MUNICIPALITY OF NORRISTOWN. Bond Counsel Legal Services

Transcription

1 MUNICIPAL COUNCIL Snya D. Sanders President Derrick D. Perry, Vice President Heather Lewis, District 2 Valerie Sctt Cper, District 3 Hakim Jnes, District 4 Olivia Brady, At Large Suanne Gardiner, At Large Crandall O. Jnes Municipal Administratr MUNICIPALITY OF NORRISTOWN REQUEST FOR PROPOSALS: PROPOSAL INFORMATION Submittal Deadline: 3:00 p.m. n Friday, December 2, 2016 Submit Prpsals t: Office f the Municipal Administratr Municipality f Nrristwn 235 E. Airy St Nrristwn, PA Cntact fr Questins: Chenra Burkett Directr f Finance cburkett@nrristwn.rg

2 REQUEST FOR PROPOSALS: The Municipality f Nrristwn will accept sealed prpsals fr until 3:00 p.m. n Friday, December 2, 2016, at Municipal Hall, 235 E. Airy St, Nrristwn, PA All prpsals shall be in accrdance with the Request fr Prpsal ( RFP ) specificatins which are available and can be picked up at the Office f the Municipal Administratr, 1 st Flr, Municipal Hall, and 235 E. Airy St, Nrristwn, PA Fr a cpy f the RFP, please inf@nrristwn.rg r call Sealed envelpes cntaining the prpsals shuld be identified: The envelpes shuld be delivered via hand-delivery service r vernight mail delivery service t the Office f the Administratr, at the address listed abve, s as t arrive by the date and time specified abve. The Municipality f Nrristwn will require three (3) print cpies and ne (1) electrnic cpy f the prpsal. Additinally, prpsals received by the received by the submissin date and time via will als be accepted. If yu have any questins regarding the cntents f this RFP, please cntact Chenra Burkett, Directr f Finance, as nted in the Request fr Prpsal. Crandall O. Jnes, ICMA-CM Municipal Administratr

3 REQUEST FOR PROPOSALS: TABLE OF CONTENTS I. GENERAL INFORMATION...4 A. BACKGROUND B. RFP SCHEDULE C. QUESTIONS D. ADDENDA II. PURPOSE A. BOND COUNSEL LEGAL SERVICES III. SCOPE OF SERVICES... 5 A. REQUIREMENTS Bnd Cunsel Tax Cunsel Disclsure and Securities Law Cunsel Prgram Cunsel IRS Cmpliance Prgram IV. PROPOSAL ELEMENTS... 7 A. GENERAL REQUIREMENTS B. MINIMUM QUALIFICATIONS C. FORMAT OF TECHNICAL PROPOSAL V. SELECTION VI. CONTRACT TERM

4 I. GENERAL INFORMATION The Municipality f Nrristwn is seeking Firms experienced in the field f municipal finance t submit prpsals utlining in detail their ability t serve as bnd, disclsure, and tax cunsel t the Municipality. A. BACKGROUND The Municipality f Nrristwn is lcated in Mntgmery Cunty, Pennsylvania and is the Cunty Seat f Mntgmery Cunty. The Municipality was incrprated in 1812 and is a Hme Rule Municipality perating under a Municipal Cuncil/Municipal Manager frm f gvernment. The Municipality has a ppulatin f apprximately 35,000 citizens. Administrative services, plice, fire, and public wrks are lcated at Municipal Hall. Fur (4) vlunteer fire huses and ur recreatin ffice are lcated ffsite. Fr mre infrmatin abut the Municipality, please visit B. RFP SCHEDULE (subject t change) This Request fr Prpsal will accmmdate the fllwing tentative schedule: DATE Nvember 22, 2016 December 2, 2016 December 2, 2016 December 5-9, 2016 December 12-16, 2016 December 20, 2016 EVENT RFP Issued and Advertised Submissin Deadline (3:00 p.m.) Prpsal Opening (3:30 p.m.) Review & Evaluatin f Submissins Oral presentatins will be scheduled as required. Prpsal Award by Municipal Cuncil C. QUESTIONS - Any questins regarding this Request fr Prpsal shuld be directed t the Nrristwn Finance Department in writing (preferably ) t: Chenra Burkett, Finance Directr Municipality f Nrristwn 235 East Airy Street Nrristwn, PA cburkett@nrristwn.rg All questins must be received by 2:00 p.m. n Nvember 29, Inquiries received after 2:00 p.m. will nt receive respnses. N respnses will be prvided t telephne inquiries. D. ADDENDA - T ensure cnsistent interpretatin f certain items, answers t questins the Municipality deems t be in the interest f all will be made available t all ther Respndents. Respnses t questins will nt be issued in the frm f an Addendum t the Request fr Prpsal. The Municipality f Nrristwn may, at ur discretin and withut explanatin t the prspective cnsultant(s), at any time chse t discntinue this RFP withut bligatin t such prspective cnsultant(s). 4

5 II. PURPOSE The Municipality f Nrristwn (hereinafter referred t as the Municipality ) issuing a Request fr Prpsal ( RFP ) frm qualified cmpanies t serve as bnd, disclsure, and tax cunsel t the Municipality. A. BOND COUNSEL LEGAL SERVICES The Municipality is seeking t retain the services f bnd cunsel t advise it in cnnectin with its general bligatin bnd financings and related prjects. Issuance may include a full range f available financing techniques, including the fllwing: Instruments which may be sld in the taxable bnd markets, the tax-exempt bnd markets, r the cmmercial paper markets; Instruments which may be secured by letters f credit, pledges f varius surces f revenue, bnd insurance, r ther credit enhancement; Equipment financing; and Other instruments fr which markets may develp during the term f the Cntract. Firms awarded a Cntract under this RFP will wrk clsely with the staff members f the Municipality, the Municipal Slicitr s Office, the Directr f Finance, the bnd underwriting teams and their cunsel, and ther parties necessary t issue and sell the bnds, including bnd rating agencies, trustees, and financial institutins. III. SCOPE OF SERVICES A. REQUIREMENTS 1) Bnd Cunsel. The Firm awarded this RFP will serve, at the directin f the Municipal Administratr r identified designee, as Bnd Cunsel fr the Municipality with respect t the issuance f general bligatin bnds issued by the Municipality. This includes the fllwing: a) Advising n develping and structuring bnd issuances and financial transactins, including, withut limitatin the tax aspects theref; b) Advising n new and imprved frms f financing fr the Municipality s prgrams r prjects, including any refinancings r restructurings; c) Advising n negtiated and cmpetitive sales f securities and dealings with underwriters, including negtiating bnd purchase agreements with underwriters; d) Drafting, r participating in the drafting f, the Municipality s Brrwing Ordinance, fficial statements, trust indentures, lan agreements, and ther dcuments required fr and relating t the issuance f bnds; e) Advising n and analyzing the Municipality Cde, ther relevant federal, State, r municipal law, and any prpsed federal, State r lcal legislatin r regulatins; 5

6 f) Rendering pinins cncerning the validity f the Municipality s bnds and, if applicable, the tax-exempt status f such bnds (which may include equipment financings) frm federal, State, and lcal taxes, and ther related matters; and g) Rendering supplemental pinins as the Municipality may require, including due diligence and the exemptin f bnds frm certain securities laws. Firms awarded a Cntract will nt be respnsible fr advice with respect t any bnd issues which are in prgress unless the awarded Firm was invlved with that particular bnd issuance, and at the request f the Municipality. All legal services are t be prvided nly at the request f the Municipal Administratr, Municipal Directr f Finance, the Municipal Slicitr, r their respective designees. Cntractrs are nt authrized generally t enter int discussins directly with the Municipality s persnnel r its custmers, clients, r ther advisrs. 2) Tax Cunsel. The Cntractr will advise the Municipality and its cunsel n all aspects f Federal and State tax law with respect t bth issuance f bnds (including equipment financings) and management f the Municipality s utstanding debt. This includes: (1) rendering pinins described in the previus sectin f this RFP, (2) prviding current and expert advice n the applicatin f Federal and State tax law t the Municipality s debt, prgrams, and prjects, and (3) prviding current and expert advice with respect t laws relating t arbitrage and arbitrage rebate. Advice is required at the time f issuance and als peridically between issuances with respect t prtfli management. 3) Disclsure and Securities Law Cunsel. The Cntractr will advise the Municipality n the applicatin f federal and State securities laws t bnd issuance, prtfli management, and secndary market disclsure. This will include: (1) issuance f pinins cncerning exemptin f the Municipality s securities frm registratin with the United States Securities and Exchange Cmmissin and with State securities regulatrs, (2) nging advice cncerning timing and adequacy f disclsure, and (3) advice with respect t exemptin frm registratin f trust indentures. This als will include advice cncerning the Municipality s disclsure practices. 4) Prgram Cunsel. The Cntractr will advise the Municipality with respect t its prgrams r prjects, including: (1) general advice regarding prgram r prject structuring and administratin, (2) drafting f and advice with respect t Municipality Ordinance r prject dcuments, (3) advice cncerning the Municipality Cde and ther laws f the State. As requested frm time t time, the Cntractr will prvide advice and assistance with issues relating t peratin f Municipality s prjects, and cnduct lan clsings r similar prgram transactins. 5) IRS Cmpliance Prgram. As requested, the Cntractr will (1) prvide advice t the Municipality in cnnectin with any audits by r requests fr infrmatin frm the Internal Revenue Service (the IRS ), including actins pursuant t the Tax-Exempt Bnd IRS Enfrcement Prgram, and (2) represent the Municipality in any negtiatins with the IRS r any prceedings cntesting cmpliance by the Municipality with federal tax law r regulatins. 6

7 IV. PROPOSAL ELEMENTS A. GENERAL REQUIREMENTS 1) Prpsal Submissin Three (3) print and ne (1) electrnic cpy f the Prpsal shall be received in a sealed envelpe and must be prminently marked n the utside PROPOSAL BOND COUNSEL LEGAL SERVICES Sealed prpsals must be submitted n later than 3:00 pm n Friday, December, 2, 2016 t: Office f the Municipal Administratr Municipality f Nrristwn 235 E. Airy Street Nrristwn, PA Prpsals can be mailed r hand delivered. Additinally, ed prpsals will be accepted. Late prpsals will nt be accepted. 2) Preparatin cst The Municipality will nt be respnsible fr any csts assciated with the preparatin, submissin r presentatin f any prpsal. 3) Minrity Prpser The Municipality f Nrristwn encurages all qualified businesses including minrity-wned and wmen-wned business t respnd t all Invitatins t Requests fr Prpsals. 4) All submitted prpsals will be the prperty f the Municipality f Nrristwn. 5) Open Recrds Law/Public Infrmatin Under the Pennsylvania Right-t-Knw (the Law ), 65 P.S., , eq. seq., as amended, and ther applicable laws, a recrd in the psitin f the Municipality is presumed t be a public recrd subject t disclsure t any legal resident f the United States upn request, unless prtected by a statutry exceptin. 6) This RFP shall nt, withut the Municipality s prir written cnsent, be disclsed t any Prpser, in any manner whatsever, in whle r in part, r used fr any purpse ther than the submissin f Prpsals t the Municipality. B. MINIMUM QUALIFICATIONS 1) Prir Experience: All prpsing Firms must: a) Include at least ne principal wh is listed as bnd cunsel in the mst recent editin f the Red Bk; and b) Have acted as bnd cunsel r c-bnd cunsel in at least fur (4) issuances f tax-exempt general bligatin bnds within the past five years, including tw public issues f tax-exempt general bligatin bnds. (Each Firm s Prpsal shall identify each bnd issue, shall state with respect t each whether there was any credit enhancement invlved, and shall briefly describe its rle in each issue in the technical prpsal; see Sectin C-4) 7

8 2) Admissin t Practice and Principal Office. At least ne principal f the prpsers must be admitted t practice law befre the Supreme Curt f Pennsylvania. Prpsers must have a principal place f business within the State f Pennsylvania. 3) Prpser s Capacity. The Prpser must demnstrate the capability t perfrm the ptential vlume and type f services described in Sectin 2, Scpe f Services. The Prpser must demnstrate its familiarity with the activities f general bligatin bnd issuers in general and the Municipality in particular. The Prpser must be available at all times t render services required under the Cntract fr all the areas in which the Prpser prpses t prvide services. T be eligible t serve as Bnd Cunsel, the Prpser must pssess the capacity t prepare trust indentures and ther dcuments related t bnd issuance accurately and efficiently. 4) Admissin t Practice and Principal Office. At least ne principal f the Prpser must be admitted t practice law befre the Supreme Curt f Pennsylvania. Prpsers must have a principal place f business within the State f Pennsylvania. C. FORMAT OF TECHNICAL PROPOSAL 1) Title Page shwing the RFP subject; the Firm s name and tax identificatin number, als include the State f incrpratin (if incrprated); the name, address, telephne number and address f the Firm s primary cntact persn fr this RFP; and the date f the prpsal. 2) Table f Cntents identifying matters submitted by sectin and page number. 3) A statement that the Prpser has n relatinship with any elected fficial f the Municipality, appinted fficial r any member f Municipal staff that wuld create a cnflict f interest. 4) Detailed prpsal rganized in the rder set frth belw: a) Executive Summary: This sectin will present a high-level synpsis f the Prpser s respnses t the RFP. The Executive Summary shuld be a brief verview f the engagement and shuld identify the main features and benefits f the wrk prpsed. b) Qualificatins: The Firm must demnstrate that it meets the minimum qualificatins set frth in this RFP: Red Bk. The fllwing Attrney(s) n the Firm s bnd team are listed in the Red Bk: [please prvide a list f all applicable names]. Admitted in Pennsylvania. The fllwing principal(s) f the Firm are admitted t practice law in Pennsylvania: [please prvide a list f all applicable names]. General Public Finance Experience: Prvide a detailed descriptin f the Firm s experience in the field f municipal finance during the last five years, with emphasis n general bligatin bnds. The Firm must include the fllwing infrmatin: 8

9 Apprximate number f bnd issues in which the Firm has participated (select nt mre than 20 bnd issues that best demnstrate yur Firm s capabilities and submit in a chart/tabular frm); and The type f bnd (e.g. tax-exempt bnds r taxable bnds, including general bligatin bnds, certificates f participatin and cmmercial paper prgrams) fr each issuance; The name f the issuer, date f issue, size f each issue, and whether the bnd was private placement r public issue; The range f respnsibilities, including the drafting f dcuments and participatin as bnd cunsel (including whether the participatin was as sle bnd cunsel r as c-bnd cunsel) r special tax cunsel r bth. Creative Slutins. The Firm must prvide at least ne but nt mre than fur examples f creative r innvative techniques r slutins t legal r financing prblems develped r put frth by the Firm in cnnectin with a general bligatin bnd financing, and a brief descriptin f the Firm s invlvement. Cnsistency f Advice. Describe the methd the Firm wuld implement t ensure cnsistency f tax advice prvided t the Municipality. Dcument Prductin Capacity and Experience. Describe the Firm s experience with and capacity t create, edit, and transmit cmplex dcuments (including transactinal and disclsure dcuments) accurately and efficiently. Include a descriptin f the Firm s capacity t create charts and tables and t frmat and prduce camera- ready disclsure dcuments. Include infrmatin abut the Firm s staff and technical capacity, the Firm s capacity t receive and transmit dcuments electrnically, and the Firm s hardware and sftware resurces. Describe hw the Firm wuld address issues f cmpatibility with sftware emplyed by the Municipality. Disclsure Experience. Describe the nature and depth f the Firm s experience with federal and State securities laws. Include infrmatin abut bth primary and secndary market disclsure. Tax Experience. Describe the nature and depth f the Firm s experience with tax law, particularly related t tax-exempt financing. Pennsylvania Public Finance Experience. List all State agencies and plitical subdivisins f Pennsylvania fr which the Firm has served as bnd cunsel r as ther cunsel during the last five years and identify in what capacity. T the extent nt cvered in answers t ther parts f this RFP, prvide, in an Infrmatin Chart, a descriptin f nt mre than ten bnd issues by plitical subdivisins f Pennsylvania in which the Firm has participated in the last five years. 9

10 Related Legal Experience. Prvide a brief descriptin f the Firm s experience in areas f the law related t public finance and the Municipality s prgrams; Firms may attach brief resumes f the Attrneys wh wrk in the areas described in the sectins abve, but nly if they will be available t cnsult with and give advice t the Municipality during the term f the Cntract. Designatin f Lead Attrney. Prvide the name f the lead attrney and any ther attrneys that will be assigned t the Municipality, in additin t relevant experience f the attrney (s) ver the last five years. 5) Cnflicts f Interest a) If a cnflict f interest arises, the Firm must be willing t cntinue t represent the Municipality and be in a psitin t infrm ther existing r ptential clients that they must find representatin elsewhere in particular situatins. The Municipality reserves the right, in its sle discretin, t select anther cntractr r law Firm t represent it in a particular matter if a cnflict is nt reslved t the satisfactin f the Municipality. b) Cnflicts may arise nt nly frm Attrneys named n the Cntract but als frm representatin f parties t transactins invlving the Municipality by any ther member f the Firm, regardless f whether that Attrney is in the same ffice r a branch ffice. Fr purpses f determining whether r nt there is a cnflict, the Firm is understd t have a cnflict if, fr example: any Attrney in the Firm represents ther ptential issuers ff such bnds; any Attrney in the Firm represents a party suing r being sued by the Municipality; c) Cnflict Check System. The Firm shall describe in detail its existing system fr identifying cnflicts f interest in undertaking new representatin. The descriptin shuld include infrmatin abut wh maintains the central recrds, hw ften infrmatin is updated, and at what stage f representatin the check is made. The Firm shall prvide a cpy f its written cnflicts plicy r explain in detail why there is n written plicy. The Firm shall indicate whether r nt it has discussed cnflict f interest issues with its malpractice insurance carrier and the date it was dne, whether rally r in writing, and with whm in the Firm. d) Ptential Cnflicts. Prir t entering int a Cntract, the Cntractr shall prvide assurances that ptential cnflicts have been discussed with ther existing clients f the Cntractr wh might be requested t engage ther cunsel fr a specific transactin, and that thse existing clients are amenable t such an incnvenience. e) Reslving Cnflicts. The Firm shall identify any cnflicts f interest which may arise if the Firm serves as the Municipality s cunsel and shall describe hw it prpses t avid such cnflicts. The Cntract will require the Cntractr t ntify the Municipality immediately f any ptential cnflicts f interest and t undertake immediate actin t eliminate the surce f the ptential cnflict. The Municipality and staff f the Municipality reserve the right t make the Cntractr aware f situatins which may present a cnflict f interest and require the Cntractr t prmptly remedy the situatin t the satisfactin f the Municipality. 10

11 6) Appendix-References: Prvide three (3) current client references fr the lead attrney fr which the attrney has perfrmed similar wrk. At least ne (1) f the three shuld be a lcal gvernment agency with a respnsibility fr public safety, if yu have any such clients. The lcal gvernment shuld be lcated in Pennsylvania. 7) Appendix-Staffing: Include fr each bnd cunsel team member: a) Name and title (e.g. partner, assciate, legal assistant); b) The persn s area f expertise and the areas in which the persn wuld be prviding services under the Cntract; c) The number f years with the Firm and f experience in each area f law; d) The extent t which the persn participated in any f the Firm s bnd issuances; e) The curts in which the persn is admitted t practice, and the year f admissin; f) The lcatin f the principal place r places f business; and g) The persn s availability during the term f the Cntract. h) The planned divisin f respnsibilities amng the members f the team, including para-prfessinals, and an apprximate percentage f the time each team member is expected t devte t perfrming services under the Cntract. 8) Appendix-Cmpany Overview: Prvide the fllwing fr yur rganizatin: a) Official registered name (Crprate, D.B.A, Partnership, etc.) Dun and Bradstreet number, address, main telephne number, tll free number, facsimile number and website address. b) Key cntact name, title, address (if different frm abve) direct phne number and address. c) Persn authrized t cntractually bind the rganizatin fr any prpsal against this RFP. d) Brief histry, including year established and number f years yur cmpany has been ffering managed services, applicatin supprt and prject management. e) Disclsures f any actual r ptential cnflicts f interest and pending lawsuits. 9) Appendix-Opinin and Writing Sample: Prvide a sample bnd cunsel pinin and a cpy f ne fficial statement (r part theref) r ther dcument fr which the Firm had substantial respnsibility in cnnectin with its participatin as bnd cunsel, underwriter s cunsel, r cunsel t anther party in a general bligatin bnd financing. In additin, the Firm shall include a statement explaining the Firm s rle in creating the dcument, why the dcument is submitted, and why it reflects ntewrthy wrk n issues relevant t the services being slicited. 11

12 10) The sealed cst prpsal shall cntain detailed pricing infrmatin relative t the wrk as described fr each sectin f the RFP. The sealed cst prpsal shall cntain an all-inclusive price with direct and indirect csts, ut f pcket expenses and telephne supprt. a) Prpsed Fees. The fee prpsal must state whether the firm wuld expect t receive the prpsed fee r any part f the prpsed fee, r t be reimbursed fr csts incurred, in the event bnds are nt issued. Preference will be given fr prpsed fees based upn a set fee, a fee schedule based upn the dllar amunt f bnds issued, hurly rates (and number f hurs) with a ceiling r sme ther methd by which the issuer will be able t ascertain at the utset f a bnd issue what the legal fees fr bnd cunsel will be. In preparing its fee prpsal, the firm shuld assume the fllwing: In recent years, the Municipality s preferred methd f selling bnds has been thrugh cmpetitive bid. Hwever, it s pssible a negtiated sale culd be cnsidered if deemed advantageus t the Municipality. The fllwing is a list f the Municipality s utstanding General Obligatin Bnd Issues (Original Issue Amunts). All issues were cmpetitive sales: 1998 $5,105,000 Taxable Series 1998 $4,772,699 Series A 2004 $4,040,000 Series AA 2004 $8,545,000 Taxable Series 2006 $3,570,753 Series-SL Prjects 2006 $1,411,000 Series-Capital b) Financings t be cnsidered by the Municipality. It is anticipated that the Municipality will issue apprximately $10 millin (r mre, hwever, the gal f the Municipality is t issue Bank-Qualified debt) f a general bligatin bnd issue r bank lan in The purpse f the issue will be t finance capital prjects f the Municipality; purchase land with the intentin f wrking with the Mntgmery Cunty Redevelpment Authrity t cnvey fr private develpment; and pay fr the cst f issuance. The Municipality is als cnsidering a refinance f the Taxable General Obligatin Bnds, Series f 2004, which are currently callable. The refinance might tax place at the same time as the capital prjects financing r culd be issued separately. The Municipality will als cnsider the use f either bnds r a bank lan t finance this transactin as well. Given these assumptins, please indicate what yur firm s fees wuld be in 2017, fr general bligatin bnd issues in $5 millin increments frm $10 millin t $30 millin fr bth a new mney bnd issue and refunding bnd issue (separate pricing structure fr each type f bnd issue). In additin t perfrming the functins usually assciated with bnd cunsel, bnd cunsel will prvide the Municipality Cuncil and Management nging legal advice n matters related t the Municipality s utstanding bnds. It is anticipated that the Municipality will pay all cmpensatin as a cst f issuance. 12

13 V. SELECTION PROCESS A. SELECTION DATE Selectin f the Firm(s) t prvide Managed service and cnduct the Prject will be based n timely written prpsals. Oral interviews may be cnducted by telephne and in persn t assist the Municipality in the selectin prcess. It is anticipated that the selectin will be made n r befre the end f December 2016 and the cmmencement f the cntract(s) anticipated by the end f December B. EVALUATION CRITERIA 1) Any award t be made pursuant t this RFP will be based upn the prpsal, with apprpriate cnsideratin given t peratinal, technical, cst and management requirements. Evaluatin f ffers will be based upn the Vendrs respnsiveness t the RFP, ability f the vendr t meet the needs f the Municipality f Nrristwn and the ttal price quted fr the items cvered in the RFP. 2) The fllwing elements will be the primary cnsideratin in evaluating all submitted prpsals in the selectin f a cnsultant(s): Clarity and cmpleteness f the prpsal and the apparent understanding f the wrk t be perfrmed; General qualificatins, experience and expertise f the Prpser; Sundness f the methds and apprach t the wrk; Infrmatin derived frm reference checks and review f ther dcuments cmpleted by the Prpser; and Overall cst f the Firm s prpsal. Experience f the attrney(s) wh will be wrking with the Municipality. C. RESERVATIONS REGARDING SELECTION The Municipality reserves the right t d any r all f the fllwing: 1) Cnduct interviews with sme r all f the Respndents. 2) Reject any r all Prpsals. 3) Waive any infrmality r irregularity in a Prpsal. 4) Hld all Prpsals fr a perid f ninety (90) days after the date fixed fr the pening theref. 13

14 5) Enter int gd faith negtiatins with the Respndents t mdify service r prject descriptins t a greater r lesser magnitude than described in this RFP r any Prpsal. 6) Accept the Prpsal that the Municipality deems at its sle discretin, t be the mst favrable in the best interest f the Municipality. 7) Enter int gd faith negtiatins with the selected Respndents regarding the pricing set frth in the Prpsal prir t entering int an agreement. If the agreement s negtiatins cannt be cncluded successfully with the first selected Respndent, the Municipality may negtiate an Agreement with the secnd selected Respndent. 8) Re-advertise this RFP fr new Prpsals as may be deemed necessary at the sle discretin f the Municipality. VI. CONTRACT TERM 1) The term f this cntract shall be effective when executed by the Municipality and cntinue fr three (3) years r upn cmpletin f all wrk authrized n r befre the expiratin date, unless sner terminated in accrdance with the Agreement. The Municipality reserves the right t renew this agreement fr up t ne (1) additinal three (3) year term. The Municipality will autmatically renew this agreement n each ptin year unless ntice is given t the Prvider that the cntract is nt renewed. 2) If price adjustments are requested pursuant t the terms f the cntract, the prvider must ntify the Municipality Chief Financial Officer ninety (90) days prir t the current terms expiratin date. 3) The prvider must maintain the insurance cverage required by the Municipality while this cntract is in frce, including autmatic renewal terms, and shall prvide dcumentatin f such insurance in a frm satisfactry t the Municipality when required. 4) Start-Up. The Prvider shall familiarize itself with the Municipality, the relevant statutes, and the activities f the Municipality, as apprpriate, befre cmmencement f the Cntract, at n cst t the Municipality. 14