate level staff that you might propose to be
assigned to the project in the event that the individuals listed above are not available for assignment.

D. Provide information on how you expect to assign the services listed in Section 2.4 to the firm’s
personnel assigned to this Contract, and to any MBE firms which will be participating in this
Contract.
E. Provide resumes for the individuals listed in 3.6.3.6 A and 3.6.3.6 B above , and any
appropriate individuals listed in 3.6.3.6 C .

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 20

Substitution of Personnel
The following provisions apply to Contractor Personnel substitutions.
3.7.1 Definitions
For the purposes of this section, the following definitions apply:
A. The Contractor shall demonstrate to the Contract Monitor’s satisfaction that the proposed
substitute has qualifications at least equal to those of the Contractor Personnel proposed to
be replaced .
B. Upon request by the Contract Monitor, the Contractor shall provide a substitution request
that shall include:
1) A detailed explanation of the reason(s) for the substitution request;
2) The resume of the proposed substitute ;
3) The official resume of the current personnel; and
4) Evidence of any required credentials.

Minority Business Enterprise (MBE) Reports
If this solicitation includes an MBE Goal (see Section 4.25), the Contractor shall:
A. Submit the following reports by the 10th of each month to the Contract Monitor and the
STO’s MBE Liaison Officer:
1) A Prime Contractor Paid/Unpaid MBE Invoice Report (Attachment D-4A) listing
any unpaid invoices, over 45 days old, received from any certified MBE
subcontractor, the amount of each invoice and the reason payment has not been
made; and
2) (If Applicable) An MBE Prime Contractor Report (Attachment D-4B) identifying
an MBE prime’s self -performing work to be counted towards the MBE
participation goals.
B. Include in its agreements with its certified MBE subcontractors a requirement that those
subcontractors submit an MBE Subcontractor Paid/Unpaid Invoice Report ( Attachment D-
5) by the 10th of each month to the Contract Monitor and the Office ’s MBE Liaison Officer
that identifies the Contract and lists all payments to the MBE subcontractor received from the Contractor in the preceding reporting period month, as well as any outstanding invoices,
and the amounts of those invoices.
C. Maintain such records as are necessary to confirm compliance with its MBE participation
obligations. These records must indicate the identity of certified minority and non- minority
subcontractors employed on the Contract, type of work performed by each, and actual dollar value of work performed. Subcontract agreements documenting the work performed by all MBE participants must be retained by the Contractor and furnished to the Procurement
Officer on request.
D. Consent to provide such documentation as reasonably requested and to provide right -of-
entry at reasonable times for purposes of the State’s representatives verifying compliance
with the MBE participation obligations. Contractor must retain all records concerning MBE
participation and make them available for State inspection for thr ee years after final
completion of the Contract.
E. Upon completion of the Contract and before final payment and release of retainage, submit
a final report in affidavit form and under penalty of perjury, of all payments made to, or withheld from MBE subcontractors.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 21
4 Procurement Instructions
Pre-Proposal Conference
This procurement does not require a pre -proposal conference.
eMaryland Marketplace Advantage (eMM A)
eMMA is the electronic commerce system for the State of Maryland. The RFP , Offerors’ questions and
the Procurement Officer’s responses, addenda, and other solicitation -related information will be made
available via eMMA .
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.
Questions
4.3.1 All questions shall be identified by the Title: QUESTIONS - RFP #FA-03212024 and shall be
submitted in writing via e -mail to the Procurement Officer at: Kchewlin@treasurer.state.md.us no
later than the date and time specified on the Key Information Summary Shee t. PLEASE IDENTIFY
THE PARTICULAR RFP SECTION AND RFP PAGE NUMBER IN THE QUESTION (if
applicable).
4.3.2 Answers to all questions that are not clearly specific only to the requestor will be distributed via the
same mechanism as for RFP amendments and posted on eMMA.
Procurement Method
The Office will conduct this solicitation in accordance with the competitive sealed proposals process under COMAR 21.05.03.
Proposal Due (Closing) Date and Time
4.5.1 The Proposal s must be received by the Procurement Officer no later than the Proposal due date
and time indicated on the Key Information Summary Sheet in order to be considered.
4.5.2 Requests for extension of this date or time shall not be granted.
4.5.3 Offerors submitting Proposal s should allow sufficient delivery time to ensure timely receipt by the
Procurement Officer . Except as provided in COMAR 21.05.03.02.F and 21.05.02.10, Proposal s
received after the due date and time listed in the Key Information Summary Sheet will not be
considered.
4.5.4 Proposal s 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 Proposal s.
4.5.5 Proposal s may not be submitted by email or facsimile .
4.5.6 Proposal s will not be opened publicly.
4.5.7 Potential Offerors not responding to this solicitation are requested to submit the “Notice to
Vendors ” form, which includes company information and the reason for not responding (e.g., too
busy, cannot meet mandatory requirements) .
Multiple or Alternate Proposals
The Office will not accept multiple or alternative proposals.
Economy of Preparation
Offerors should prepare proposals simply and economically, providing a straightforward, concise
description of the Offeror’s proposal for meeting the requirements of this procurement.
Public Information Act Notice
4.8.1 The Offeror should give specific attention to the clear identification of those portions of its
Proposal 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., Genera l Provisions Article, Title 4 (See also
RFP Section 5. 3.1.B “Claim of Confidentiality ”). This information should be identified by page
and section number and placed after the Title Page and before the Table of Contents in the
Technical Proposal and if applicable, separately in the Financial Proposal .

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 22
4.8.2 Offerors are advised that, upon request for this information from a third party, the Procurement
Officer is required to make an independent determination whether the information must be
disclosed.
4.8.3 The Office may charge a fee for copies and search and preparation time, in accordance with
COMAR 25.01.04.09. The Office may require payment of such fees before releasing the requested
information.
Award Basis
A Contract shall be awarded to the responsible Offeror submitting the Proposal that has been determined
to be the most advantageous to the State, considering evaluation factors and price set forth in this RFP (see
COMAR 21.05.03.03F), for providing the goods and services as specified in this RFP. See RFP Section 6
for further award information.
Oral Presentation
In support of their proposals, Offerors may be required to make an oral presentation, or conduct a
demonstration, or both, not more than two calendar weeks after the STO has requested an Offeror to do so.
Failure to be prepared to make an oral presentatio n or conduct a demonstration within this time period may
prevent the Offeror’s proposal from receiving further consideration. All written representations will
become part of the Offeror’s proposal and are binding if the Contract is awarded to the Offeror.
Duration of Proposal
Proposal s submitted in response to this RFP are irrevocable for the latest of the following: 1 20 days
following the later of the proposal due date or the date the Procurement Officer receives final best and final
offers, if any. At the request of the Procurement Officer, the Offeror may agree in writing to extend this period.
Revisions to the RFP
4.12.1 If the RFP is revised before the due date for Proposal s, STO shall post any addenda to the RFP on
eMMA and shall endeavor to provide such addenda to all prospective Offerors that were sent this
RFP or are otherwise known by the Procurement Officer to have obtained this RFP . It remains the
responsibility of all prospective Offeror s to check eMMA for any addenda issued prior to the
submission of Proposal s.
4.12.2 Acknowledgment of the receipt of all addenda to this RFP issued before the Proposal due date
shall be included in the Transmittal Letter accompanying the Offeror’s Technical Proposal .
4.12.3 Addenda made after the due date for Proposal s will be sent only to those Offeror s that remain
under award consideration as of the issuance date of the addenda.
4.12.4 Acknowledgement of the receipt of addenda to the RFP issued after the Proposal due date shall be
in the manner spe cified in the addendum notice.
4.12.5 Failure to acknowledge receipt of an addendum does not relieve the Offeror from complying with
the terms, additions, deletions, or corrections set forth in the addendum, and may cause the
Proposal to be deemed not reasonably susceptible of being selected for award.
Cancellations
4.13.1 The State reserves the right to cancel this RFP , accept or reject any and all Proposal s, in whole or
in part, received in response to this RFP , waive or permit the cure of minor irregularities, and
conduct discussions with all qualified or potentially qualified Offerors in any manner necessary to
serve the best interests of the State.
4.13.2 The State reserves the right, in its sole discretion, to award a Contract based upon the written
Proposal s received without discussions or negotiations.
Incurred Expenses
The State will not be responsible for any costs incurred by any Offeror in preparing and submitting a
Proposal , in making an oral presentation, providing a demonstration, or performing any other activities
related to submitting a Proposal in response to this solicitation.
Protest/Disputes
Any protest or dispute related to this solicitation or the Contract award shall be subject to the provisions
of COMAR 21.10 (Administrative and Civil Remedies).

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 23

Offeror Responsibilities
All subcontractors, if applicable, shall be identified and complete description of their role relative to the
Proposal shall be included in the Offeror’s Proposal.
Acceptance of Terms and Conditions
By submitting a Proposal in response to this RFP , the Offeror, if selected for award , shall be deemed to
have accepted the terms and conditions of this RFP and the Contract, attached here to as Attachment F.
Any exceptions to this RFP or the Contract shall be clearly identified in the Executive Summary of the
Technical Proposal . All exceptions will be taken into consideration when evaluating the Offeror ’s
Proposal . The Office reserves the right to accept or reject any exceptions.
Proposal Affidavit
A Proposal submitted by the Offeror must be accompanied by a completed Bid/ Proposal Affidavit . A copy
of this Affidavit is included as Attachment B of this RFP.
Contract Affidavit
All Offeror s are advised that if a Contract is awarded as a result of this solicitation, the successful Offeror
will be required to complete a Contract Affidavit. A copy of this Affidavit is included for informational
purposes as Attachment H of this RFP. 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.
Compliance with Laws/Arrearages
By submitting a Proposal in response to this RFP , the Offeror , 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 Offeror 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.
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 West
Preston Street, Baltimore, Maryland 21201 . For registration information, visit :
https://www.egov.maryland.gov/businessexpress
It is strongly recommended that any potential Offeror complete registration prior to the Proposal due date
and time . The Offeror’s failure to complete registration with SDAT may disqualify an otherwise successful
Offeror from final consideration and recommendation for Contract award.
False Statements
Offerors are advised that Md. Code Ann., State Finance and Procurement Article, § 11-205.1 provides as
follows:
4.22.1 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.
4.22.2 A person may not aid or conspire with another person to commit an act under Section 4.22. 1.
4.22.3 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.
Payments by Electronic Funds Transfer
By submitting a Proposal in response to this solicitation, the Offeror, if selected for award:
4.23.1 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 Offeror shall register using the COT/GAD X -10 Vendor Electronic Funds (EFT)
Registration Request Form.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 24
4.23.2 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/Static_Files/G
ADX10Form20150615.pdf .
Electronic Procurements Authorized
4.24.1 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.
4.24.2 Participation in the solicitation process on a procurement contract for which electronic means has been authorized shall constitute consent by the Offeror 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 RFP , electronic records and
signatures by an authorized representative satisfy a requirement for written submission and
signatures.
4.24.3 “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, electronic funds transfer,
specific electronic bidding platforms (e.g., https://procurement.maryland.gov ), and electronic data
interchange.
4.24.4 In addition to specific electronic transactions specifically authorized in other sections of this solicitation (e.g., RFP Section 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:
A. The Procurement Officer may conduct the procurement using eMMA or e-mail to issue:
1) Release of the initial RFP and A ny amendments or requests for best and final offers ;
2) Pre-Proposal conference documents (if applicable) ;
3) Questions and responses ;
4) Communications regarding the solicitation or Proposal to any Offeror or potential
Offeror ;
5) Notices of award selection or non- selection ; and
6) The Procurement Officer’s decision on any Proposal protest or Contract claim .
B. The Offeror or potential Offeror may use eMMA or e -mail to:
1) Ask questions regarding the solicitation ;
2) Reply to any material received from the Procurement Officer by electronic means
that includes a Procurement Officer’s request or direction to reply by e -mail or
through eMMA , but only on the terms specifically approved and directed by the
Procurement Officer and;
3) Submit a "No Proposal Response" to the RFP .
C. The Procurement Officer, the Contract Monitor , and the Contractor may conduct day- to-day
Contract administration, except as outlined in Section 4.24.5 of this subsection , utilizing e-
mail or other electronic means if authorized by the Procurement Officer or Contract Monitor .
4.24.5 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 Proposal s, except through eMMA
B. Filing of 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

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 25
E. Any transaction, submission, or communication where the Procurement Officer has
specifically directed that a response from the Contractor or Offeror be provided in hard copy.
4.24.6 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 .
MBE Participation Goal
An overall MBE subcontractor participation goal has been established for this procurement and is identified
in the Key Information Summary Sheet . This goal represent s a percentage of the total Contract dollar value
for services performed by the Financial Advisor , including all renewal option terms, if any.
Notwithstanding any subgoals established for this RFP, the Contractor is encouraged to use a diverse group
of subcontractors and suppliers from any/all of the various MBE classifications to meet the remainder of the
overall MBE participation goal.
By submitting a response to this solicitation, the Offeror acknowledges the overall MBE subcontractor
participation goal and subgoals and commits to achieving the overall goal and subgoals by utilizing certified
minority business enterprises or requests a full or partial waiver of the overall goal and subgoals.
If the Offeror fails to submit a completed Attachment D -1A with the Proposal as required, the
Procurement Officer shall determine that the Proposal is not reasonably susceptible of being
selected for award, unless the inaccuracy is determined to be the res ult of a minor irregularity
that is waived or cured in accordance with COMAR 21.06.02.04.
4.25.1 Offerors are responsible for verifying that each MBE (including any MBE prime and MBE prime
participating in a joint venture) selected to meet the goal and any subgoals and subsequently
identified in Attachment D -1A is appropriately certified and has the correct NAICS codes allowing
it to perform the committed work.
4.25.2 Within ten (10) Business Days from notification that it is the recommended awardee or from the
date of the actual award, whichever is earlier, the Offeror must provide the following
documentation to the Procurement Officer.
A. Outreach Efforts Compliance Statement ( Attachment D -2);
B. MBE Subcontractor/Prime Project Participation Certification ( Attachment D -3A/3B ); and
C. Any other documentation required by the Procurement Officer to ascertain Offeror
responsibility in connection with the certified MBE subcontractor participation goal or any
applicable subgoals.
D. Further, if the recommended awardee believes a waiver (in whole or in part) of the overall
MBE goal or of any applicable subgoal is necessary, the recommended awardee must
submit a fully documented waiver request that complies with COMAR 21.11.03.11.
4.25.3 A current directory of certified MBEs is available through the Maryland State Department of
Transportation (MDOT), Office of Minority Business Enterprise, 7201 Corporate Center Drive,
Hanover, Maryland 21076. The phone numbers are (410) 865- 1269, 1- 800-544-6056, or TTY
(410) 865- 1342. The directory is also available on the MDOT website at
http://mbe.mdot.maryland.gov/directory/. The most current and up- to-date information on MBEs
is available via this website. Only MDOT -certified MBEs may be used to meet the MBE
subcontracting goals.
4.25.4 The Offeror that requested or implied to request a waiver of the goal or any of the applicable
subgoals will be responsible for submitting the Good Faith Efforts Documentation to Support
Waiver Request (Attachment D -1C) and all documentation within ten (10) Business Days from
notification that it is the recommended awardee or from the date of the actual award, whichever is
earlier, as required in COMAR 21.11.03.11.
4.25.5 All documents, including the MBE Utilization and Fair Solicitation Affidavit & MBE Participation
Schedule (Attachment D-1A), completed and submitted by the Offeror in connection with its
certified MBE participation commitment shall be considered a part of the Contract and are hereby
expressly incorporated into the Contract by reference thereto. All of the referenced docume nts will
be considered a part of the Proposal for order of precedence purposes.
4.25.6 The Offeror is advised that liquidated damages will apply in the event the Contractor fails to
comply in good faith with the requirements of the MBE program and pertinent Contract provisions.
(See Contract – Attachment F , Liquidated Damages for MBE, S ection 3 2.

Financial Advisor Services
RFP #FA – 03212024
RFP Document

RFP for Maryland State Treasurer’s Office Page 26

Living Wage Requirements
Maryland law requires that contractors meeting certain conditions pay a living wage to covered employees
on State service contracts over $100,000. Maryland Code Ann., State Finance and Procurement Article § 18 -
101 et al. The Commissioner of Labor and Industry at the Maryland Department of Labor requires that a
contractor subject to the Living Wage law submit payroll records for covered employees and a signed
statement indicating that it paid a living wage to covered employees; or received a waiver from Liv ing Wage
reporting requirements. See COMAR 21.11.10.05.
If subject to the Living Wage law, Contractor agrees that it will abide by all Living Wage law requirements, including but not limited to reporting requirements in COMAE 21.11.10.05. Contractor understands that
failure of Contractor to provide such documen ts is a material breach of the terms and conditions and may
result in Contract termination, disqualification by the State from participating in State contracts, and other
sanctions. Information pertaining to reporting obligations may be found by going to t he Maryland
Department of Labor website at http://www.dllr.state.md.us/labor/prev/livingwage.shtml
Additional information regarding the State’s living wage requirement is contained in Attachment C.
Offerors must complete and submit the Maryland Living Wage Requirements Affidavit of Agreement (Attachment C-1) with their Proposals. If the Offeror fails to complete and submit the required
documentation, the State may determine the Offeror to not be responsible under State law.
Contractors and subcontractors subject to the Living Wage Law shall pay each covered employee at least the
minimum amount set by law for the applicable Tier area. The specific living wage rate is determined by
whether a majority of services take place in a Tier 1 Area or a Tier 2 Area of the State.
1) The Tier 1 Area includes Montgomery, Prince George’s, Howard, Anne Arundel and
Baltimore Counties, and Baltimore City. The Tier 2 Area includes any county in the State
not included in the Tier 1 Area. In the event that the employees who perform the service s are
not located in the State, the head of the unit responsible for a St ate Contract pursuant to § 18-
102(d) of the State Finance and Procurement Article shall assign the tier based upon where
the recipients of the services are located. If the Contractor provides more than 50% of the
services from an out -of-state location, the State agency determines the wage tier based on
where the majority of the service recipients are located (see COMAR 21.11.10.07). In this
circumstance, the Contract will be determined to be a Tier 1 Contract.
2) The Contract will be determined to be a Tier 1 Contract or a Tier 2 Contract depending on
the location(s) from which the Contractor provides 50% or more of the services. The Offeror
must identify in its Proposal the location(s) from which services will be provided, including
the location(s) from which 50% or more of the Contract services will be provided.
3) If the Contractor provides 50% or more of the services from a location(s) in a Tier 1
jurisdiction(s) the Contract will be a Tier 1 Contract.
4) If the Contractor provides 50% or more of the services from a location(s) in a Tier 2
jurisdiction(s), the Contract will be a Tier 2 Contract.
NOTE: Whereas the Living Wage may change annually, the Contract price will not change because
of a Living Wage change or a change in the State minimum wage.
Conflict of Interest Affidavit and Disclosure
4.27.1 The Offeror shall complete and sign the Conflict -of-Interest Affidavit and Disclosure
(Attachment E ) and submit it with its Proposal .
4.27.2 By submitting a Conflict -of-Interest Affidavit and Disclosure, the Contractor shall be construed as
certifying all Contractor Personnel and subcontractors are also without a conflict of interest as
defined in COMAR 21.05.08.08A.
4.27.3 Additionally, a Contractor has an ongoing obligation to ensure that all Contractor Personnel are
without conflicts of interest prior to providing services under Contr act. For policies and procedures
applying specifically to Conflict of Interests, the Contract is governed by COMAR 21.05.08.08.
Participation in Drafting of Specifications: Disqualifying Event: Offerors are advised that Md.
Code Ann. State Finance and Procurement Article §13- 212.1(a) provides generally that “an
individual who assists an executive unit in the drafting of specifications, an invitation for bids, a
request for proposals for a procurement, or the selection or award made in response to an invitation
for bids or a request for proposals, or a per son that employs the individual, may not: (1) submit a
bid or proposal for that procurement; or (2) assist or represent another person, directly or indirectly,
who is submitting a bid or proposal for that procurement.” Any Offeror submitting a Proposal in
violation of this provision shall be classified as “not responsible.” See COMAR 21.05.03.03.