Loading...
HomeMy WebLinkAbout163-25 RESOLUTION Page 1 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 163-25 File Number: 2025-1120 A RESOLUTION TO APPROVE A FIVE-YEAR CONTRACT WITH STEPHENS, INC. PURSUANT TO RFQ 25-05 FOR BOND UNDERWRITING AND RELATED SERVICES WHEREAS, the City issues bonds to provide funding for City Council approved projects and, due to the complexity and nature of bond issues, the City has a need to acquire third party bond underwriting services in connection with the bond issuance process; and WHEREAS, Stephens, Inc. has provided excellent bond underwriting and related services for various bonds issued by the City of Fayetteville for the last several years; and WHEREAS, a City selection committee reviewed applications and interviewed potential bond underwriting firms prior to selecting Stephens, Inc. as bond underwriter subject to City Council approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the selection of Stephens, Inc. as the City’s Bond Underwriter pursuant to RFQ 25-05 and authorizes Mayor Rawn to sign a five-year contract with Stephens, Inc. to serve as the City’s Bond Underwriter. PASSED and APPROVED on July 15, 2025 Approved: _______________________________ Molly Rawn, Mayor Attest: _______________________________ Kara Paxton, City Clerk Treasurer Mailing address: 113 W. Mountain Street Fayetteville, AR 72701 www.fayetteville-ar.gov CITY COUNCIL MEMO 2025-1120 MEETING OF JULY 15, 2025 TO: Mayor Rawn and City Council THRU: Steven Dotson, Chief Financial Officer FROM: Amanda Beilfuss, Procurement Director SUBJECT: Approval of a Contract for Bond Underwriting Services RECOMMENDATION: Staff recommends approval of a five-year contract with Stephens, Inc., through RFP 25-05, to provide bond underwriting services for the City during the bond issuance process. BACKGROUND: The City issues bonds to provide funding for City Council approved projects. Due to the complexity and nature of bond issues, the City has a need to acquire third party bond underwriting services in connection with the bond issuance process. DISCUSSION: The City advertised RFP 25-05, Bond Underwriter, on March 23, 2025. A total of five (5) firms responded. After meeting on May 8, 2025, the selection committee voted Stephens, Inc. as the top-ranking firm according to the selection criteria presented in the request for proposals. The City entered into contract negotiations with Stephens, Inc. and presents the contract for consideration. BUDGET/STAFF IMPACT: The cost of bond underwriting services is payable from the proceeds of the successful sale of the City’s bonds. ATTACHMENTS: 3. Staff Review Form, 4. RFP 25-05, Contract - Signed, 5. RFP 25-05, Appendix A - City Issued RFP, 6. RFP 25-05, Appendix B - Stephens Proposal Page 1 City of Fayetteville, Arkansas Legislation Text 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 File #: 2025-1120 A RESOLUTION TO APPROVE A FIVE-YEAR CONTRACT WITH STEPHENS, INC. PURSUANT TO RFQ 25-05 FOR BOND UNDERWRITING AND RELATED SERVICES WHEREAS, the City issues bonds to provide funding for City Council approved projects and, due to the complexity and nature of bond issues, the City has a need to acquire third party bond underwriting services in connection with the bond issuance process; and WHEREAS, Stephens, Inc. has provided excellent bond underwriting and related services for various bonds issued by the City of Fayetteville for the last several years; and WHEREAS, a City selection committee reviewed applications and interviewed potential bond underwriting firms prior to selecting Stephens, Inc. as bond underwriter subject to City Council approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the selection of Stephens, Inc. as the City’s Bond Underwriter pursuant to RFQ 25-05 and authorizes Mayor Rawn to sign a five-year contract with Stephens, Inc. to serve as the City’s Bond Underwriter. City of Fayetteville Staff Review Form 2025-1120 Item ID 7/15/2025 City Council Meeting Date - Agenda Item Only N/A for Non-Agenda Item Amanda Beilfuss 6/26/2025 PURCHASING (160) Submitted By Submitted Date Division / Department Action Recommendation: Approval of a five-year contract with Stephens, Inc., through RFP 25-05, to provide bond underwriting services as needed for the City during the bond issuance process. Budget Impact: Account Number Fund Project Number Project Title Budgeted Item?No Total Amended Budget $- Expenses (Actual+Encum)$- Available Budget $- Does item have a direct cost?No Item Cost $- Is a Budget Adjustment attached?No Budget Adjustment $- Remaining Budget $- V20221130 Purchase Order Number:Previous Ordinance or Resolution #238-18 Change Order Number:Approval Date: Original Contract Number: Comments: CITY OF CONTRACT FOR BOND UNDERWRITER SERVICES is FAY ETTEVILLE Reference: RFP 25-05 tip ARKANSAS Vendor: Stephens, Inc. This contract executed this day of , 2025, between the City of Fayetteville, Arkansas acting by and through its Mayor (hereinafter called CITY OF FAYETTEVILLE or CITY), and Stephens, Inc. (hereinafter called Stephens) in consideration of the mutual covenants contained herein, the parties agree as follows: 1. The City of Fayetteville desires to hire Stephens to provide bond underwriter services as explained in RFP 25-05 during the term of this agreement. Stephens was selected by a City of Fayetteville selection committee after a competitive Request for Proposal process, hereby identified as RFP 25-05. 2. The City of Fayetteville agrees to: a. Negotiate with Stephens to determine the proper and fair Underwriter Discount, which is typically expected to fall within the proposed $3.95 - $4.95 per $1,000.00 for a minimum bond issue of $50,000,000. The Underwriter Discount with Stephens may exceed the $3.95 - $4.95 range for more complex bond issues which require increased time and effort to plan and execute. The Underwriter Discount to be paid from bond sale proceeds shall be the only payments made by the City of Fayetteville for Stephens Bond Underwriting and related services. b. Make available to Stephens, all relevant information or data it has pertinent to the Services which is required by Stephens to perform the Services. Stephens shall be entitled to rely upon the accuracy and completeness of all information and data furnished by the City, including information and data originating with other consultants employed by the City whether such consultants are engaged at the request of Stephens or otherwise. c. Give prompt consideration to all documentation related to the Services prepared by Stephens and whenever prompt action is necessary shall inform Stephens of City's decisions in such reasonable time so as not to delay the schedule for providing the Services 3. Stephens agrees to continue its services to the City of Fayetteville as its Bond Underwriter for its proposed Underwriter Discount and to negotiate with the City for each bond issuance. Stephens agrees not to charge further fees (such as Underwriter's Counsel, etc.) without prior written agreement with the City of Fayetteville. 4. Stephens agrees that its fees shall only become payable and be paid from proceeds from the successful sale of the proposed bond issuance by the City of Fayetteville. If, for whatever reason the proposed bonds are not issued or sold, Stephens agrees to make no claim for compensation for its services provided in anticipation of the issuance and sale of the City of Fayetteville's bonds. 5. This contract shall be effective for a period of one year from the effective date as set forth above. Unless notice of termination is given by either party ninety (90) days before the end of a term, the contract shall automatically renew each year for up to four additional one-year terms. Both parties have a right to terminate this contract at any time upon ninety (90) calendar days written notice to the other party. City of Fayetteville, AR Contract: RFP 25-05, Bond Underwriter Page 1 of 3 15 July In the event of termination, claims for compensation owed Stephens by the City shall be limited to verifiable services rendered. 6. The Contract documents which comprise the contract between the City of Fayetteville and Stephens consist of this Contract and the following documents attached hereto, and made a part hereof: a. Appendix A: CITY Issued Solicitation for RFP 25-05, Bond Underwriter, and Addenda b. Appendix B: Stephens's RFP Submittal c. Appendix C: Stephens's Certificate of Insurance 7. These Contract documents constitute the entire agreement between the City of Fayetteville and Stephens and may be modified only by a duly executed written instrument signed by the City of Fayetteville and Stephens 8. Stephens shall not assign its duties under the terms of this agreement. 9. Stephens agrees to hold the City of Fayetteville harmless and indemnify the City of Fayetteville, against any and all claims for property damage, personal injury or death, arising from Stephens performance of this contract. This clause shall not in any form or manner be construed to waive that tort immunity set forth under Arkansas Law. 10. Stephens shall furnish certificates of insurance addressed to the City of Fayetteville, showing coverage for insurance listed in Appendix C which shall be maintained throughout the term of the Contract. Such certificate shall be provided to the City within seven (7) calendar days after contract award. 11. Stephens to furnish proof of licensure as required by all local and state agencies. 12. The City of Fayetteville's Chief Financial Officer is the Services representative with respect to the services to be performed under this Agreement. The Chief Financial Officer shall have complete authority to transmit instructions, receive information, interpret and define policies and decisions with respect to materials, equipment, elements and systems to be used, under this Contract. 13. Freedom of Information Act: City of Fayetteville contracts and documents prepared while performing city contractual work are subject to the Arkansas Freedom of Information Act. If a Freedom of Information Act request is presented to the City of Fayetteville, the contractor will do everything possible to provide the documents in a prompt and timely manner as prescribed in the Arkansas Freedom of Information Act (A.C.A. 25-19-101 et. Seq.). Only legally authorized photo coping costs pursuant to the FOIA may be assessed for this compliance. 14. Changes in Scope or Price: Changes, modifications, or amendments in scope, price or fees to this contract shall not be allowed without a prior formal contract amendment approved by the Mayor and the City Council in advance of the change in scope, cost or fees. City of Fayetteville, AR Contract: RFP 25-05, Bond Underwriter Page 2 of 3 15. Professional Responsibility: Stephens shall exercise reasonable skill, care, and diligence in the performance of services and will carry out its responsibilities in accordance with customarily accepted professional practices. 16. Permits & Licenses: Stephens shall secure and maintain any and all permits and licenses required to complete this Contract. 17. Entire Agreement: These Contract documents constitute the entire agreement between the City of Fayetteville and Stephens and may be modified only by a duly executed written instrument signed by the City of Fayetteville and Stephens. In the event of a conflict between the terms of this Contract and the appendices, this Contract and the terms and conditions contained in Appendix B shall control. 18. Applicable Law: This Agreement shall be governed by and construed in accord with the laws of the State of Arkansas. Venue for all legal disputes shall be Washington County, Arkansas. 19. Force Majeure: Any default in the performance of this Agreement caused by any of the following events and without fault or negligence on the part of the defaulting party shall not constitute a breach of contract: labor strikes, riots, war, acts of governmental authorities, unusually severe weather conditions or other natural catastrophe, disease, epidemic or pandemic, or any other cause beyond the reasonable control or contemplation of either party. Nothing herein relieves the City of its obligation to pay Stephens for services actually rendered. 20. Severability: In the event that any court of competent jurisdiction shall determine that any provision of this agreement shall be unenforceable, then that provision shall be deemed to be null and void and the remaining provisions hereof shall remain in full force and effect. In agreement with all the terms and conditions above, we sign below: STEPHENS, INS CITY OF FAYETTEVILLE, ARKANSAS By: By: Kevin Faught, Senior Vice President City of Fayetteville, AR Contract: RFP 25-05, Bond Underwriter Page 3 of 3 Molly Rawn, Mayor ATTEST: By: Kara Paxton, City Clerk-Treasurer City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 1 of 18  City of Fayetteville, Arkansas  Purchasing Division – Room 306  113 W. Mountain  Fayetteville, AR 72701  Phone: 479.575.8256  TDD (Telecommunication Device for the Deaf): 479.521.1316  Request for Proposal: RFP 25‐05, Bond Underwriter  DEADLINE: Thursday, April 17, 2025 before 2:00 PM, local time  PROCUREMENT DIRECTOR: Amanda Beilfuss, abeilfuss@fayetteville‐ar.gov  DATE OF ISSUE AND ADVERTISEMENT: 03/23/2025  REQUEST FOR PROPOSAL  RFP 25‐05, Bond Underwriter  No late proposals shall be accepted.  RFP’s shall be submitted through the City’s third‐party  electronic bidding platform or by submitting a sealed physical proposal to the City of Fayetteville,  Purchasing Division at the below location.   City of Fayetteville  Purchasing Division – Room 306  113 West Mountain Street  Fayetteville, AR 72701  All proposals shall be submitted in accordance with the attached City of Fayetteville specifications  and documents attached hereto.  Each Proposer is required to fill in every blank and shall supply  all information requested; failure to do so may be used as basis of rejection.   The undersigned hereby offers to furnish & deliver the articles or services as specified, at the prices & terms  stated herein, and in strict accordance with the specifications and general conditions of bidding, all of which are  made a part of this offer. This offer is not subject to withdrawal unless upon mutual written agreement by the  Proposer/Bidder and City Procurement Director.  RFP (REQUEST FOR PROPOSAL) Ap p e n d i x A RF P 2 5 - 0 5 , B o n d U n d e r w r i t e r Cit y I s s u e d R F P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 2 of 18  City of Fayetteville  RFP 25‐05, Bond Underwriter  Advertisement    City of Fayetteville, AR  Request for Proposal  RFP 25‐05, Bond Underwriter    The City of Fayetteville, Arkansas, is now accepting proposals for qualified firms to provide bond underwriting  services for one (1) year with four (4) renewal options. Any questions regarding this RFP shall be directed to  Amanda Beilfuss, City of Fayetteville Procurement Director at abeilfuss@fayetteville‐ar.gov or (479) 575‐8220.    Solicitation documents and addenda shall be obtained at the City of Fayetteville Purchasing Division’s electronic  bidding platform at www.fayetteville‐ar.gov/bids. All proposals shall be received by Thursday, April 17, 2025  before 2:00 PM, Local Time utilizing the electronic bidding software or by submitting a sealed physical proposal  to the City of Fayetteville, Purchasing Division. All proposals are due before the time stated. No late proposals  shall be accepted. Submitting electronically is strongly encouraged. The City of Fayetteville shall not be  responsible for lost or misdirected proposals, or for failure of proposer’s technical equipment.    All interested parties shall be qualified to do business and licensed in accordance with all applicable laws of the  state and local governments where the project is located. Proposers shall have a current, valid registration with  the Arkansas Secretary of State at time of RFP deadline OR be able to provide proof of registration before  recommendation of award to Fayetteville City Council.    The City of Fayetteville reserves the right to reject any or all Proposals and to waive irregularities therein, and all  parties agree that such rejection shall be without liability on the part of the City of Fayetteville for any damage or  claim brought by any interested party because of such rejections, nor shall any interested party seek any recourse  of any kind against the City of Fayetteville because of such rejections.  The filing of any Statement in response to  this invitation shall constitute an agreement of the interested party to these conditions.                    City of Fayetteville  By: Amanda Beilfuss, Procurement Director  P: 479.575.8220 abeilfuss@fayetteville‐ar.gov   TDD (Telecommunications Device for the Deaf): (479) 521‐1316  Date of advertisement: 03/23/2025  This publication was paid for by the Purchasing Division of the City of Fayetteville, Arkansas.   Amount paid: $164.85  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 3 of 18  City of Fayetteville  RFP 25‐05, Bond Underwriter  SECTION A: General Terms & Conditions     1. SUBMISSION OF A PROPOSAL SHALL INCLUDE:  Each proposal shall contain the following at a minimum.  Proposer must also address detailed requirements  as specified in the Scope of Work.    a. A written narrative describing the method or manner in which the Proposer proposes to satisfy  requirements of this RFP in the most cost‐effective manner. The term Proposer shall be in reference to a  firm or individual responding to this solicitation.      b. A description of the Proposer’s experience in providing the same or similar services as outlined in the RFP.   This description should include the names of the person(s) who will provide the services, their  qualifications, and the years of experience in performing this type of work.  Also, include the reference  information requested in this RFP.    c. The complete fee and cost to the City for all services outlined in this RFP.    d. Statement should be no more than twenty‐five (25) pages; single sided, standard, readable, print on  standard 8.5x11 documents.  Proposers shall also submit a three (3) page (maximum) executive summary.   The following items will not count toward the twenty‐five‐page limitation: appendix, cover sheet, 3‐page  executive summary, resumes (resumes shall be no more than 1 page per person), and forms provided by  the City for completion.    i. Submitting and responding to this RFP:  Proposals shall be prepared simply and economically,  providing a straightforward, concise description of its ability to meet the requirements for the  project. Fancy bindings, colored displays, and promotional material are not required. Emphasis  should be on completeness and clarity of content. All documents physically submitted should be  typewritten on standard 8 ½” x 11” white papers and bound in one volume. Exceptions would be  schematics, exhibits, one‐page resumes, and City required forms. Limit proposal to twenty‐five  (25) pages or less, excluding one‐page team resumes, references, and forms required by the City  for completion.  All proposals shall be sealed upon delivery to the City of Fayetteville.      1. Option 1 –Electronic Submittal (strongly encouraged): Proposers can go to  www.fayetteville‐ar.gov/bids and follow the prompts to submit a proposal within the  electronic bidding platform.  If a proposal is submitted electronically, a physical submission  is not necessary.  All Proposers must register in order to be able to submit.  There is no fee  for registration.    2. Option 2 – Physical Submittal: All Proposers shall submit one (1) original copy of their  proposal as well as one (1) electronic copy on a properly labeled USB or other electronic  media device. The electronic copy submitted shall be contained into one single electronic  file and shall be identical to the hard copies provided. The use of Adobe PDF documents is  strongly recommended. Files contained on an USB or electronic media shall not be  restricted against saving or printing. Electronic copies shall not be submitted via e‐mail to  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 4 of 18  City employees by the Proposer and shall be provided to the City in a sealed manner. FedEx,  UPS, USPS, or other packages should be clearly marked with the RFP number on the outside  of the mailing package.    e. Proposals will be reviewed following the stated deadline, as shown on the cover sheet of this document.   Only the names of Proposer’s will be available after the deadline until a contract has been awarded by the  Fayetteville City Council.  All interested parties understand proposal documents will not be available until  after a valid contract has been executed.    f. Proposers shall submit a proposal based on documentation published by the Fayetteville Purchasing  Division.    g. Proposals must follow the format of the RFP.  Proposers should structure their responses to follow the  sequence of the RFP.    h. Proposers shall have experience in work of the same or similar nature and must provide references that  will satisfy the City of Fayetteville.  Proposer shall furnish a reference list of clients for whom they have  performed similar services and must provide information as requested in this document.    i. Proposer is advised that exceptions to any of the terms contained in this RFP or the attached service  agreement must be identified in its response to the RFP.  Failure to do so may lead the City to declare any  such term non‐negotiable.  Proposer’s desire to take exception to a non‐negotiable term will not disqualify  it from consideration for award.    j. Local time shall be defined as the time in Fayetteville, Arkansas on the due date of the deadline.   Documents shall be received before the deadline time as shown by the atomic clock located in the  Purchasing Division Office or electronic clock located in the City’s third‐party bidding software.    2. WRITTEN REQUESTS FOR INTERPRETATIONS OR CLARIFICATION:  No oral interpretations will be made to any firms as to the meaning of specifications or any other contract  documents.  All questions pertaining to the terms and conditions or scope of work of this proposal must be  sent in writing via e‐mail to the Purchasing Department.  Responses to questions may be handled as an  addendum if the response would provide clarification to the requirements of the proposal.  All such addenda  shall become part of the contract documents.  The City will not be responsible for any other explanation or  interpretation of the proposed RFP made or given prior to the award of the contract.    3. DESCRIPTION OF SUPPLIES AND SERVICES:  Any manufacturer’s names, trade name, brand name, catalog number, etc. used in specifications are for the  purpose of describing and establishing general quality levels.  Such references are NOT intended to be  restrictive.  Proposals shall be considered for all brands that meet the quality of the specifications listed for  any items.    4. RIGHTS OF CITY OF FAYETTEVILLE IN REQUEST FOR PROPOSAL PROCESS:   In addition to all other rights of the City of Fayetteville, under state law, the City specifically reserves the right  to the following:  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 5 of 18  a. The City of Fayetteville reserves the right to rank firms and negotiate with the highest‐ranking firm.   Negotiation with an individual Proposer does not require negotiation with others.     b. The City of Fayetteville reserves the right to select the proposal it believes will serve the best interest of  the City.    c. The City of Fayetteville reserves the right to accept or reject any or all proposals.    d. The City of Fayetteville reserves the right to cancel the entire request for proposal.    e. The City of Fayetteville reserves the right to remedy or waive technical or immaterial errors in the request  for proposal or in proposals submitted.    f. The City of Fayetteville reserves the right to request any necessary clarifications, additional information  or proposal data without changing the terms of the proposal.    g. The City of Fayetteville reserves the right to make selection of the Proposer to perform the services  required on the basis of the original proposals without negotiation.    h. The City reserves the right to ask for a best and final offer from one or more Proposers.  The best and final  offer process is not guaranteed; therefore, Proposers shall submit and respond to this RFP on the most  favorable terms available.    5. EVALUATION CRITERIA:  The evaluation criterion defines the factors that will be used by the selection committee to evaluate and score  responsive, responsible and qualified proposals.  Proposers shall include sufficient information to allow the  selection committee to thoroughly evaluate and score proposals.  Each proposal submitted shall be evaluated  and ranked by a selection committee.  The contract will be awarded to the most qualified Proposer, per the  evaluation criteria listed in this RFP.  Proposers are not guaranteed to be ranked.    6. COSTS INCURRED BY PROPOSERS:  All expenses involved with the preparation and submission of proposals to the City, or any work performed in  connection therewith, shall be borne solely by the Proposer(s).  No payment will be made for any responses  received, or for any other effort required of, or made by, the Proposer(s) prior to contract commencement.    7. ORAL PRESENTATION:  An oral presentation and/or interview may be requested of any firm, at the selection committee’s discretion.    8. CONFLICT OF INTEREST:  a. The Proposer represents that it presently has no interest and shall acquire no interest, either direct or  indirect, which would conflict in any manner with the performance or services required hereunder, as  provided in City of Fayetteville Code Section 34.26 titled “Limited Authority of City Employee to Provide  Services to the City”.    b. The Proposer shall promptly notify Amanda Beilfuss, Procurement Director, in writing, of all potential  conflicts of interest for any prospective business association, interest, or other circumstance which may  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 6 of 18  influence or appear to influence the Proposer’s judgment or quality of services being provided.  Such  written notification shall identify the prospective business association, interest or circumstance, the  nature of which the Proposer may undertake and request an opinion to the City as to whether the  association, interest or circumstance would, in the opinion of the City, constitute a conflict of interest if  entered into by the Proposer.  The City agrees to communicate with the Proposer its opinion via e‐mail or  first‐class mail within thirty days of receipt of notification.    9. WITHDRAWAL OF PROPOSAL:  A proposal may be withdrawn prior to the time set for the proposal submittal based on a written request  from an authorized representative of the firm; however, a proposal shall not be withdrawn after the time set  for the proposal.  10. LATE PROPOSAL OR MODIFICATIONS:  a. Proposal and modifications received after the time set for the proposal submittal shall not be considered.   Modifications in writing received prior to the deadline will be accepted.  The City will not be responsible  for misdirected bids.  Proposers refer to their submission status in the online bidding portal or call the  Purchasing Division at (479) 575‐8220 to ensure receipt of their submittal documents prior to opening  time and date listed.    b. The time set for the deadline shall be local time for Fayetteville, AR on the date listed.  All proposals shall  be received in the Purchasing Division BEFORE the deadline stated.     11. CONSTITUTIONAL, STATE, AND FEDERAL COMPLIANCE REQUIREMENTS:  The laws of the State of Arkansas apply to any purchase made under this request for proposal.  Proposers  shall comply with all constitutional, state, and federal directives, orders and laws as applicable to this proposal  and subsequent contract(s) including but not limited to Equal Employment Opportunity (EEO), Disadvantaged  Business Enterprises (DBE), & OSHA as applicable to this contract.    12. PROVISION FOR OTHER AGENCIES:  Unless otherwise stipulated by the Proposer, the Proposer agrees to make available to all Government  agencies, departments, municipalities, and counties, the proposal prices submitted in accordance with said  proposal terms and conditions therein, should any said governmental entity desire to buy under this proposal.   Eligible users shall mean all state of Arkansas agencies, the legislative and judicial branches, political  subdivisions (counties, local district school boards, community colleges, municipalities, counties, or other  public agencies or authorities), which may desire to purchase under the terms and conditions of the contract.    13. COLLUSION:  The Proposer, by affixing his or her signature to this proposal, agrees to the following: “Proposer certifies that  their proposal is made without previous understanding, agreement, or connection with any person, firm or  corporation making a proposal for the same item(s) and/or services and is in all respects fair, without outside  control, collusion, fraud, or otherwise illegal action.”    14. RIGHT TO AUDIT, FOIA, AND JURISDICITON:  a. The City of Fayetteville reserves the privilege of auditing a Contractor’s records as such records relate to  purchases between the City and said Contractor.    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 7 of 18  b. Freedom of Information Act: City contracts and documents prepared while performing City contractual  work are subject to the Arkansas Freedom of Information Act.  If a Freedom of Information Act request is  presented to the City of Fayetteville, the (contractor) will do everything possible to provide the documents  in a prompt and timely manner as prescribed in the Arkansas Freedom of Information Act (A.C.A. §25‐19‐ 101 et. seq.).  Only legally authorized photocopying costs pursuant to the FOIA may be assessed for this  compliance.  c. Legal jurisdiction to resolve any disputes shall be Arkansas with Arkansas law applying to the case.    15. CITY INDEMNIFICATION:  The successful Proposer(s) agrees to indemnify the City and hold it harmless from and against all claims,  liability, loss, damage or expense, including but not limited to counsel fees, arising from or by reason of any  actual or claimed trademark, patent or copyright infringement or litigation based thereon, with respect to the  services or any part thereof covered by this order, and such obligation shall survive acceptance of the services  and payment thereof by the City.    16. VARIANCE FROM STANDARD TERMS & CONDITIONS:  All standard terms and conditions stated in this request for proposal apply to this contract except as  specifically stated in the subsequent sections of this document, which take precedence, and should be fully  understood by Proposers prior to submitting a proposal on this requirement.    17. ADA REQUIREMENT FOR PUBLIC NOTICES & TRANSLATION:  Persons with disabilities requiring reasonable accommodation to participate in this proceeding/event, should  call 479.521.1316 (telecommunications device for the deaf), no later than seven days prior to the deadline.   Persons needing translation of this document shall contact the City of Fayetteville, Purchasing Division,  immediately.    18. CERTIFICATE OF INSURANCE:  The successful bidder shall provide a Certificate of Insurance in accordance with the following guidelines, prior  to commencement of any work: $1,000,000 Commercial Liability, Statutory Worker’s Compensation, and  General Automotive, if applicable. SUCH CERTIFICATE SHALL LIST THE CITY OF FAYETTEVILLE AS AN  ADDITIONAL INSURED. LISTING THE CITY OF FAYETTEVILLE AS A CERTIFICATE HOLDER ONLY IS NOT AN  ACCEPTABLE SUBSTITUTE. CERTIFICATE OF INSURANCE MUST INCLUDE THE ENDORSEMENT SHOWING THE  CITY OF FAYETTEVILLE LISTED AS AN ADDITIONAL INSURED. Insurance shall remain valid, when applicable,  throughout project/contract completion.    19. PAYMENTS AND INVOICING:  The Proposer must specify in their proposal the exact company name and address which must be the same  as invoices submitted for payment as a result of award of this RFP.  Further, the successful Proposer is  responsible for immediately notifying the Purchasing Division of any company name change, which would  cause invoicing to change from the name used at the time of the original RFP.  Payment will be made within  thirty days of invoice received.  The City of Fayetteville is very credit worthy and will not pay any interest or  penalty for untimely payments.  Payments can be processed through Proposer’s acceptance of Visa at no  additional costs to the City for expedited payment processing.  The City will not agree to allow any increase  in hourly rates by the contract without PRIOR Fayetteville City Council approval.    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 8 of 18  20. CANCELLATION:  a. The City reserves the right to cancel this contract without cause by giving thirty (30) days prior notice to  the Contractor in writing of the intention to cancel or with cause if at any time the Contractor fails to fulfill  or abide by any of the terms or conditions specified.    b. Failure of the contractor to comply with any of the provisions of the contract shall be considered a  material breach of contract and shall be cause for immediate termination of the contract at the discretion  of the City of Fayetteville.    c. In addition to all other legal remedies available to the City of Fayetteville, the City reserves the right to  cancel and obtain from another source, any items and/or services which have not been delivered within  the period of time from the date of order as determined by the City of Fayetteville.      d. In the event sufficient budgeted funds are not available for a new fiscal period, the City shall notify the  Contractor of such occurrence and contract shall terminate of the last day of the current fiscal period  without penalty or expense to the City.    21. ASSIGNMENT, SUBCONTRACTING, CORPORATE ACQUISITIONS AND/OR MERGERS:  a. The Contractor shall perform this contract.  No assignment of subcontracting shall be allowed without  prior written consent of the City.  If a Proposer intends to subcontract a portion of this work, the Proposer  shall disclose such intent in the proposal submitted as a result of this RFP.      b. In the event of a corporate acquisition and/or merger, the Contractor shall provide written notice to the  City within thirty (30) calendar days of Contractor’s notice of such action or upon the occurrence of said  action, whichever occurs first.      22. NON‐EXCLUSIVE CONTRACT:  Award of this RFP shall impose no obligation on the City to utilize the Contractor for all work of this type,  which may develop during the contract period.  This is not an exclusive contract.  The City specifically reserves  the right to concurrently contract with other companies for similar work if it deems such an action to be in  the City’s best interest.  In the case of multiple‐phase contracts, this provision shall apply separately to each  item.    23. LOBBYING:  Lobbying of selection committee members, City of Fayetteville employees, or elected officials regarding  request for proposals, request for qualifications, bids or contracts, during the pendency of bid protest, by the  bidder/proposer/protestor or any member of the bidder’s/proposer’s/protestor’s staff, and agent of the  bidder/proposer/protestor, or any person employed by any legal entity affiliated with or representing an  organization that is responding to the request for proposal, request for qualification, bid or contract, or has a  pending bid protest is strictly prohibited either upon advertisement or on a date established by the City of  Fayetteville and shall be prohibited until either an award is final or the protest is finally resolved by the City  of Fayetteville; provided, however, nothing herein shall prohibit a prospective/bidder/proposer from  contacting the Purchasing Division to address situations such as clarification and/or questions related to the  procurement process.  For purposes of this provision lobbying activities shall include but not be limited to,  influencing or attempting to influence action or non‐action in connection with any request for proposal,  request for qualification, bid or contract through direct or indirect oral or written communication or an  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 9 of 18  attempt to obtain goodwill of persons and/or entities specified in this provision.  Such actions may cause any  request for proposal, request for qualification, bid or contract to be rejected.    24. ADDITIONAL REQUIREMENTS:  The City reserves the right to request additional services relating to this RFP from the Proposer.  When  approved by the City as an amendment to the contract and authorized in writing prior to work, the Contractor  shall provide such additional requirements as may become necessary.    25. SERVICES AGREEMENT:  A written agreement, in substantially the form attached, incorporating the RFP and the successful proposal  will be prepared by the City, signed by the successful Proposer and presented to the City of Fayetteville for  approval and signature of the Mayor.    26. INTEGRITY OF REQUEST FOR PROPOSAL (RFP) DOCUMENTS:  Proposers shall use the original RFP form(s) provided by the Purchasing Division and enter information only  in the spaces where a response is requested.  Proposers may use an attachment as an addendum to the RFP  form(s) if sufficient space is not available on the original form for the Proposer to enter a complete response.   Any modifications or alterations to the original RFP documents by the Proposer, whether intentional or  otherwise, will constitute grounds for rejection of such RFP response.  Any such modifications or alterations  a Proposer wishes to propose shall be clearly stated in the Proposer’s RFP response and presented in the form  of an addendum to the original RFP documents.    27. OTHER GENERAL CONDITIONS:  a. Proposers must provide the City with their proposals signed by an employee having legal authority to  submit proposals on behalf of the Proposer.  The entire cost of preparing and providing responses shall  be borne by the Proposer.    b. The City reserves the right to request any additional information it deems necessary from any or all  Proposers after the submission deadline.     c. This solicitation is not to be construed as an offer, a contract, or a commitment of any kind; nor does it  commit the City to pay for any costs incurred by Proposer in preparation.  It shall be clearly understood  that any costs incurred by the Proposer in responding to this request for proposal is at the Proposer's own  risk and expense as a cost of doing business.  The City of Fayetteville shall not be liable for reimbursement  to the Proposer for any expense so incurred, regardless of whether or not the proposal is accepted.    d. If products, components, or services other than those described in this bid document are proposed, the  Proposer must include complete descriptive literature for each.  All requests for additional information  must be received within five working days following the request.    e. Any uncertainties shall be brought to the attention to Amanda Beilfuss immediately via telephone  (479.575.8220) or e‐mail (abeilfuss@fayetteville‐ar.gov).  It is the intent and goal of the City of Fayetteville  Purchasing Division to provide documents providing a clear and accurate understanding of the scope of  work to be completed and/or goods to be provided.  We encourage all interested parties to ask questions  to enable all Proposers to be on equal terms.    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 10 of 18  f. No oral interpretation or clarifications will be given as to the meaning of any part of this request for  proposal.  All questions, clarifications, and requests, together with answers, if any, will be provided to all  firms via written addendum.  Names of firms submitting any questions, clarifications, or requests will not  be disclosed until after a contract is in place.    g. At the discretion of the City, one or more firms may be asked for more detailed information before final  ranking of the firms, which may also include oral interviews.    h. Any information provided herein is intended to assist the Proposer in the preparation of proposals  necessary to properly respond to this RFP. The RFP is designed to provide qualified Proposers with  sufficient basic information to submit proposals meeting minimum specifications and/or test  requirements but is not intended to limit a RFP’s content or to exclude any relevant or essential data.    i. Proposers irrevocably consent that any legal action or proceeding against it under, arising out of or in any  manner relating to this Contract shall be controlled by Arkansas law.  Proposer hereby expressly and  irrevocably waives any claim or defense in any said action or proceeding based on any alleged lack of  jurisdiction or improper venue or any similar basis.    j. The successful Proposer shall not assign the whole or any part of this Contract or any monies due or to  become due hereunder without written consent of City of Fayetteville.  In case the successful Proposer  assigns all or any part of any monies due or to become due under this Contract, the Instrument of  assignment shall contain a clause substantially to the effect that it is agreed that the right of the assignee in  and to any monies due or to become due to the successful Proposer shall be subject to prior liens of all  persons, firms, and corporations for services rendered or materials supplied for the performance of the  services called for in this contract.    k. The successful Proposer's attention is directed to the fact that all applicable Federal and State laws,  municipal ordinances, and the rules and regulations of all authorities having jurisdiction over the services  shall apply to the contract throughout, and they will be deemed to be included in the contract as though  written out in full herein.  The successful Proposer shall keep himself/herself fully informed of all laws,   ordinances and regulations of the Federal, State, and municipal governments or authorities in any   manner affecting those engaged or employed in providing these services or in any way affecting the conduct  of the services and of all orders and decrees of bodies or tribunals having any jurisdiction or authority over  same.  If any discrepancy or inconsistency should be discovered in these Contract Documents or in the  specifications herein referred to, in relation to any such law, ordinance, regulation, order or decree, s/he  shall herewith report the same in writing to the City of Fayetteville.            Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 11 of 18  City of Fayetteville  RFP 25‐05, Bond Underwriter  SECTION B: Scope of Services and General Information    1. COMMUNITY OVERVIEW:   The City of Fayetteville, Arkansas, County Seat of Washington County is located in the northwest corner of  Arkansas. It is a city of the first class in the State of Arkansas with an approximate population of 100,000  citizens and a regional population base of over 550,000. Fayetteville is home to the principal campus of the  University of Arkansas, which has contributed to higher education in the area for over 100 years.    2. CAPITAL FINANCIAL PLANNING:  The northwest Arkansas region has witnessed explosive growth and development over the past twenty‐five  (25) years. This growth has heavily taxed infrastructure capacity of Fayetteville and its neighboring  communities. The City of Fayetteville develops, on a biennial basis, a Five‐Year Capital Improvements Program  (CIP). The City’s philosophy concerning the use of the CIP is that it should be considered as a financial planning  tool that lists the City’s capital improvement projects, places the projects in a priority order, and schedules  the projects for funding and implementation. The City has historically funded the CIP primarily on a pay‐as‐ you‐go basis. However, for major construction projects such as water and sewer system improvements, road  projects, trail projects and building projects, Sales and Use Tax bonds, and revenue bonds have been issued.  The City has also issued Amendment 78 bonds for short term obligations for projects such as fire stations.    3. CURRENT BOND ISSUES:  See Appendix A.    4. FUTURE BOND ISSUES:  a. The City will continue to evaluate opportunities to refinance existing bond issues if it economically in  the City’s best interest.    b. GO bonds or private placement bonds are rarely used but could be issued if the need arises.    5. INTENT:    The City intends to select a primary underwriter for the entire contract term and reserves the right to select  other firms if specialized qualifications are needed.    6. SCOPE OF WORK:  In serving as bond underwriter to the City, the selected firm will be expected to perform said scope of services:  a. Ability to provide advice to the City on bond market conditions and timing of the sale of its bonds.    b. Provide assistance to the City in determining the term and amortization schedule, call provisions, and  other factors which are relevant to marketing the City’s bonds. This shall include preparation of  maturity schedules and debt service projections which represent effective marketing structures for  the City’s bonds.    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 12 of 18  c. Ability to present and evaluate alternate financing means.    d. Ability to work with the City to obtain the best possible bond rating including attendance at any  presentation to the rating agencies, as requested by the City.    e. Ability to prepare the Preliminary Official Statement and the final Official Statement and other related  documents.    f. Ability to determine the feasibility of bond insurance and to arrange for the selection of a bond  insurance firm should insurance be desirable on a given issue.    g. Ability to evaluate and recommend for selection of trustee, paying agent, and/or registrar services, as  necessary.    h. Ability to attend all City meetings, assist in presentations at City meetings, and attend all signings,  closings, conferences, etc. as deemed necessary by the City.    i. Ability to coordinate printing of the bonds with bond counsel.    j. Ability to calculate the fiscal impact of any statements by the Governmental Accounting Standards  Board (GASB) on the refunding of outstanding debt.    k. Ability to provide easy access and quick response to requests for advice and technical support made  by the City.    7. PROPOSAL FORMAT:  In responding to this request, firms shall include the following information in addition to other requested  information and pertinent information related to the selection criteria:  a. Proposals shall be prepared simply and economically, providing a straightforward, concise description  its ability to meet the requirements for the project.  Fancy bindings, colored displays, and promotional  material are not required.  Emphasis should be on completeness and clarity of content. All documents  should be typewritten on standard 8 ½” x 11” white pages and bound in one volume.  Exceptions  would be schematics, exhibits, or other information necessary to facilitate the City of Fayetteville’s  ability to accurately evaluate the proposal.  Limit proposal to twenty‐five (25) pages or less, excluding  one‐page team resumes, references, and forms required by the City for completion.     b. All proposals shall disclose any involvement in current litigation on any aspect of a municipal bond  issue performed by the firm or its employees. Failure to do so would serve as grounds for severing any  contractual relationship.    c. References: A client reference list for which similar work has been performed within the past five (5)  years.  d. Marketing Plan: Describe your firms approach to marketing an issue and how you would intend to sell  issues at the best possible price for the City. Describe the firm’s retail and institutional marketing  capabilities.  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 13 of 18    e. Include any other information that might be helpful to assist the City in understanding the firm’s  unique qualifications to perform bond underwriting services for the City of Fayetteville.    f. Services: State the support services as discussed in the Scope of Services section of this RFP that would  be provided to the City in connection with a typical municipal bond issuance. Include a proposed  schedule of events and assignments of responsibilities for all participants, including time estimates for  each step.    g. Experience: Provide a general description of the firm, its history, primary types of work, organizational  structure, etc. List relevant municipal bond issuances during recent years in which the firm has served  as a senior underwriter. For each municipal issue, please provide the following information as an  appendix to the 25‐page limit submission:  i. Name, title, and phone number of a reference  ii. Type of Issue  iii. Maturity of the issue  iv. Issue sale date  v. Competitive or negotiated bond sale  vi. Par amount of the bonds issued  vii. Issue rating obtained  viii. Interest rate(s), true interest cost and total underwriting spread, including original issue  discount, if any  ix. The name of the firm’s staff person responsible for management of the issue    h. Bond Rating: Describe what level of participation would be taken in the bond rating process. For  example, describe what could be done to maximize the rating on the City of Fayetteville’s municipal  bond issues.    i. Fees:  i. State the proposed/anticipated fee range expected to be charged for services per $1,000 in  bonds issued. The breakdown of fees should be as follows:  1. Management fee  2. Underwriting risk  3. Takedown  4. Miscellaneous expenses  5. Total fee per $1,000 bond issue  ii. Should a firm desire not to break out the various fees listed, the proposal may contain a fee per  $1,000 of bonds issued that includes ALL aspects of the underwriter’s spread. In addition,  identify and estimate any other professional fees, not included in the itemized fees or  underwriter’s spread, which the City would be expected to pay (i.e. underwriter’s counsel). Any  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 14 of 18  change in the takedown fee component, which is subject to market conditions, must be  substantiated by the market conditions to the satisfaction of the City.    j. Company:  i. Experience: Proposer shall provide a detailed description of similar city and/or county projects  or contracts that currently use the proposed system, completed and/or presently provided  during the past five (5) years. Provide complete contact information, name, address, phone and  emails for all references.  ii. Company Principals: Provide a brief biographic overview of the Company’s key principals.  iii. Capabilities: Proposer shall provide a description of limitations relative to facilities, staff  personnel, ongoing projects/ contracts, etc. Specifically, provide in RFP response what priority  will be placed on this project.  iv. Company Organization:  1. Primary Business: Proposers shall describe company’s primary business interest and/or  operations including organization and affiliations. Include the magnitude of your  operation as it relates to this project.  2. Company History: Provide pertinent company historical information that will  demonstrate your capability to successfully accomplish this project.    k. Personnel:  i. Staff: The Proposer shall provide a description of staff and work force that will be assigned to  effectively facilitate the requirements of this project. Description provided shall include, at a  minimum, the number of permanent employees, part time employees, and an organizational  chart reflecting their responsibilities.  ii. Resumes: The Proposer shall provide maximum one‐page resumes of key personnel intended to  be utilized for this project. One‐page resumes do not count towards page restrictions outlined  in this RFP. Resumes shall include, at a minimum:  1. Position/Title  2. Tenure with Proposer  3. Experience  4. Other related information    8. CONTRACT FORMATION:   a. If the negotiation produces mutual agreement, a contract will be considered for approval by the City  of Fayetteville City Council.  If negotiations with the highest‐ranking Proposer fail, negotiations may  be initiated with the next highest‐ranking Proposer until an agreement is reached.  The City reserves  the right to reject all offers and end the process without executing a contract.     b. The initial term of the contract shall be for a period of one (1) year, starting with the date approved  by the Fayetteville City Council. The contract shall be automatically renewable by mutual consent, at  a mutually agreed to fee schedule on an annual basis thereafter for four (4) additional years, for a  total contract term of five (5) years. In the event of termination, claims for compensation owed the  Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 15 of 18  consultant by the City shall be limited to verifiable services rendered. The City reserves the right not  to use the “primary” contract solely. The City reserves the right to contract with any firm responding  to this request, based on specific project needs and experience needed.    9. SELECTION CRITERIA:   The following criteria will be used by the City to evaluate and score responsive proposals.  Proposers shall  include sufficient information to allow the City to thoroughly evaluate and score the proposal.  Each proposal  submitted is not required to be ranked by the selection committee.  The contract may be awarded to the  most qualified firm, per the evaluation criteria listed below, based on the evaluation of the selection  committee.  Following the evaluation of the proposals, the Selection Committee may request that the top‐ ranking firm(s) make an oral presentation or be interviewed.  If presentations are necessary, they will take  place in Fayetteville, Arkansas.  Notices will be sent by the Purchasing Division.     1)  25%  Qualifications in Relation to Specific Project to be Performed:  Information reflecting  qualifications of the consultant, partners, and project team.  Indicated specialized  experience and technical competence of the firm in connection with the type and  complexity of the service required. Subcontractors, if used, shall be listed with information  on their organization.     2)  25%  Experience, Competence, and Capacity for Performance:  Information reflecting the  names, titles, and qualifications (including experience and technical competence) of the  major personnel assigned to this specific project.      3) 15% Proposed Method of Doing Work:  A proposed work plan (description of how the project  would be conducted as well as other facts concerning approach to scope) indicating  methods and schedules for accomplishing scope of work.  Include with this the amount of  work presently underway.     4) 20% Past Performance:  Previous evaluations shall be considered a significant factor.  If previous  evaluations with the City are not available, the professional firm's past performance  records with City and others will be used, including quality of work, timely performance,  diligence, and any other pertinent information.  Firm will provide a list of similar jobs  performed and person whom the City can contact for information.     5) 15% Cost/Fees: Complete costs and fees as described in this RFP and for delivery of the proposal  including fiscal feasibility and financial stability.  All fees shall be clearly identified with RFP  response and be itemized as much as possible.    9. ADDITIONAL DOCUMENTS AND INFORMATION: The following documents are included with this solicitation  as additional information:  a. Appendix A: Bonded Indebtedness        Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 16 of 18  City of Fayetteville  RFP 25‐05, Bond Underwriter  SECTION C: Signature Submittal    1. DISCLOSURE INFORMATION  a. Proposer must disclose any possible conflict of interest with the City of Fayetteville, including, but not  limited to, any relationship with any City of Fayetteville employee.  Proposer response must disclose if a  known relationship exists between any principal or employee of your firm and any City of Fayetteville  employee or elected City of Fayetteville official.    i. If, to your knowledge, no relationship exists, this should also be stated in your response.  Failure  to disclose such a relationship may result in cancellation of a purchase and/or contract as a result  of your response.  This form must be completed and returned in order for your bid/proposal to be  eligible for consideration.      PLEASE CHECK ONE OF THE FOLLOWING TWO OPTIONS, AS IT APPROPRIATELY APPLIES TO YOUR FIRM:    ___________1) NO KNOWN RELATIONSHIP EXISTS    ___________2) RELATIONSHIP EXISTS (Please explain): _______________________________________  ___________________________________________________________________________________  ___________________________________________________________________________________    b. I certify that; as an officer of this organization, or per the attached letter of authorization, am duly  authorized to certify the information provided herein is accurate and true; and my organization shall  comply with all State and Federal Equal Opportunity and Non‐Discrimination requirements and conditions  of employment.    c. Proposer agrees that they shall have a current, valid registration with the Arkansas Secretary of State at  time of RFP deadline OR be able to provide proof of registration before recommendation of award to  Fayetteville City Council.    d. Pursuant Arkansas Code Annotated §25‐1‐503, the Contractor agrees and certifies that they do not  currently boycott Israel and will not boycott Israel during any time in which they are entering into, or while  in contract, with any public entity as defined in §25‐1‐503.  If at any time during contract the contractor  decides to boycott Israel, the contractor must notify the contracted public entity in writing.    e. Pursuant Arkansas Code Annotated §25‐1‐1002, the Contractor agrees and certifies that they do not  currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during any time in which they  are entering into, or while in contract, with any public entity as defined in §25‐1‐1002. If at any time during  the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition  Industries, the contractor must notify the contracted public entity in writing.    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 17 of 18  2.  PRIMARY CONTACT INFORMATION  At the discretion of the City, one or more firms may be asked for more detailed information before final  ranking of the firms, which may also include oral interviews. NOTE: Each Proposer shall submit to the City a  primary contact name, e‐mail address, and phone number (preferably a cell phone number) where the City  selection committee can call for clarification or interview via telephone.     Corporate Name of Firm: ___________________________________________________________________    Primary Contact: ____________________________ Title of Primary Contact: _________________________    Phone#1 (cell preferred): ____________________________Phone#2: ______________________________    E‐Mail Address: __________________________________________________________________________      3.  ACKNOWLEDGEMENT OF ADDENDA  Acknowledge receipt of addenda for this invitation to bid, request for proposal, or request for qualification  by signing and dating below.  All addendums are hereby made a part of the bid or RFP documents to the same  extent as though it were originally included therein. Proposers/Bidders should indicate their receipt of same  in the appropriate blank listed herein. Failure to do so may subject Contractor to disqualification.     ADDENDUM NO. SIGNATURE AND PRINTED NAME DATE ACKNOWLEDGED                                    4.  DEBARMENT CERTIFICATION    a. As an interested party on this project, you are required to provide debarment/suspension certification  indicating compliance with the below Federal Executive Order.  Certification can be done by completing  and signing this form.      b. Federal Executive Order (E.O.) 12549 “Debarment and Suspension“ requires that all contractors receiving  individual awards, using federal funds, and all sub‐recipients certify that the organization and its principals  are not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any  Federal department or agency from doing business with the Federal Government.    c. Signature certifies that neither you nor your principal is presently debarred, suspended, proposed for  debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any  federal department or agency.        Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 18 of 18  5. SIGNATURE SUBMITTAL    NAME OF COMPANY: _____________________________________________________________________    PHYSICAL ADDRESS: ______________________________________________________________________    MAILING ADDRESS: _______________________________________________________________________    TAX ID #: __________________________ AR. SECRETARY OF STATE FILING #: ________________________    PHONE: _________________________________________ FAX: ___________________________________    E‐MAIL: ________________________________________________________________________________    By submitting your response, you certify that you are authorized to represent and bind your company :    SIGNATURE: _____________________________________________________________________________    PRINTED NAME: _________________________________________________________________________    TITLE: _______________________________________ DATE: _____________________________________                              END OF RFP DOCUMENT    Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P City of Faye tteville, AR R F P 2 5 - 0 5 , Addendum 1 Page 1 | 1 RFP 25-05, Addendum 1 Date: Thursday, March 27, 2025 To: All Prospective Vendors From: Amanda Beilfuss – 479.575.8220 – abeilfuss@fayetteville-ar.gov RE: RFP 25-05, Bond Underwriter This addendum is hereby made a part of the contract documents to the same extent as though it were originally included therein. Interested parties should indicate their receipt of same in the appropriate blank of the RFP. PROPOSERS SHOULD ACKNOWLEDGE THIS ADDENDUM ON THE DESIGNATED LOCATION ON THE BID PORTAL/FORM. 1. Attached to this addendum is Appendix A, that is listed in the RFP documents. Appendix A includes the City’s Bonded Indebtedness as of 03/13/2025. Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P DESCRIPTION Tax Increment Financing Bonds 1,796,160.00$                                                          Parking Deck Bonds, Series 2012 3,950,000.00                                                            Hotel, Motel and Restaurant Bonds, 2014 7,705,000.00                                                            Library Improvement Bonds, 2017 17,505,000.00                                                          Sales Tax Construction Bonds, 2019 9,080,000.00                                                            Sales Tax Construction Bonds, 2022 63,505,000.00                                                          Sales Tax Construction Bonds, 2024 15,000,000.00                                                          * W/S Revenue Bond, 2024 5,385,747.15                                                            123,926,907.15$                                                     *Amount Represents total balance due to ANRD as of 12/31/24 of an approved $85,000,000 Bond Attachment A CITY OF FAYETTEVILLE, ARKANSAS BONDED INDEBTEDNESS 3/13/2025 Ap p e n d i x A RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Cit y Iss u e d RF P RFP 25-05 Addendum 1 Stephens Inc. Supplier Response Event Information Number:RFP 25-05 Addendum 1 Title:Bond Underwriter Type:Request for Proposal Issue Date:3/23/2025 Deadline:4/17/2025 02:00 PM (CT) Notes:The City of Fayetteville, Arkansas, is now accepting proposals for qualified firms to provide bond underwriting services for one (1) year with four (4) renewal options. Any questions regarding this RFP shall be directed to Amanda Beilfuss, City of Fayetteville Procurement Director at abeilfuss@fayetteville-ar.gov or (479) 575-8220. Contact Information Contact:Amanda Beilfuss Address:Purchasing Room 306 City Hall 113 West Mountain Street - Room 306 Fayetteville, AR 72701 Email:abeilfuss@fayetteville-ar.gov Vendor: Stephens Inc.RFP 25-05 Addendum 1Page 1 of 2 pages Ap p e n d i x B RF P 2 5 - 0 5 , B o n d U n d e r w r i t e r St e p h e n s's P r o p o s a l Stephens Inc. Information Contact:Paula Morehead Address:111 Center Street LITTLE ROCK, AR 72011 Phone:(501) 377-2299 Email:StephensTXrfp@stephens.com By submitting your response, you certify that you are authorized to represent and bind your company. Kevin Faught kfaught@stephens.com Signature Email Submitted at 4/17/2025 12:02:37 PM (CT) Requested Attachments RFP 25-05, Bond Underwriter Stephens Response to RFP 25- 05, Bond Underwriter.pdf Please attach the signed and completed RFP form, located in the 'Attachments' tab, along with proposal. Bid Attributes 1 Check Yes or No: Pursuant Arkansas Code Annotated §25-1-503, the Contractor agrees and certifies that they do not currently boycott Israel and will not boycott Israel during any time in which they are entering into, or while in contract, with any public entity as defined in §25-1-503. If at any time during contract the contractor decides to boycott Israel, the contractor must notify the contracted public entity in writing. Yes, I agree No, I don't agree 2 Check Yes or No: Pursuant Arkansas Code Annotated §25-1-1002, the Contractor agrees and certifies that they do not currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during any time in which they are entering into, or while in contract, with any public entity as defined in §25-1-1002. If at any time during the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition Industries, the contractor must notify the contracted public entity in writing. Yes, I agree No, I don't agree 3 Addendum Acknowledgement By selecting "I agree", you acknowledge that you have read all addendum(s) that have been issued for this solicitation, if applicable. I agree Vendor: Stephens Inc.RFP 25-05 Addendum 1Page 2 of 2 pages Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l PUBLIC FINANCE City of Fayetteville, Arkansas Response to Request for Proposal RFP 25-05, Bond Underwriter April 17, 2025 Stephens Inc. 3425 North Futrall Drive, Suite 201 Fayetteville, AR 72703 Stephens Inc. Member NYSE | SIPC Leigh Ann Biernat, CPA Kevin Faught Jason Holsclaw EVP, Head of Public Finance Senior Vice President Senior Vice President (501) 377.6316 (o) (479) 718.7444 (o) (501) 377.2474 (o) (501) 993.2741 (m) (501) 516.4631 (m) (501) 786.0442 (m) leighann.biernat@stephens.com kfaught@stephens.com jason.holsclaw@stephens.com Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 April 17, 2025 Ms. Amanda Beilfuss Procurement Director City of Fayetteville, AR RE: Response to Request for Proposal RFP 25-05, Bond Underwriter Dear Ms. Beilfuss: On behalf of Stephens Inc. (“Stephens” or the “Firm”), we appreciate the opportunity to submit our proposal to continue serving the City of Fayetteville (the “City”) as its bond underwriter. Stephens has a long history working with the City, including serving as its bond underwriter on various transactions in recent years. Our firm’s in-depth knowledge of the City combined with our underwriting experience and expertise will offer you a valuable partner moving forward. In reviewing our proposal, we would ask that you consider the following:  Stephens has significant municipal bond underwriting experience and a track record of performance. The Stephens team assigned to this engagement brings over 50 years of combined experience and has structured billions in tax- exempt and taxable municipal bonds. Since 2020, Stephens has served as underwriter on 344 negotiated transactions for issuers nationwide, totaling over $16 billion. During that time, our firm ranked among the top 10 nationally for the 5-year total number of negotiated sales and use tax bond offerings.  Stephens maintains an extensive network of institutional and retail investors that will buy the City’s bonds. With offices across the Southeast, Stephens offers a national distribution network that includes both retail and institutional investors. Having access to a wide and diverse investor network is very important as our sales force will have a vast network of investors to approach. When an extensive investor network is not maintained, an underwriter may increase interest rates to generate attention for the bond offering. Our firm not only maintains key relationships with large institutional accounts nationwide, but also with smaller regional accounts often overlooked by national firms. Moreover, Stephens represents more than 18,000 retail and institutional accounts in Arkansas alone, and we are committed to further diversifying the City’s investor base in an effort to lower the overall cost of capital.  Stephens has a willingness to commit capital. Stephens is among a small group of the nation’s largest family owned financial services firms. Unlike many financial firms which are highly leveraged and focused on short-term results, Stephens takes a measured approach in managing our balance sheet. We focus on quality over quantity, while maintaining profitability and financial strength. Our strong capital position enables us to price and support your bond offerings across all market conditions, providing the flexibility and stability needed to execute successful transactions regardless of the environment. Stephens exceeds the minimum net capital requirement.  Arkansas is our home! Since 1933, Stephens has continually operated out of Little Rock and been a key partner with Arkansas communities, including the City Fayetteville. While Stephens now has 26 offices worldwide and employs more than 1,300 people, we have not forgotten who we are and where we come from. It is worth noting, that Stephens has had an office in Fayetteville since 1993 and now employs 32 professionals. We take great pride in continuing to represent the people of Fayetteville and provide financing to support public service projects throughout our state. Since our firm has no commercial banking arm, we do not compete with your local banking community, we partner with them. By selecting Stephens, you are choosing a firm that cares deeply for our home state and maintains an office in your City. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 We have attempted to answer each question raised in your request and, by doing so, establish Stephens’ qualifications and commitment to continuing to serve the City of Fayetteville. If selected, we pledge to provide the highest level of service and commitment and are ready to begin work immediately. Thank you again for the opportunity to present our qualifications. As officers, we are legally authorized to commit Stephens to all terms and conditions outlined in the request and we welcome any questions regarding our response. Respectfully Submitted, Leigh Ann Biernat, CPA Kevin Faught Jason Holsclaw EVP, Head of Public Finance Senior Vice President Senior Vice President Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 TABLE OF CONTENTS PROPOSAL SUBMITTAL B. Current Litigation ............................................................................................................ 1 C. References ...................................................................................................................... 1 D. Marketing Plan ............................................................................................................... 2 E. Unique Qualifications ..................................................................................................... 4 F. Services .......................................................................................................................... 6 G. Experience .................................................................................................................... 11 H. Bond Rating .................................................................................................................. 12 I. Fees ............................................................................................................................... 14 J. Company........................................................................................................................ 15 K. Personnel ...................................................................................................................... 18 APPENDIX A.Stephens’ Municipal Bond Experience in the State of Arkansas B.RFP Required Documents MSRB RULE G-23 DISCLOSURE STEPHENS INC. IS NOT YOUR MUNICIPAL ADVISOR OR FIDUCIARY. Stephens Inc. proposes to be the underwriter, and not the financial advisor, for proposed securities to be issued by or on behalf of the City of Fayetteville, Arkansas. The primary role of an underwriter, as distinguished from a financial advisor, is to purchase, or arrange for the placement of securities in an arm’s-length commercial transaction between the issuer and the underwriter. The underwriter has financial and other interests that differ from those of the Issuer. Stephens and its affiliates engage in a broad range of securities transactions and activities, financial services and other relationships from time to time that involves interests that differ from those of the Issuer. In the ordinary course of business, Stephens or its affiliates (i) may at any time hold long or short positions, and, through employees who do not have access to non-public information relating to this issue, may trade or otherwise effect transactions, for its own account or the accounts of customers, in debt or equity securities of the Issuer or any other prospective participant in the Issuer’s project and (ii) may at any time be pursuing, providing or arranging financing or other financial or transactional services to such prospective participants or to other issuers or market participants. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 1 B. CURRENT LITIGATION All proposals shall disclose any involvement in current litigation on any aspect of a municipal bond issue performed by the firm or its employees. Failure to do so would serve as grounds for severing any contractual relationship. Stephens is not aware of any inquiries, investigations, or litigation during the last five (5) years that concern our firm’s municipal finance activities. As a full service broker dealer and investment banking firm, our firm has been subject to litigation, arbitrations, and inquiries concerning other areas of the firm. Information concerning these other matters will be provided upon request. C. REFERENCES A client reference list for which similar work has been performed within the past five (5) years. Honorable Stephanie Orman Mayor City of Bentonville 305 SW A Street Bentonville, AR 72712 (479) 281-5966 sorman@bentonvillear.com Honorable Greg Hines Mayor City of Rogers 301 W. Chestnut Rogers, AR 72756 (479) 621-1117 ghines@rogersar.gov Honorable Ernie Penn Mayor City of Farmington 354 W. Main Street Farmington, AR 72730 (479) 267-3865 erniepenn@cityoffarmington-ar.gov Honorable Doug Sprouse Mayor City of Springdale 201 Spring Street Springdale, AR 72764 (479) 750-8114 dsprouse@springdaleark.org Honorable Angela Russell Mayor City of Tontitown 235 E. Henri Di Tonti Blvd. Tontitown, AR 72270 (479) 361-2700 mayor@tontitown.com Honorable Chris Moore Mayor City of Lowell 216 North Lincoln St. Lowell, AR 72745 (479) 770-2185 chris@lowellarkansas.gov Honorable John D. Flynn Mayor City of Bella Vista 101 Town Center Bella Vista, AR 72714 (479) 876-1255 jflynn@bellavistaar.gov Honorable Doug Hutchens Mayor City of Lincoln 101 E. Bean Street Lincoln, AR 72744 (479) 824-3321 mayor25@lincolnarkansas.com Gayla Stahman Finance Director City of Elkins 1874 Stokenbury Road Elkins, AR 72727 (479) 643-3400 gaylastahman@elkins.arkansas.gov Honorable Joseph Hurst Mayor City of Van Buren 1003 Broadway Van Buren, AR 72956 (479) 474-1541 jcopple@vanburencity.org Honorable Jim Fincher Mayor City of Alma 804 Fayetteville Avenue Alma, AR 729212 (479) 632-4110 jim@cityofalma.org Honorable Tim McKinney Mayor City of Berryville P.O. Box 227 Berryville, AR 72616 (870) 423-4414 mayortim@berryvillear.gov Honorable Nathan See Mayor City of Pea Ridge 975 Weston Street Pea Ridge, AR 72751 (479) 451-1122 nathan.see@cityofpearidge.com Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 2 D. MARKETING PLAN Describe your firm’s approach to marketing an issue and how you would intend to sell issues at the best possible price for the City. Describe the firm’s retail and institutional marketing capabilities. MARKETING STRATEGY The fundamental objective of our marketing strategy is to diversify the City’s investor base and to minimize interest costs. Stephens maintains relationships with all the major Tier 1 institutional accounts, as well as Tier 2 and 3 firms that are often overlooked by the larger firms. In order to diversify your account base and increase investor participation, our firm will implement a marketing strategy targeted at all these investor tiers. However, the ultimate objective of our proposed marketing plan is to target local retail investors in Arkansas given that retail investors are purchasing municipal bonds due to the attractive interest rate levels. Bondholder Analysis and Investor Engagement. One of the first steps we would take is to prepare a bond analysis to compare current bondholders of the City’s bonds and the top holders of bonds issued in the State of Arkansas. Since the current holders of the City’s bonds are already familiar with the City’s credit and have demonstrated an appetite for its bonds, they will serve as part of the initial wave of marketing solicitations, generating interest in the bonds and thereby propelling further interest within the institutional community. Through our analysis, we would identify investors that may not only be interested in this type of credit, but also have the capacity to place large block orders to support the City’s transactions. As shown herein, there are holders of Arkansas issued bonds that do not hold the City’s bonds. As such, we would begin our marketing efforts by engaging these investors for any new debt offering. For example, we would approach Vanguard, Blackrock, Lord Abbett & Co LLC, Northern Trust Corporation, New York Life, Goldman Sachs and Capital Group Companies Inc. in addition to the current holders given these are among the top holders of Arkansas bonds but do not hold a position in the City’s bonds. Targeting Institutional Investors. Stephens’ Municipal Bond Institutional Sales Department consists of over 65 experienced professionals strategically located in eight offices throughout the United States whose function is maintaining relationships with institutional and middle market investors nationwide. Our offices are staffed with municipal institutional sales and trading professionals that focus efforts on penetrating the local and regional middle-tier institutional investor markets in addition to the Tier 1 largest investors. We believe that attracting interest in the City’s bonds by regional/middle market institutional investors is vital to a successful marketing campaign since these investors are less interest rate sensitive than large national institutional buyers, yet have the capital to make large purchases of the bonds. Expanding the Institutional Investor Base. While the major holders of bonds issued in Arkansas and current bondholders remain the core of any large issuance, targeting a wider range of investors that do not currently hold the City’s bonds can result in a more successful sale and coinciding lower interest rate for you. Stephens brings strong relationships amongst middle-market institutional Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 3 investors, which include smaller, less traditional institutional investors as well as many medium-sized insurance companies and asset managers who can play a large role in any City of Fayetteville offering. Our marketing strategy includes an investor needs based approach. We focus on the investors needs to effectively market the bonds by breaking down time-horizon for each investor class. Further, the distribution of the City’s bondholders among institutional tier groups is a useful tool to understand untapped investor classes that are not currently holders of the City’s bonds. By further diversifying your investor base to include Tier 2 and Tier 3 investors, the City will access investor demand that may not already be covered by most Wall Street firms and thereby will reduce the City’s cost of capital. The process of diversifying the middle market investor base, especially in underrepresented regions and tiers, will increase demand for the City’s bonds. Bond Structuring Feedback. The goal of our marketing efforts is not only to stimulate investor interest but also to identify certain investor segments that are willing to accept a lower yield for a particular bond structure. Options in this area may include: long serial bonds, a retail intermediate term bond, original issue discount/premium bonds, short maturity term bonds, and “sealed bid” initial serial bond maturities. We are able to structure successful financing solutions because our extensive distribution system will canvass all market segments to find the most willing investors for the offering. Targeting Retail Investors. We will also heavily emphasize targeting retail investors in the City’s bond issuances. Stephens has a strong retail marketing distribution platform through the firm’s Private Wealth Management Group, which manages tax-exempt investments for a broad range of clients, including high-net-worth individuals, trusts and estates, business owners and multigenerational families. Stephens Private Client Group has approximately 190 retail sales professionals operating from 18 offices in 9 states as shown to the right. In addition to our institutional accounts, we have amassed an account base of approximately 35,000+ unique retail accounts. Furthermore, our retail account base is far different than the account base of Wall Street firms. Our concentrated focus in municipal securities allows our firm the opportunity to generate meaningful retail orders, and will assist Stephens in maximizing retail distribution for the City’s bonds. Premarketing Prior to Pricing Day. Leading up to the sale, Stephens will work with the City and other members of the financing team to establish a baseline whereby we can begin conversations with investors in order to begin building a “book” of interest. By doing this, we can ensure that when the transaction is launched it is done so at credible levels. As we secure indications of anchor orders from accounts, we can leverage that interest to attract other buyers; building the largest book possible in order to achieve the best execution for the City at the time of pricing. During our pre-pricing discussion, Stephens will provide the City with a list of prospective investor targets that have indicated interest in participating in the transaction and articulate our firm’s marketing approach. Please know that Stephens has all the same resources and technology capabilities used by the large bulge bracket firms. For example, on the day of pricing, the City will have access to I-Preo so you and your team can monitor the order period in real time. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 4 E. UNIQUE QUALIFICATIONS Include any other information that might be helpful to assist the City in understanding the firm’s unique qualifications to perform bond underwriting services for the City of Fayetteville. Continuing Relationships. Our clients come first. It is this philosophy that ultimately enhances our reputation and business strategy. On the other side of every revenue-generating transaction, there is a customer who must be treated fairly and with the highest of ethical standards. In dealing with these varied interests honestly and fairly, we will build trust in our judgment and integrity. This will forge relationships, the likes of which have been, and will continue to be, the cornerstone of our success. Stephens is Familiar with Fayetteville. For over four decades, our firm has proudly served the City of Fayetteville and the surrounding community helping to facilitate improvements for not only the City, but also the Fayetteville School District and the University of Arkansas at Fayetteville. The graphic to the right provides a summary of the total transactions completed throughout our history working with issuers in Fayetteville. A Proven Record of Executing Similar Transactions for the City. There is no better testament than our record of past performance and the execution of similar transactions for the City. Since 2000, Stephens has served as an underwriter for the City of Fayetteville on over 20 transactions totaling in excess of $557 million. Most recently, Stephens served as the sole manager on the City’s $15,000,000 Sales and Use Tax Capital Improvement Bonds that closed in October, 2024. We are most appreciative of the confidence and trust that the City has placed in us and as shown by our past record of service. Unlike the large national firms, our commitment to service does not change with the size of the transaction. Our previous experience with the City’s financings allows Stephens to have a better understanding of your borrowing capabilities. This enables our firm to develop financing plans to meet the City’s growing needs. We believe our insight will ensure Fayetteville’s financings are completed in a time efficient and cost effective manner. Stephens is Easily Available for the City. The City of Fayetteville engagement will be managed from our Fayetteville office, which has been located here since 1993. Our Fayetteville location gives us a better understanding of issues affecting the City and we are easily accessible at a moment’s notice. Stephens Inc., 3425 N. Futrall Drive, Fayetteville, AR 72703 Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 5 Financial Strength and Stability. Stephens is among a small group of the nation’s largest family-owned financial services firms. This distinction allows us to focus on the long-term. We don’t have a 5-year plan – we have a 100-year plan. Since our founding in 1933, we’ve been able to identify and seize opportunities during all economic cycles. Whether executing single transactions or developing holistic solutions, we create lasting value. Unlike many financial firms, which are highly leveraged and focused on short-term results, Stephens takes a measured approach in managing our balance sheet. As prudent investors, we focus on quality over quantity, while maintaining profitability and financial strength. Stephens’ long-standing history, conservative financial practices, and seamless leadership transitions underscore its strength and stability in the financial services industry. Our commitment to maintaining a robust financial position and experienced leadership team positions the firm well for continued success. Stephens is the Recognized Arkansas Market Leader. While other firms have underwritten Arkansas bonds, Stephens consistently ranks as the top underwriter of Arkansas municipal bonds. This is important for several reasons:  We have proven knowledge and experience in structuring and marketing financings for Arkansas issuers.  As Arkansas’ top underwriter, Stephens’ bankers and traders have deep visibility into most Arkansas-based deals coming to market, including anticipated timing and structure.  This market insight allows us to strategically position our clients to take full advantage of supply and demand dynamics when pricing new bonds. Top Underwriter of Sales and Use Tax Bonds. Stephens is Arkansas’s leading underwriter and a nationally ranked underwriter of sales and use tax bonds. Since completing the very first sales tax financing for an Arkansas municipality in 1984, Stephens has conducted more sales and use tax financings than all of our competitors. Since 2014, Stephens has managed 109 Arkansas sales and use tax bond issues totaling over $1.6 billion, as shown in the chart to the right. This experience is important because it demonstrates our expertise and ability to sell the City’s bonds at the lowest cost of capital. This will translate to an efficient and smooth transaction for the City. Stephens provides secondary market support. An attribute that is sometimes overlooked is the ability to provide ongoing and responsive secondary market support. Our firm is the leading provider for secondary market support for investors in search of liquidity and aggressive pricing for Arkansas municipal bonds. Investors appreciate our knowledge and expertise in how Arkansas bonds trade in the secondary market. The tremendous secondary market support is extremely important to investors and enhances our ability to market new issues. Arkansas Coverage. As the chart on the right shows, Stephens employs more registered representatives than any firm in the State. We will utilize this unmatched sales force to access both institutional and retail investors to make sure the City receives the most favorable outcome for its financing. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 6 F. SERVICES State the support services as discussed in the “Scope of Services” section of this RFP that would be provided to the City in connection with a typical municipal bond issuance. Include a proposed schedule of events and assignments of responsibilities for all participants, including time estimates for each step. ENGAGEMENT APPROACH AND SCOPE OF SERVICES Stephens believes our role as bond underwriter goes beyond a single transaction but instead we serve as an extension of the City’s staff on matters where our input adds value. Our goal is to be a strategic partner that works to best position the City for continued success. We will draw on our combined financial expertise to present you with the facts, options and recommendations needed to arrive at the best and most acceptable decision to serve your capital financing needs. Moreover, your Stephens team maintains close working relationships with the other professionals that will comprise the City’s financing team, such as bond counsels and trustees. The team’s market knowledge combined with local insight will give the City comfort in knowing the Stephens team will facilitate smooth and successful transactions on its behalf. Stephens’ scope of services can be divided into two categories:  Transaction Management and Bond Pricing  Consulting and Specialized Services. TRANSACTION MANAGEMENT AND BOND PRICING Stephens’ transaction management approach begins by working with the City to identify your overall strategic goals. As the City considers future debt offerings, it is important that such discussion involves a consideration of current outstanding debt, debt capacity, staff resources, and the overall impact such obligations may have on the City. Before any decisions are made, the City should begin by conducting strategic planning that involves action steps such as: anticipating future capital needs, identifying pledged revenue sources, and evaluating financing options. During this planning phase, Stephens will prepare a debt profile and conduct a thorough analysis of all existing capital leases, notes, and bonds payable based upon the specific pledged revenue. This allows us to take a more active approach in ensuring you can take advantage of any structuring flexibility by “wrapping” payments around existing debt or refunding existing debt for certain efficiencies. For the City of Fayetteville, Stephens has already built a debt profile for each pledged revenue source, and we have been active over the years, in monitoring the City’s outstanding bonds for possible refunding and restructuring opportunities. For example, Stephens has provided ideas around certain tax restructurings just in the past few months. Once a decision is made by the City to move forward with a financing, the Stephens team will lead the transaction management process and will take the following steps to timely bring your transaction to market in a way that is best received by investors. Develop and Monitor Financing Timeline and Responsibilities. Stephens will develop and monitor a schedule that is designed to serve as a plan for the timeline completion of the financing and also identify the party responsible for completing each task. As part of outlining next steps, Stephens will build into the financing process the selection of other members of the financing team. Develop Terms of Financing with City and its Bond Counsel. The Stephens team will work with you to develop the terms of the financing and present you with recommendations on the ideal structure that we believe will achieve the lowest cost of capital. In addition, we will work closely with the City’s bond counsel to review the terms and conditions of a proposed sale/offering, tax and regulatory issues, legislative and authorization procedures, and disclosure preparation and dissemination to ensure the proposed financing plan is Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 7 appropriate. Because of our active Arkansas presence, the Stephens team is readily available, as needed, to assist with presentations to key stakeholders. When assessing optional redemption or “call” provisions and coupon structures after a call date, your financing team will conduct an analysis to determine yield-to-call and yield-to-maturity relationships and assess the cost benefit of having a shorter call than the 10- year industry standard. Review Financing Documents on the City’s Behalf. Based upon their years of experience, the Stephens team will coordinate with your staff and legal counsel to review and provide comments on all documents associated with a financing, including but not limited to preliminary official statement, bond indentures, and disclosure documents leading up to and after the bond pricing. Bond Marketing and Pricing. Once the financing is packaged, Stephens will be there to guide you through the marketing and pricing of your bond offering. At Stephens, we believe one of our key roles is to ensure your bond offering is best positioned to achieve the lowest cost of capital. To do this, Stephens relies on direction from its Little Rock based underwriting desk on how best to position a credit to enter the market. The first step in best positioning the City is to develop a marketing plan tailored, as appropriate, to all investor tiers, including specific targets such as Arkansas and City of Fayetteville residents. As part of this plan, the Stephens team will conduct a bondholder analysis using current information from prior City bond offerings, as well as those investors that favor municipal credits. Stephens will develop a list of investor targets and discuss with our desk on what is needed for optimal investor participation. As part of the marketing plan, we would consider developing and releasing an investor presentation at the same time as the preliminary official statement is released, approximately 7-10 day before the bond offering. By utilizing an investor presentation, the underwriting team is able to provide detailed information about not only the City, but also build confidence with investors by demonstrating your creditworthiness and financial stability. Investors typically appreciate these presentations, because it condenses the information in the preliminary official statement into an easier to understand format. Once released, Stephens will track the number of investor views and work to ensure underwriter engagement with these accounts in an effort to further expand the City’s investor base. Other elements the City should consider in its marketing approach may include:  Individual Investor Calls  Incorporate investor feedback/ preferences if beneficial to transaction  Media advertising  Consideration of separate retail order period Premarketing Prior to Pricing. Leading up to the bond offering, our underwriting desk will work to establish a pricing baseline whereby we will be able to begin conversations with investors in order to begin building a “book” of interest. By doing this, we can ensure that when the transaction is launched on the pricing date it is done so at credible levels. As the team secures indications of anchor orders from accounts, they can leverage that interest to attract other buyers; building the largest book possible in order to achieve the best execution for the City at the time of pricing. Bond Pricing Assistance. Prior to the day of pricing, the Stephens team will coordinate a preliminary pricing discussion with the City to outline what levels the underwriting team proposes to “go out with” to investors. Stephens believes that ensuring your bonds are priced correctly is the most critical role we provide. To that end, depending on market appetite, we generally recommend a blended coupon approach that appeals to a larger investor base rather than just using a straight 5% coupon structure. In determining pricing levels for negotiated transactions, our fixed income specialists compare historical transactions to various indices (e.g., MMD, BVAL) on a maturity-by-maturity basis to establish appropriate credit spreads. Our team selects comparable transactions based upon similar credit structure, pledged revenues, and call structures, among other things. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 8 We also consider supply-demand dynamics, municipal to Treasury ratios and other relative benchmarks before making any adjustment to the target scale. Our team also has access to all major pricing resources and analytical tools, including Bloomberg, Refinitiv, and I-Preo. The Stephens team will assist you in all aspects of pricing, including evaluating pricing performance, communicating directly with investors, and developing pricing alternatives in real time. On the day of pricing, we will work alongside you to ensure that any yield adjustments are market based and appropriate before recommending the City agree to the terms of any financing. Post Pricing Performance Analysis. In a negotiated offering, the Stephens team will work with the City before and throughout the pricing to evaluate the performance of the underwriting team in adding value to the transaction. Our analysis reviews the amount of orders placed, types of orders, and timing of those orders, and to what extent those orders were useable. For example, stock orders are rarely usable orders unlike retail orders that are unique and can be considered in repricing. Facilitate a Successful Closing and Post Sale Reporting. The Stephens team will ensure a smooth and timely closing of the transaction that includes preparing a flow of funds closing memorandum and holding a pre-closing with bond counsel. We will also provide the City with an updated debt profile that includes the impact of the new transaction. CONSULTING AND SPECIALIZED SERVICES The scope of our services extend well beyond the issuance of debt. Stephens routinely provides the following additional services:  Restructuring analysis of existing bond issues to generate construction funds. We are always looking for opportunities to assist our clients with generating project funds. As such, we will routinely analyze existing debt to determine if additional funds can be generated from restructuring any outstanding obligations.  REFUNDING WATCH: Monitoring of debt portfolio for debt refinancing opportunities. A bond refinancing can result in substantial savings over the life of a bond issue. Therefore, we continuously monitor our clients’ existing debt to determine whether debt service savings can be realized by refinancing outstanding debt at lower interest rates.  Benchmark and Measure Debt Capacity. Stephens will work with the City to undertake an analysis of its debt capacity prior to issuing debt to ensure such action is affordable and cost-effective, as well as to prioritize future projects City wide.  Debt and Investment Seminars (Trainings). We are available to offer training sessions for the City’s staff. This can be helpful particularly for new staff or officials who may be concerned about the debt owed by the City, as well as for individuals that desire more information about how the debt process works, how transactions are structured, and how such debt will be repaid. Training can also include steps in financing capital projects, best practices and policy level considerations. Your assigned team members routinely conduct trainings for individual clients and speak at industry events and conferences.  Assistance with post-issuance federal tax compliance and continuing disclosure requirements. The Internal Revenue Service monitors certain responsibilities that bond issuers must perform after bonds are issued. Additionally, our firm can assist with continuing disclosure requirements. To protect our clients’ interest, Stephens can take an active role to ensure compliance is maintained if requested or engaged to do so. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 9  Legislative, regulatory, and muni market updates. We ensure that our clients are continually informed about the federal and state legislative and regulatory developments that are important to not only the tax- exempt marketplace, but also the City. Additionally, Stephens routinely provides its clients with municipal bond market updates.  Legislative representation. Stephens is committed to supporting its clients by working with state officials on matters related to the tax- exempt marketplace and client legislation that impacts their ability to do business and issue municipal bonds. We are regularly called on by state officials to provide information and are seen as an expert in the area of municipal finance.  Development of debt management policy and investor relations program. We will work with the City, as needed, to develop and/or review its debt management policy to provide for a well-managed debt program so that all debt is issued prudently and adheres to financial best practices. Also, we can assist with exploring how best to implement an investor relations program for the City.  Capital planning. Working with the City, we can assist with formulating and implementing long-range capital and financing plans.  Development of investment policy. In conjunction with other firm resources, we can assist in the development, review or updating of the City’s investment policy for general funds or other funds of the City.  Financial modeling – quantitative services. Stephens uses specialized financial analysis software and systems to evaluate and develop financing strategies for our clients. Our firm views our engagements as a partnership where we provide clients with ongoing analysis of existing debt and potential structuring and refunding opportunities. These services include but are not limited to: • Strategic planning • Debt capacity studies • Capital Improvement Planning • Liquidity and risk assessment • Cash flow analysis • Cash management strategies and reporting • Refunding analyses  Bond proceed management. Stephens has the capability to assist with an issuer’s bond proceeds management when a construction fund exists for new projects. We have a clear understanding of the federal regulations governing the investment of public monies, including tax-exempt proceeds and take a thoughtful approach in evaluating both passive and active investment strategies. Many of our client relationships span decades reflecting the firm’s commitment to providing independent, tailored solutions based on a clear understanding of each client’s unique situation and goals.  Arbitrage rebate calculations. Stephens also helps clients insure compliance with arbitrage regulations, which requires detailed accounting records and strict compliance with bidding rules. Areas include: • Refunding bond yield verifications • Parity calculations • Rebate and other consultations  Ongoing support. We will always be available to work with the City in developing financing scenarios, attending planning sessions and meetings of governing bodies, or simply answering questions regarding market conditions, financing structures, and other finance-related topics. As noted, this is Stephens’ commitment to you. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 10 To ensure the expedient completion of the project and help minimize associated costs, the City of Fayetteville’s support and responsiveness will be essential. Issuers typically assist with providing and verifying general information about the City, which includes, but is not limited to, population, government structure, medical facilities, financial institutions, educational facilities and major employers. In addition, we will need disclosed any material lawsuits, as well as any known potential legal threats. A description of the bond-financed facilities, including estimated costs and anticipated completion date, will also be required. Stephens is available to assist in collecting and compiling this information for the appropriate members of the financing team. We are confident Stephens will provide the City with the level of expertise that you can expect and need from your underwriter. Please see below, the preliminary Schedule of Events that Stephens proposes. Preliminary Schedule of Events and Responsibilities Week Event Responsibility Week 1 Meeting with City Representatives and Bond Counsel to discuss structure of financing City of Fayetteville / Stephens Week 2 Distribute first draft of financing documents Bond Counsel Week 3 Review financing documents All Parties Week 4 Distribute blacklined financing documents Bond Counsel Week 4 Distribute credit packages to rating agency/insurers Stephens Week 5-6 Obtain rating and/or insurance on issue City / Stephens Week 7 Approval of Bond Ordinance City / Stephens / Bond Counsel Week 8 Publish Bond Ordinance Bond Counsel Week 11 Distribute Preliminary Official Statement Stephens Week 12 Review offering details with City Stephens Week 12 Offer bonds Stephens Week 12 Commit to underwrite Stephens Week 12 Prepare closing documents Stephens / Bond Counsel Week 15 Closing occurs All Parties Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 11 G. EXPERIENCE Provide a general description of the firm, its history, primary types of work, organizational structure, etc. List relevant municipal bond issuances during recent years in which the firm has served as a senior underwriter. For each municipal issue, please provide the following information as an appendix to the 25 page limit submission. Stephens stands as a distinguished leader among a group of the nation’s largest family-owned financial services firms; privately held by the Stephens family since 1933. Stephens’ family leadership is a testament to the strength, stability, and time-honored legacy of the firm. By virtue of being family owned and family led, Stephens is well positioned to stay true to its core values of serving its clients, communities, and employees with the utmost integrity. Stephens currently employs 1,300+ people, across eight business line sectors, located in 26 offices nationwide and in Europe. The firm’s clients include state and local governments, institutional and individual investors and corporations with whom we have had relationships lasting for generations. Additionally, Stephens maintains private equity investments in many middle market companies throughout the United States. Stephens Inc. provides services such as the structure and sale of municipal and corporate securities, general securities brokerage, money management, and estate planning. While Stephens maintains an international footprint, our public finance practice is regional in focus. This distinction allows us to focus on what matters most: building value for our clients. Our decisions are driven by independent research and not by what is popular or trending. Municipal Finance Experience. Stephens has a long history of working with municipal bond issuers nationwide to finance capital projects ranging from city improvements and utility systems to hospitals and higher education transactions. Stephens Public Finance offers a complete platform of services for our clients including financial advisory services, investment advisory services, and underwriting services. At a time when some firms have scaled back or eliminated their public finance divisions, Stephens remains firmly committed to serving the municipal market. Our team of public finance bankers and analysts continues to serve a broad client base through both negotiated and competitive underwriting and financial advisory services. As of April, 2025, Stephens had 16 public finance professionals in seven offices dedicated to serving public sector entities. Today, Stephens’ municipal finance professionals bring deep expertise to have significant tenure in public finance. Stephens’ senior bankers and advisors have, on average, more than 15 years of experience within the industry. Our philosophy and reputation are based on the belief that every client is different but equally deserving of our time, attention, and expertise. We earn your trust through sound judgment and our ability to execute on your behalf. This approach allows us to forge deep, lasting client-relationships, contributing to our mutual success. Stephens has participated in over $61 billion nationwide in tax-exempt and taxable transactions since 2014, as outlined below. Stephens’ Municipal Finance Experience as Underwriter and Financial Advisor (2014 through 2024) See Appendix A for information on relevant Arkansas municipal bond issuances where Stephens has served as sole or senior underwriter. *Source: LSEG; 2014-2024 Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 12 H. BOND RATING Describe what level of participation would be taken in the bond rating process. For example, describe what could be done to maximize the rating on the City of Fayetteville’s municipal bond issues. Credit Ratings and Enhancement. The best approach for presenting Fayetteville’s credit strengths to the rating agencies is to first understand the key rating factors that determine their rating. In working with Stephens, we will evaluate the rating medians to determine areas of concern and work to structure the transaction in a way to not negatively impact the City’s rating. As you may be aware, rating agencies will evaluate four basic factors to determine an issuer’s credit ratings, which include economic, financial, management, and debt. In our firm’s opinion, the most important factor is to promote is the management factors and the ability and willingness of management to make budget decisions that will maintain recurring balances in financial operations. The rating agencies have indicated they “over weigh” management factors and “under weigh” debt factors in their rating methodology. This will be even more critical as the City determines how to issue additional debt over the next years. Building on this approach, Stephens would recommend not only modeling the projected operational cash flows and expenditures based upon the projected increase in debt service, but also conducting a key indicator review based upon the agencies’ medians. For example, Stephens will work to determine how operating revenues and expenditures compares to your peer groups, population trends, and debt capacity. Building on these factors, Stephens will model the additional debt obligation over the next several years to determine the extent any additional obligations will have on the City’s credit standing and what actions, if any, should be taken in conjunction with the additional debt load to manage future allocation of resources. In addition, Stephens will serve as the City’s advocate throughout the credit rating process by reviewing credit issues, legal documents, comparable transactions, and business covenants to ensure that the City is reflected in the most positive manner. Our assistance will include the following steps as directed:  Contact credit analysts well in advance of any meetings or conference calls to determine what, if any, areas should be specifically addressed;  Review and model the financial performance;  Analyze the City’s performance against peer issuers;  Address areas that might be of concern to the rating agencies;  Assemble a “credit package” to familiarize the analysts with the City’s proposed financing well in advance of the formal process;  Work with the City to refine the presentation highlighting its credit strengths;  Conduct a “rehearsal” during which all appropriate staff and participants may make their presentations and answer questions likely to be asked by the analysts;  Assist in the preparation of a presentation packet;  Attend the formal rating agency presentations to review any questions, open points, or modifications to legal structure with the rating analysts;  Outline and present the benefits of the financing plan components;  Assess the impact of the agencies’ responses; and  Assist in the negotiation of final terms and conditions of the rating agency reports. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 13 Credit Rating Agency Experience and Metrics. Our firm has considerable experience working with all the major credit rating agencies, and we will work with your staff to develop comprehensive rating presentations and support the City through the rating process. We believe one of our main tasks is to help you achieve the highest credit rating as possible. Stephens has developed a clear understanding of the analytical methods that are used by all four credit rating agencies, and thus, provides our clients with in-depth credit analyses prior to any credit rating presentations. This information can be used to better understand the credit rating already assigned by identifying strengths and weaknesses or anticipate the impact of an additional borrowing on the City’s current rating. By doing this, our goal is to improve a community’s credit rating. To demonstrate how we will continue to work with the City on its ratings, below is a section of the scorecard analysis completed for the City of Fayetteville based upon S&P’s rating criteria for Cities and Counties. As you know, the City of Fayetteville currently has an underlying credit rating from S&P. Stephens uses this scorecard as a tool to inform our clients on their financial decisions. We may also recommend evaluating the potential benefits of engaging a second or third rating agency. We would conduct a detailed review of Moody’s and Fitch’s methodologies, initiate preliminary conversations with those agencies, and consult with our underwriting desk to assess any potential pricing advantages that could result from securing an additional rating. This could broaden investor participation, improve pricing outcomes, and provide added flexibility in future financing plans. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 14 I. FEES State the proposed/anticipated fee range expected to be charged for services per $1,000 in bonds issued. The breakdown of fees should be as follows: 1. Management fee 2. Underwriting risk 3. Takedown 4. Miscellaneous expenses 5. Total fee per $1,000 bond issue. Should a firm desire not to break out the various fees listed, the proposal may contain a fee per $1,000 of bonds issued that includes ALL aspects of the underwriter’s spread. In addition, identify and estimate any other professional fees, not included in the itemized fees or underwriter’s spread, which the City would be expected to pay (i.e. underwriter’s counsel). Any change in the takedown fee component, which is subject to market conditions, must be substantiated by the market conditions to the satisfaction of the City. FEE PROPOSAL Stephens proposes an underwriter discount range $3.95 - $4.95 per $1,000 bond. This proposal assumes that Stephens will act as sole managing underwriter. The proposed takedown structure is reflective of Stephens’ commitment to the City and Stephens’ willingness to underwrite any unsold balances. This amount will be paid to Stephens for time spent advising the City on the potential sale tax election, as well as the structuring, marketing, and managing of the bond issue. Stephens’ underwriting fee is entirely contingent upon the successful election, sale, and closing of the proposed bond issue. Any underwriting fees for future bond issues will be negotiated with the City based on the terms, size, and complexity of the proposed issue. Based on our relationships with Arkansas based bond counsels, we do not anticipate a need for underwriter counsel and have not included other transaction related expenses. As an aside, we would like to note that a large part of this fee will be used to compensate our salesforce; those who are responsible for selling the City’s bonds and who work on commission. As such, it is important the fee provides an incentive to our salespeople to sell the City’s bonds. Underwriting firms that agree to accept a below-market fee may be unable to sell the bonds at appropriate interest rate levels because their salesforce is not engaged in the transaction due to a lack of potential compensation. In those instances, a common alternative is to increase interest rates on the bonds in order to make them more attractive in the market. As you can understand, this approach is not in the City’s best interest as it results in higher borrowing costs. At Stephens, we believe the most important part of a bond issue is to effectively market the bonds so that the client receives the lowest possible interest rate at the time of the bond sale. To provide an example of the importance of effectively marketing bonds, a difference of just 0.25% in average interest rate equates to over $2,345,000 in additional interest cost over the life of a bond issue. (This amount is based on a $160,000,000 issue size with a 15-year repayment term.) Finally, keep in mind that interest rate information provided by any underwriting firm several weeks or months before bonds are sold is preliminary and subject to change. Interest rates on a bond issue are not determined until the day of sale and are dependent on market conditions at that point in time. If selected, Stephens will work with the City to determine the appropriate fee levels based on comparable transactions and the work required. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 15 J. COMPANY (i) Experience: Proposer shall provide a detailed description of similar city and/or county projects or contracts that currently use the proposed system, completed and/or presently provided during the past five (5) years. Provide complete contact information, name, address, phone and emails for all references. (ii) Company Principals: Provide a brief biographic overview of the Company’s key principals. (iii) Capabilities: Proposer shall provide a description of limitations relate to facilities, staff personnel, on-going projects/contracts, etc. Specifically, provide in RFP response what priority will be placed on this project. (iv) Company Organization: 1. Primary Business: Proposers shall describe company’s primary business interest and/or operations including organization and affiliations. Include the magnitude of your operation as it relates to this project. 2. Company History: Provide pertinent company historical information that will demonstrate your capability to successfully accomplish this project. EXPERIENCE Since 2020, Stephens has served as sole or senior manager on over 200 transactions for Arkansas issuers similar to the City of Fayetteville totaling more than $4.3 billion. Of those transactions, more than 40 were sales and use tax transactions totaling more than $730 million in par amount. Please see Appendix A for a complete listing of our sole and senior managed Arkansas transactions. COMPANY PRINCIPALS Warren Stephens Chairman Warren A. Stephens is Chairman of Stephens Inc. In 1981, Mr. Stephens joined the firm and in 1986, he was named President and Chief Executive Officer of the firm, continuing the evolution of a family business that was started by his father and uncle more than 90 years ago. In 2005, he was named Chairmen. In January, 2025, Mr. Stephens announced his retirement from President and Chief Executive Officer of Stephens Inc. after being appointed the Ambassador of the United States to the Court of St. James. Miles Stephens Co-Chief Executive Officer Miles Stephens was appointed Co-Chief Executive Officer of Stephens Inc. on January 7, 2025. Mr. Stephens has been the President and CEO of Stephens Insurance. Prior to his role at Stephens Insurance, Mr. Stephens served as a Senior Vice President in the Investment Banking division of Stephens Inc., where he advised mid-to-large sized businesses with a focus on the Energy and Auto Retail sectors. John Stephens Co-Chief Executive Officer John Stephens was appointed Co-Chief Executive Officer of Stephens Inc. on January 7, 2025. Mr. Stephens most recently served as a Managing Director and member of the Family Advisory Services Group at Stephens Inc. Prior to that role, Mr. Stephens was an Associate Director of Stephens Europe, where he has served on the Management committee since 2019, and previously had been part of the Consumer Investment Banking team at Stephens Inc. in New York. Laura Stephens Brookshire Senior Executive Vice President, Chair of the Executive Committee Mrs. Brookshire is Chair of Stephens Executive Committee and a Senior Executive Vice President of the firm. The Stephens Executive Committee comprises C-Suite leadership from the firm and serves as counsel to co-CEOs, Miles Stephens and John Stephens. As part of her daily responsibilities of the firm, she has been integral in driving the corporate impact initiatives of INVESTED and This is Capitalism. She launched the Stephens’ social media program and works within the Marketing and Communications department. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 16 Curt Bradbury Vice Chairman Mr. Bradbury joined Stephens in 1972, was COO from 1993 – 2923 and is now the Vice Chairman of the Board. In his current leadership position, Mr. Bradbury works with Chairman Warren Stephens and Co-CEOs Miles Stephens and John Stephens in the development and execution of strategic initiatives, regulatory affairs and special projects. J. Brad Eichler Chief Operating Officer Brad Eichler is Chief Operating Officer of Stephens Inc., overseeing the firm’s business divisions which include Stephens Capital Management, Fixed Income Sales & Trading, Institutional Equities and Research, Investment Banking, Private Wealth Management and Public Finance. Mr. Eichler works directly with Miles Stephens and John Stephens, the Company’s Co-CEOs and serves on the firm’s Executive Committee. Prior to his appointment as COO in April 2023, Mr. Eichler headed Stephens Investment Banking division from 2007. Douglas H. Martin Senior Executive Vice President and Senior Partner A native of Little Rock, Mr. Martin joined Stephens in 1981 after beginning his career in M&A with Morgan Stanley in New York. He has been involved in private equity for Stephens for more than 30 years, and has led the effort for the past ten years. Mark Doramus Chief Financial Officer Mr. Doramus is Chief Financial Officer of Stephens Inc. He began his career as a CPA with Arthur Anderson & Co. in Dallas, Texas. In 1988 he joined the Corporate Finance department of Stephens Inc. and in 1996 was named Chief Financial Officer. COMPANY CAPABILITIES As stated earlier in this response, Stephens Inc. will make this transaction a top priority of the firm. Ms. Leigh Ann Biernat, who leads Public Finance, will personally manage this transaction with assistance from the personnel located in the Fayetteville and Little Rock offices. Consequently, there are no limitations relative to facilities, staff, or current contracts. Ms. Biernat’s participation is indicative of the importance of our firm’s relationship with the City of Fayetteville. COMPANY ORGANIZATION Primary Business. Stephens is involved in all sectors of public finance, some of which are highlighted below. Sales Tax for various public projects, ranging from community centers and jails to water and sewer improvements. Stephens completed the first sales tax financing for an Arkansas municipality in 1984. Later that year, we closed the first county sales tax financing sold in this state. For nearly twenty years, we have marketed more than two times the amount of Arkansas sales tax issues as compared to our nearest competitor. Municipal and County Government. Our work in this area has been for utility systems, city halls, courthouses, community recreation facilities, jails, law enforcement facilities and other related projects. We have devised unique financing structures specifically tailored for our clients in this area. Education. Education transactions have always represented a significant portion of our business. Stephens has assisted most of the higher education institutions in Arkansas, as well as institutions in 31 states and territories. In addition, our firm is an active bidder on K-12 public school bonds, other than those issues for which we serve as financial advisor. Securities regulations now prohibit bidding or negotiating underwriting transactions for those issuers to whom the firm serves as financial advisor. Housing. Stephens currently serves as senior manager for a multi-year engagement for the Arkansas Development Finance Authority statewide single-family housing bond program. Our approach in housing, as well as other areas of public finance, is to tailor financing structures specifically to the client’s long term goals. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 17  Industrial and Economic Development. Historically, we have helped bring jobs to communities in all parts of the state. Stephens serves as a financing participant with the Arkansas Development Finance Authority’s economic development bond programs.  Arkansas Healthcare Experience. Over the years our firm has consistently dedicated a substantial amount of time and resources to Arkansas’ hospitals. Not only do we take pride in assisting five large medical hospital with their financing needs, we also believe our hospital clients outside of major metropolitan areas are just as important. As a result, we have also assisted hospitals like North Arkansas Hospital in Harrison, Ashley County Medical Center in Crossett, Conway Regional Medical Center, Arkansas Methodist Medical Center in Paragould. Company History. In 1933, W.R. “Witt” Stephens founded Stephens Inc. to trade Arkansas Highway bonds, which were selling as low as 10 cents on the dollar. By the time the bonds paid off in the early 40’s, Stephens had gained a reputation for both municipal bond expertise and for providing sound financial advice. In 1946, Jackson T. “Jack” Stephens shook hands with his brother Witt, and that formed the partnership that founded Stephens. Under their leadership, the firm took a small Arkansas based retailer, Wal-Mart, public and served as the municipal bond underwriter to the Louisiana Superdome. That philosophy of partnership continues to guide the way Stephens does business today. In 1986, Jack’s son, Warren A. Stephens, became Chief Executive Officer. For the next 39 years, he would direct the Stephens financial services firms’ operations and strategic initiatives as Chairman, President and Chief Executive Officer. During Warren’s leadership, Stephens experienced growth in its business lines and expanded its geographical reach. During Warren’s tenure, the firms saw a substantial rise in their professional workforce from just over 240 employees in 1986, to more than 1,300 today. Having devoted almost four decades to leading Stephens, in 2025 Warren retired as President and CEO (he retained the title of Chairman). Warren’s children, Miles, John, and Laura have followed in his footsteps, working a combined 30 years at Stephens. Miles and John serve as Co-Chief Executive Officers and Laura is a Senior Executive Vice President and Chair of the Executive Committee. As the third generation of leadership, they carry forward the Stephens’ tradition of family business and governance. With their stewardship Stephens remains one of the largest, privately held, family-owned financial services companies in the United States. Our public finance practice originated in the Little Rock office. Over the last twenty years, however, Stephens’ activities have expanded and additional offices have been opened in the south and southeast. In 1993, we opened our offices in Fayetteville to more effectively serve clients in Northwest Arkansas. Specifically, we have assisted the City of Fayetteville with investment banking services since 1995. Stephens’ presence in the public finance market consists of underwriting and financial advisory services. Our efforts are directed towards primary purpose public finance transactions. We specialize in assisting state agencies, counties and municipalities, primary and higher education issuers, utilities, housing and health care systems. As demonstrated under “Company Capabilities” we have consistently ranked as the number one municipal bond underwriter in the State of Arkansas. Our approach toward issuers is not about completing transactions. Rather our work is done in a manner that instills confidence and trust. We make a practice of putting an issuer’s interest first, which we’ve found is essential in maintaining long term relationships. Our philosophy and reputation are based on the belief that every client is different but equally deserving of our time, attention, and expertise. We earn your trust through sound judgment and our ability to execute on your behalf. This approach allows us to forge deep, lasting client-relationships, contributing to our mutual success. Stephens’ family leadership is a testament to the strength, stability, and time-honored legacy of the firm. By virtue of being family owned and family led, Stephens is well positioned to stay true to its core values of serving its clients, communities, and employees with the utmost integrity. Our firm’s mission has and continues to be helping public sector enterprises achieve distinctive, substantial, and lasting improvements in their performance. Our success is based upon our unwavering commitment to driving impact to our clients – by bringing the facts to the table and providing unbiased framing of our clients’ capital plans. We can do that because we are a privately owned company that does not have to appease shareholders. As such, we can work “shoulder-to-shoulder” with the City. It enables us to build an understanding of the City’s financial goals, to develop a shared sense of ownership, and to yield lasting results. This means Stephens’ role as underwriter doesn’t end when a project financing is completed; our team will continue to work together with staff to ensure resulting performance standards are met. Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 18 K. PERSONNEL (i) Staff: The Proposer shall provide a description of staff and work force that will be assigned to effectively facilitate the requirements of this project. Description provided shall include, at a minimum, the number of permanent employees, part time employees and an organizational chart reflecting their responsibilities. (ii) Resumes: The Proposer shall provide maximum one-page resumes of key personnel intended to be utilized for this project. One-page resumes do not count towards page restrictions outlined in this RFP. Resumes shall include, at a minimum: Position Title, Tenure with Proposer, Experience and Other related information. PROPOSED ENGAGEMENT TEAM Stephens uses a team approach for each engagement so that professionals are available on short notice, whether in person or virtually. Your Stephens team is located in both Fayetteville and Little Rock, which gives us a better understanding of the local and state issues and challenges facing the City, as well as providing the day-to-day contact needed to properly meet your needs. The proposed Stephens team is comprised of a talented group of professionals that includes public finance bankers, analysts, and structured product veterans with direct and meaningful experience of structuring tax-exempt and taxable municipal securities. The team assigned has been involved in the issuance of billions of dollars over the years. The Public Finance team at Stephens participates in continuing education as required by its regulators and in conjunction with the team’s annual meeting. In addition, we participate in conferences held by organizations important to our clients and our industry – in particular, Arkansas Municipal League, Arkansas Government Finance Officers Association, and Arkansas City Management Association. Furthermore, our firm is a member of the American Securities Association, which provides regular updates on federal action relevant to municipal finance. Members of our team may hold additional designations, such as Certified Public Accountant or Certified Financial Analyst, and receive continuing education as part of those certifications. Leigh Ann Biernat, CPA, EVP and Head of Public Finance, will serve as your engagement management and lead the Stephens’ underwriting team. She will oversee the services provided and transaction management. Leigh Ann has over 25 years of public finance experience, including serving as Senior Vice President of Finance and Administration for the City of Little Rock’s Advertising and Promotion Commission. She also worked as the Chief Financial Officer for the Arkansas Development Finance Authority and is an active Arkansas licensed Certified Public Accountant. Kevin Faught, Senior Vice President, will serve as the primary day- to-day contact and lead the Stephens banking team from our Fayetteville office. Jason Holsclaw, Senior Vice President, will serve as transaction support throughout all assignments during the engagement and will serve as your secondary contact. Furthermore, Lindsey Ollar, Vice President and Senior Quantitative Analyst, will lead our analytical team and provide day-to-day execution support. Adam Ward, Stephens’ Head of Municipal Trading and Underwriting will lead the bond pricing process, investor account management and bond underwriting. CITY OF FAYETTEVILLE Underwriting Team Engagement Management/Oversight Leigh Ann Biernat, CPA EVP, Head of Public Finance Little Rock, AR Senior Engagement Support (Primary and Secondary Contacts) Kevin Faught, SVP Jason Holsclaw, SVP Primary Contact Secondary Contact Fayetteville, AR Little Rock, AR Analytical Support Pricing Support Lindsey Ollar, VP Little Rock, AR Adam Ward, SVP Little Rock, AR Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 19 Team Member Applicable Experience Leigh Ann Biernat, CPA EVP, Head of Public Finance 111 Center Street Little Rock, AR 72201 501.377.6316(o) 501.993.2741(m) leighann.biernat@stephens.com CRD# 6542582 Role: Engagement Manager  Has worked with issuers of taxable and tax-exempt financings as both underwriter and financial advisor since joining Stephens in 2015.  Has 25+ years of experience working as an issuer of bonds and as senior management in both state and local government, issuing and administering a variety of bonds including housing, industrial development, state facility, higher education, general obligation, tobacco settlement revenue and tax-backed bonds.  Holds bachelor degree from the University of Arkansas at Little Rock and is also CPA licensed in Arkansas  Licenses: SIE, Series 50, 52, 53, 54, 63, 65 (https://brokercheck.finra.org/individual/summary/6542582) Kevin Faught Senior Vice President 3425 N Futrall Drive, Suite 201 Fayetteville, AR 72703 479.718.7444(o) 501.516.4631(m) kfaught@stephens.com CRD# 4785308 Role: Primary Contact  Brings over 20 years of experience as a Public Finance banker in Stephens’ Northwest Arkansas office  Prior to Stephens, he served as the Assistant City Administrator for the City of Branson, Missouri and Assistant to the Mayor for the City of Springdale, Arkansas  Directly involved in the issuance of approximately $4.1 billion in tax-exempt and taxable bonds since joining Stephens  Serves as financial advisor to approximately 20 Arkansas public entities  Holds bachelor degree in business and a master’s degree in public administration from the University of Arkansas at Fayetteville.  Licenses: SIE, Series 50, 52, 54, 63 (https://brokercheck.finra.org/individual/summary/4785308) Jason Holsclaw Senior Vice President 111 Center Street Little Rock, AR 72201 501.377.2474(o) 501.786.0442(m) jason.holsclaw@stephens.com CRD# 6070243 Role: Secondary Contact  Has worked with issuers of taxable and tax-exempt financings as both financial advisor and underwriter since joining Stephens in 2012.  Prior to Stephens, he served as a senior analyst with GAO for more than a decade evaluating federal policy and programs; also served as a senior investigator in U.S. Senate  Directly involved in the issuance of approximately $3.9 billion in tax-exempt and taxable bonds since joining Stephens  Has served as lead Stephens banker for the University of Arkansas System and its campuses since 2016  Holds bachelor degree from Ouachita Baptist University and a Master of Public Administration from the University of Kentucky  Licenses: SIE, Series 50, 52, 53, 54, 63 (https://brokercheck.finra.org/individual/summary/6070243) Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 20 Lindsey Ollar Vice President/ Senior Analyst CRD# 5955296 Role: Analytical Support  Oversees and provides technical and quantitative support for Stephens Public Finance teams located throughout the Southeast  Works on structuring, sizing, pricing new money and refunding municipal bond issues, assessing issuers’ outstanding debt and performing analyses of funding opportunities.  Assists in credit rating presentations, cash flow modeling, debt capacity and funding analysis.  Has structured more than $15 billion in tax-exempt and taxable bond issues ranging from general obligation, revenue, to private activity bonds.  Holds bachelor of business administration degree from the University of Central Arkansas  Licenses: SIE, Series 50, 52, 63 (https://brokercheck.finra.org/individual/summary/5955296) Adam Ward Senior Vice President CRD# 5231953 Role: Pricing Support and Oversight  Head of Stephens municipal bond underwriting team and provides pricing resources and negotiation support  Has lead or assisted in pricing thousands of transactions totaling more than $20 billion of municipal bonds for Stephens clients, including the most recent City of Little Rock transaction  Holds bachelor of business administration degree from the University of Arkansas  Licenses: SIE, Series 7, 50, 53, 63 (https://brokercheck.finra.org/individual/summary/5231953) Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 1 APPENDIX A – MUNICIPAL BOND EXPERIENCE IN THE STATE OF ARKANSAS AS SOLE AND SENIOR MANAGER 2020 - PRESENT Reference Type of Issue Maturity of Issue Issue Sale Date Sale Type Par Amount Rating (Moody's/S&P/Fitch) Interest Rate Range TIC OID Staff Member Jake Rice Manager 870-930-3300 Jonesboro, Arkansas City Water & Light Plant Public Utility System Revenue Bonds, Series 2020 06/01/35 06/17/20 NEG $21,525,000 NR/AA-/NR 5.00-4.00 1.717 11.00 Jason Holsclaw Tom Charlton Director of Fin & Admin 501-372-1194 Arkansas Development Finance Authority (Episcopal Collegiate School Project) Refunding Revenue Bonds, Series 2020 10/01/35 06/17/20 NEG $2,970,000 NR/NR/NR 3.00-2.375 2.166 8.47 Leigh Ann Biernat Flora Simon Mayor 870-382-2121 Dumas, Arkansas Water and Sewer Refunding Bonds, Series 2020 12/01/42 07/14/20 CPT $1,195,000 NR/NR/NR 2.516 39.96 Jason Holsclaw Judge Gary Hughes County Judge 870-261-1700 St. Francis County, Arkansas Sales and Use Tax Bonds, Series 2020 08/01/33 07/21/20 NEG $13,280,000 NR/A-/NR 4.00-1.75 1.628 13.50 Jason Holsclaw Jason Tolbert CFO 870-245-5000 Arkadelphia, Arkansas Public Education Facilities Board (Ouachita Baptist University) Refunding Revenue Bonds, Series 2020 09/01/34 01/22/20 NEG $4,915,000 NR/NR/NR 2.00-3.00 2.408 9.75 Jason Holsclaw Tim McKinney Mayor 870-423-4414 Berryville, Arkansas Water and Sewer Revenue and Sales and Use Tax Bonds, Series 2020 12/01/32 02/18/20 NEG $3,910,000 NR/NR/NR 2.00-3.00 2.334 15.00 Kevin Faught Prescot Scroggin Mayor 501-796-2534 Vilonia, Arkansas Sales and Use Tax Refunding and Improvement Bonds, Series 2020 06/01/50 02/18/20 NEG $5,330,000 NR/NR/NR 3.00-2.45 2.812 20.00 Leigh Ann Biernat Dorethea Yates Finance Director & Treasurer 501-321-6825 Hot Springs, Arkansas Waterworks Revenue Bonds, Series 2020 10/01/50 06/16/20 NEG $100,450,000 NR/AA/NR 3.00-4.00 2.696 6.50 Leigh Ann Biernat Arias (AL) Massri Vice President of Fin & Admin 479-619-2202 Northwest Arkansas Community College District Capital Improvement Refunding Bonds, Series 2020B 05/15/35 06/22/20 NEG $5,335,000 NR/AA-/NR 2.00 1.959 8.75 Kevin Faught Steve Mallett General Manager 479-968-2080 Russellville, Arkansas Water and Sewer Revenue Bonds, Series 2020 07/01/40 08/20/20 NEG $6,205,000 NR/A+/NR 1.50-2.00 1.858 12.00 Kevin Faught Tammy Hall CFO 501-279-4000 Searcy, Arkansas (Harding University and Harding Place Public Educational and Residential Housing Facilities Board) Refunding and Capital Improvement Revenue Bonds, Series 2020 10/01/40 11/18/20 NEG $9,840,000 NR/NR/NR 2.125-3.00 2.395 9.75 Leigh Ann Biernat Greg Ray County Judge 870-642-2425 Sevier County, Arkansas Sales and Use Tax Bonds (Taxable), Series 2020 08/01/50 09/10/20 NEG $24,250,000 NR/A/NR 0.639-2.579 3.077 13.75 Jason Holsclaw Peter A. Christie Mayor 479-876-1255 Bella Vista, Arkansas Sales and Use Tax Bonds, Series 2020 10/01/45 09/01/20 NEG $23,230,000 NR/AA-/NR 1.125-4.00 1.438 6.50 Kevin Faught Parnell Vann Mayor 870-234-1375 Magnolia, Arkansas Water and Sewer Refunding Improvement Bonds, Series 2020 01/01/34 09/28/20 NEG $3,740,000 NR/NR/NR 2.00 2.070 12.50 Jason Holsclaw David Robertson Manager 870-836-7331 Camden, Arkansas Water and Sewer Refunding Revenue Bonds, Series 2020 12/01/40 09/08/20 NEG $1,990,000 NR/NR/NR 1.50-2.00 2.073 21.00 Jason Holsclaw Barbara Lewellen Mayor 870-483-5355 Trumann, Arkansas Sales and Use Tax Bonds, Series 2021 10/01/31 12/08/20 NEG $2,315,000 NR/NR/NR 1.625-2.875 1.989 15.00 Jason Holsclaw Tom Charlton Director of Finance 501-372-1194 Arkansas Development Finance Authority Refunding Revenue Bonds (Episcopal Collegiate School Project), Series 2021 10/01/34 12/01/20 NEG $13,830,000 NR/NR/NR 2.00 2.118 12.15 Leigh Ann Biernat Darrell Phillips CFO 870-239-7700 Paragould, Arkansas Water, Sewer and Electric Refunding and Improvement Bonds, Series 2020 12/01/45 10/29/20 NEG $24,475,000 NR/A+/NR 2.25-5.00 2.420 10.00 Jason Holsclaw James Sanders Mayor 870-763-3602 Blytheville, Arkansas Sewer Revenue Bonds, Series 2020 02/01/50 09/15/20 NEG $8,945,000 NR/NR/NR 2.00-3.00 2.585 Jason Holsclaw Shawana Reed VP of Finance 870-235-4000 Southern Arkansas University Board of Trustees Student Fee Secured Refunding Bonds, Series 2020 03/01/45 10/28/20 NEG $7,580,000 NR/NR/NR 2.00-3.00 2.757 9.00 Jason Holsclaw Ro Arrington Public Finance Officer 501-682-5910 Arkansas Development Finance Authority Public Safety Charges Revenue Bonds (Arkansas Division of Emergency Management Project), Series 2020 06/01/45 12/02/20 NEG $85,810,000 NR/NR/NR 4.00-5.00 2.743 6.75 Leigh Ann Biernat Kevin Johnston Mayor 479-736-2553 Gentry, Arkansas Water and Sewer Revenue Bonds, Series 2020 06/01/40 10/20/20 NEG $5,000,000 NR/NR/NR 2.00-4.25 2.326 15.00 Kevin Faught Gina Terry CFO 501-686-2500 University of Arkansas Various Facilities Revenue Bonds (UA Little Rock Campus), Taxable Refunding, Series 2020 10/01/36 10/06/20 NEG $18,795,000 Aa2/NR/NR 0.439-2.022 1.893 1.60 Jason Holsclaw Donnie Sandifer General Manager 479-996-4296 James Fork Water District, Arkansas Water Revenue Refunding Bonds, Series 2020A 06/01/50 10/29/20 NEG $9,565,000 NR/AA/NR 2.00-2.75 2.440 12.00 Kevin Faught Cecil McMurtry General Manager 501-796-2711 Vilonia Waterworks Association, Arkansas Water Revenue Refunding Bonds, Series 2021 08/01/42 12/15/20 NEG $3,350,000 NR/NR/NR 0.75-2.375 2.272 20.00 Leigh Ann Biernat Tyronda Henderson CFO 870-779-4991 Texarkana, Arkansas Franchise Fee Secured Refunding Revenue Bonds, Series 2021A (Tax-Exempt) and 2021B (Taxable) 09/01/38 12/07/20 NEG $11,585,000 A1/NR/NR 2.00, 2.02- 2.42 1.830 10.00 Jason Holsclaw Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 2 Reference Type of Issue Maturity of Issue Issue Sale Date Sale Type Par Amount Rating (Moody's/S&P/Fitch) Interest Rate Range TIC OID Staff Member Roberd McAdoo County Judge 870-837-2210 Ouachita County, Arkansas Sales and Use Tax Refunding Bonds, Series 2021 08/01/33 12/08/20 NEG $2,210,000 NR/NR/NR 0.80-2.25 2.124 15.00 Jason Holsclaw Jeff Pyles General Manager 479-996-4296 James Fork Water District, Arkansas Water Revenue Refunding Bonds, Series 2021B 06/01/40 12/09/20 NEG $9,670,000 NR/AA/NR 2.00-2.15 2.029 15.00 Kevin Faught David Richardson General Manager 870-836-7331 Camden, Arkansas Water and Sewer Refunding and Improvement Bonds, Series 2021 12/01/40 03/09/21 NEG $8,690,000 NR/NR/NR 1.50-2.00 2.501 13.50 Jason Holsclaw Tenay Reep General Manager 870-226-2321 Warren, Arkansas Water and Sewer Refunding and Improvement Bonds, Series 2021 12/01/45 05/10/21 NEG $3,910,000 NR/NR/NR 2.00 2.300 17.50 Jason Holsclaw Tim Shaw General Manager 501-825-7294 Community Water System Public Water Authority of the State of Arkansas, Water Revenue Bonds, Series 2021A and Taxable Refunding Bonds, Series 2021B 10/01/42 05/19/21 NEG $29,035,000 NR/A+/NR 0.45-3.10 2.072 & 2.703 9.25 Jason Holsclaw Doug Hutchens Mayor 479-824-3321 Lincoln, Arkansas Water and Sewer Refunding Revenue Bonds, Series 2021 11/01/44 07/22/21 NEG $5,225,000 NR/NR/NR 1.125-2.375 2.106 11 Kevin Faught Kenneth Jones Mayor 870-935-0538 Brookland, Arkansas Sales and Use Tax Refunding and Improvement Bonds, Series 2021 09/01/46 07/26/21 NEG $9,155,000 NR/NR/NR 0.7-2.125 1.819 10 Jason Holsclaw Allen Lipsmeyer Mayor 501-354-3484 Morrilton, Arkansas Sewer Revenue Bonds, Series 2020 08/01/50 06/08/20 NEG $4,325,000 NR/NR/NR 2.00-2.875 2.713 13.5 Leigh Ann Biernat Charlotte Bradley CFO 870-777-3000 Hope, Arkansas Water and Electric Refunding Revenue Bonds, Series 2020 04/01/35 08/04/20 NEG $7,290,000 NR/NR/NR 2.00 1.925 9.75 Jason Holsclaw Brenda Weldon Mayor 501-332-3638 Malvern, Arkansas Capital Improvement Revenue Bonds, Series 2020 11/01/50 08/10/20 NEG $7,375,000 NR/NR/NR 1.25-2.625 2.444 10.5 Jason Holsclaw David Millard Mayor 479-637-3181 Waldron, Arkansas Water and Sewer Refunding and Construction Revenue Bonds, Series 2020 06/01/45 04/16/20 NEG $4,765,000 NR/NR/NR 2.00-3.125 3.009 15 Kevin Faught Robert Johnson Mayor 501-982-3146 Jacksonville, Arkansas Capital Improvement and Refunding Revenue Bonds, Series 2020 06/01/40 11/19/20 NEG $7,935,000 NR/NR/NR 1.625-2.375 2.279 12.5 Leigh Ann Biernat Ron Gardner Mayor 870-269-3778 Mountain View, Arkansas Sales and Use Tax Bonds, Series 2020 11/01/50 09/08/20 NEG $12,800,000 NR/AA/NR 1.375-4.00 1.900 17.5 Jason Holsclaw Jimmy Clark Mayor 501-362-3635 Heber Springs, Arkansas Sales and Use Tax Bonds Taxable Refunding and Improvement Bonds, Series 2021A and Improvement Bonds, Series 2021B 06/01/47 05/20/21 NEG $16,250,000 NR/A-/NR 0.50-3.25 2.384 10 Jason Holsclaw Bruce Ledford Mayor 479-643-3400 Elkins, Arkansas Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 2021A 09/01/46 06/10/21 NEG $5,670,000 NR/NR/NR 1.125-3.00 2.007 14.5 Kevin Faught Cedric Williams Mayor 870-633-1315 Forrest City, Arkansas Sales and Use Tax Bonds, Series 2021 11/01/44 06/15/21 NEG $16,580,000 NR/A-/NR 1.55-3.00 1.834 15 Jason Holsclaw Ken Kincade Mayor 501-843-3566 Cabot, Arkansas Franchise Fee Revenue Bonds, Taxable Series 2021 08/01/41 09/29/21 NEG $3,335,000 NR/AA/NR 1.45-3.27 3.079 16 Leigh Ann Biernat Todd Pederson Manager 870-702-5110 West Memphis, Arkansas Public Utility System Revenue Bonds, Series 2021 12/01/51 09/01/21 NEG $29,305,000 NR/AA/NR 2.50-4.00 2.544 McBryde Randy Tankersley Mayor 479-968-3029 Pottsville, Arkansas Water and Sewer Refunding Revenue Bonds, Series 2021 12/01/35 09/16/21 NEG $2,175,000 NR/NR/NR 1.875-2.00 1.915 13.5 Leigh Ann Biernat Jackie Crabtree Mayor 479-451-1122 Pea Ridge, Arkansas Water and Sewer Refunding Revenue Bonds, Series 2021 10/01/46 09/21/21 NEG $4,830,000 NR/NR/NR 1.125-2.50 2.322 9 Kevin Faught Ryan Stuckey General Manager 870-845-5442 Nashville Rural Public Water Authority, Arkansas Water Refunding Revenue Bonds, Series 2021 12/01/43 09/09/21 NEG $4,320,000 NR/NR/NR 1.375-4.00 2.199 8 Jason Holsclaw Troy Brooks CFO 501-329-3831 Conway Health Facilities Board (Conway Regional Medical Center) Revenue Refunding Bonds, Taxable Series 2021 08/01/41 09/22/21 NEG $14,555,000 NR/BBB+/NR 0.66-3.54 3.219 1.85 Leigh Ann Biernat Troy Tucker Judge 870-246-5847 Clark County, Arkansas Sales and Use Tax Bonds, Series 2021 06/01/36 08/24/21 NEG $8,460,000 NR/NR/NR 1.125-2.00 1.890 1.85 Jason Holsclaw Shirley Washington Mayor 870-730-2000 Pine Bluff, Arkansas Capital Improvement Refunding Revenue Bonds, Series 2021 05/01/46 11/15/21 NEG $3,585,000 NR/NR/NR 2.00-2.65 2.478 1.65 Leigh Ann Biernat Allen Lipsmeyer Mayor 501-354-3484 Morrilton, Arkansas Capital Improvement Revenue Bonds, Taxable Construction Series 2021A and Taxable Refunding and Construction 2021B 03/01/51 11/16/21 NEG $5,430,000 NR/AA/NR 2.00-3.50 2.439 100000 Leigh Ann Biernat Clarisse Harris General Manager 501-315-2212 Salem Water Users Association Public Water Authority Water Revenue Refunding Bonds, Series 2021 01/01/40 12/06/21 NEG $11,900,000 NR/NR/NR 2.00-5.00 2.196 4.5 Leigh Ann Biernat Vincent Leist President & CEO 870-414-5159 Boone County, Arkansas Hospital Revenue Refunding Bonds (North Arkansas Regional Medical Center), Series 2021 05/01/33 11/30/21 NEG $9,710,000 NR/NR/NR 2.375-4.00 2.906 15 Kevin Faught Paul Colvin Jr. Mayor 479-361-2700 Tontitown, Arkansas Sales and Use Tax Taxable Improvement Bonds, Series 2022A and Refunding and Improvement Bonds, Series 2022B 02/01/47 12/14/21 NEG $16,770,000 NR/AA/NR 1.50-4.00 3.112 Kevin Faught Vincent Leist President & CEO 870-414-5159 Boone County, Arkansas Hospital Revenue Refunding Bonds (North Arkansas Regional Medical Center), Series 2022 05/01/37 12/15/21 NEG $7,540,000 NR/NR/NR 3.00-4.00 3.196 28091.25 Kevin Faught Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 3 Reference Type of Issue Maturity of Issue Issue Sale Date Sale Type Par Amount Rating (Moody's/S&P/Fitch) Interest Rate Range TIC OID Staff Member Mayor Jackie Crabtree Mayor 479-451-1122 Pea Ridge, Arkansas Sales and Use Tax Bonds, Series 2022 03/01/47 12/02/21 NEG $5,800,000 NR/NR/NR 1.625-2.50 2.484 88800 Kevin Faught Ken Kincade Mayor 501-843-3566 Cabot, Arkansas Sales and Use Tax Bonds, Taxable Series 2022A 12/01/43 04/04/22 NEG $23,940,000 NR/A+/NR 2.85-5.00 4.374 17.5 Leigh Ann Biernat Bart Castleberry Mayor 501-450-6110 Conway, Arkansas Restaurant Gross Receipts Tax Capital Improvement and Refunding Bonds, Series 2022 06/01/52 04/12/22 NEG $38,785,000 NR/AA/NR 3.00-4.00 3.960 19717.5 Leigh Ann Biernat Linda Duncan Mayor 501-884-6577 Fairfield Bay, Arkansas Sales and Use Tax Refunding Bonds, Series 2022 06/01/45 03/15/22 NEG $1,715,000 NR/NR/NR 2.10-3.25 3.235 130875 McBryde Heath Ward Executive Director 479-751-5751 Springdale, Arkansas Water and Sewer Revenue Bonds, Series 2022A 09/01/37 04/12/22 NEG $43,080,000 NR/AA-/NR 3.50-5.00 3.408 17.5 Kevin Faught Jim yates Chairman 870-741-8211 Carroll-Boone (Arkansas) Water District Water Refunding and Improvement Revenue Bonds, Series 2020 12/01/40 07/15/20 NEG $17,145,000 NR/A-/NR 1.00-4.00 2.419 1.7 Kevin Faught Thea Hughes General Manager 501-982-0581 Jacksonville, Arkansas Wastewater Refunding Revenue Bonds, Series 2020 (Taxable) 12/01/39 07/23/20 NEG $14,620,000 NR/NR/NR 0.72-2.70 2.340 1.375 Leigh Ann Biernat Preston Scroggin Mayor 501-796-2534 Vilonia, Arkansas Sewer Refunding and Construction Revenue Bonds, Series 2020 12/01/50 07/21/20 NEG $3,995,000 NR/NR/NR 0.875-2.80 2.660 1.65 Leigh Ann Biernat Tanner McKnight CFO 870-633-4480 St. Francis County Community College District, Arkansas Limited Tax General Obligation Refunding Bonds (East Arkansas Community College), Series 2021 03/01/40 05/20/21 NEG $3,155,000 NR/NR/NR 1.125-2.25 2.165 Jason Holsclaw Steve Cobb City Attorney 501-416-4025 Sherwood, Arkansas Capital Improvement Refunding Revenue Bonds, Series 2021 03/01/33 06/28/21 NEG $4,980,000 NR/NR/NR 1.125-2.00 1.749 12.50 Leigh Ann Biernat Jim Harness County Judge 870-448-3828 Searcy County, Arkansas Sales and Use Tax Refunding Bonds, Series 2021 03/01/42 10/26/21 NEG $1,935,000 NR/NR/NR 0.60-2.50 2.547 20.00 Kevin Faught Thea Hughes General Manager 501-982-0581 Jacksonville, Arkansas Wastewater Revenue Bonds, Series 2021 12/01/42 11/18/21 NEG $8,150,000 NR/A+/NR 1.50-4.00 2.147 Leigh Ann Biernat Bret Carroll CEO 501-450-6020 Conway, Arkansas Electric Revenue Improvement Bonds, Series 2022A 12/01/45 03/08/22 NEG $24,165,000 Aa3/NR/NR 3.125-4.00 3.245 10.00 Leigh Ann Biernat David Richardson General Manager 870-836-7331 Camden, Arkansas Water and Sewer Refunding Revenue Bonds, Series 2022 10/01/23 02/23/22 NEG $4,385,000 NR/NR/NR 2.00-2.50 2.428 11.00 Jason Holsclaw Julie Bates EVP 501-660-1002 Arkansas State University Board of Trustees Student Fee Revenue Refunding Bonds (Jonesboro Campus), Taxable Series 2022 12/01/38 03/31/22 NEG $13,015,000 A1/NR/NR 2.25-4.15 3.890 9.00 Leigh Ann Biernat Barth Grayson Mayor 501-724-6428 Bald Knob, Arkansas Sales and Use Tax Refunding and Improvement Bonds, Series 2022 09/01/31 08/01/22 NEG $1,480,000 NR/NR/NR 2.50-3.00 2.932 20.00 Leigh Ann Biernat Sara Lenehan Finance Director 501-371-6806 Little Rock, Arkansas Limited Tax General Obligation Capital Improvement Bonds, Series 2022A 02/01/43 11/15/22 NEG $53,510,000 Aa1/AA/NR 3.875-5.00 3.993 7.50 Leigh Ann Biernat Laury Fiorello VP of Admin & Finance 479-968-0300 Arkansas Tech University Board of Trustees Student Fee Revenue Bonds, Series 2022A 12/01/52 11/16/22 NEG $29,800,000 NR/AA/NR 4.50-5.00 4.599 10.00 Leigh Ann Biernat Chris Keeney Mayor 479-521-7291 Johnson, Arkansas Sales and Use Tax Bonds, Series 2021 02/01/47 09/28/21 NEG $7,300,000 NR/NR/NR 1.125-2.50 2.274 15.00 Kevin Faught Bill Burrough City Manager 501-321-6811 Hot Springs, Arkansas Waterworks Revenue Refunding and Construction Bonds, Series 2023 10/01/52 12/20/22 NEG $47,930,000 NR/AA/NR 4.00-5.00 4.301 6.48 Leigh Ann Biernat Joy Black Finance Director 501-943-0318 Bryant, Arkansas, Capital Improvement Revenue Bonds, Series 2023 02/01/50 04/25/23 NEG $10,880,000 NR/NR/NR 3.00-4.20 4.316 12.50 Leigh Ann Biernat Steve Cobb City Attorney 501-416-4025 Sherwood, Arkansas Sales and Use Tax Bonds, Series 2023 12/01/33 04/24/23 NEG $15,460,000 Aa3/NR/NR 4.77-5.00 5.218 12.00 Leigh Ann Biernat Chris Moore Mayor 479-770-2185 Lowell, Arkansas Capital Improvement Refunding and Construction Bonds, Series 2021 06/01/46 07/19/21 NEG $5,535,000 NR/NR/NR 1.125-2.50 2.310 15.00 Kevin Faught Charlotte Bradley General Manager 870-777-3000 Hope, Arkansas Utility Revenue Bonds, Series 2021 04/01/41 07/20/21 NEG $9,995,000 NR/NR/NR 1.25-2.25 2.086 11.00 Jason Holsclaw Tara Smith CFO 501-686-2500 University of Arkansas Board of Trustees Various Facilities Revenue Bonds (UAPB Campus), Series 2022 12/01/52 08/11/22 NEG $16,655,000 Aa2/NR/NR 4.00 4.089 3.95 Jason Holsclaw Ro Arrington Public Finance Director 501-685-5910 Arkansas Development Finance Authority Revolving Loan Fund Reveune Bonds, Series 2023 06/30/43 08/08/23 NEG $109,235,000 NR/NR/NR 5.00 3.495 4.50 Leigh Ann Biernat Doug Hutchens Mayor 479-824-3321 Lincoln, Arkansas Sales and Use Tax Refunding and Improvement Bonds, Series 2023 10/01/53 08/15/23 NEG $3,885,000 NR/A-/NR 3.50-4.50 4.544 17.50 Kevin Faught Kelli Embry VP for Administration/CFO 501-760-4133 National Park College District Improvement Bonds, Series 2023 03/01/51 08/22/23 NEG $6,470,000 NR/A+/NR 3.5-4.5 4.650 Leigh Ann Biernat Larry Garrett Madison County Judge 479-738-6721 Madison County, Arkansas Sales and Use Tax Bonds, Series 2023 12/01/58 09/18/23 NEG $16,380,000 NR/A-/NR 4.125-5.00 4.595 12.50 Kevin Faught Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l Stephens Inc. Response to City of Fayetteville – Request for Proposal for Bond Underwriter April 17, 2025 4 Reference Type of Issue Maturity of Issue Issue Sale Date Sale Type Par Amount Rating (Moody's/S&P/Fitch) Interest Rate Range TIC OID Staff Member Marco McClendon Mayor 870-732-7500 West Memphis, Arkansas Net Casino Gaming Receipts Tax Bonds, Series 2023 12/01/39 10/18/23 NEG $9,050,000 A3/NR/NR 4.125-5.125 5.286 Michael McBryde Billy Hankins Mayor 870-734-1033 Brinkley, Arkansas Sales and Use Tax Bonds, Series 2023 03/01/33 11/07/23 NEG $4,075,000 NR/NR/NR 4.50 5.055 Michael McBryde Keith Sutton Mayor 870-892-3924 Pocahontas, Arkansas Sales and Use Tax Refunding and Improvement Bonds, Series 2023 11/01/33 10/10/23 NEG $5,980,000 NR/A+/NR 5.00-4.20 4.628 Michael McBryde Jim Fincher Mayor 479-632-4110 Alma, Arkansas Sales and Use Tax Bonds, Series 2023 03/01/44 11/16/23 NEG $16,150,000 NR/A+/NR 4.125-5.00 4.326 20.00 Kevin Faught Tommy Jackson General Manager 501-589-7302 Beebe, Arkansas Water and Sewer Refunding and Improvement Revenue Bonds, Series 2021 08/01/51 07/29/21 NEG $14,245,000 NR/AA/NR 4.00-2.375 2.480 11.00 Leigh Ann Biernat Hugh Hardgrave Mayor 479-674-5616 Lavaca, Arkansas Water and Sewer Refunding and Improvement Revenue Bonds, Series 2021 11/01/41 08/09/21 NEG $1,500,000 NR/NR/NR 0.50-2.25 2.242 25.00 Kevin Faught Jeff Owyoung Mayor 870-222-3160 McGehee, Arkansas Sales and Use Tax Bonds, Series 2024 09/01/54 01/23/24 NEG $5,000,000 NR/NR/NR 4.776 Jason Holsclaw David Belk CFO 870-930-3300 City Water and Light Plant of the City of Jonesboro, Arkansas Public Utility System Revenue Bonds, Series 2022 06/01/37 05/03/22 NEG $33,360,000 NR/NR/NR 4.00-5.00 3.542 10.00 McBryde Paul Becker Finance & Internal Svsc Dir 479-575-8330 Fayetteville, Arkansas Sales and Use Tax Capital Improvement Bonds, Series 2022 11/01/32 06/09/22 NEG $74,340,000 NR/AA-/NR 2.50-5.00 2.854 4.95 Kevin Faught Gena Wingfield EVP and CFO 501-364-2555 Pulaski County, Arkansas Hospital Revenue Bonds (Arkansas Children's Hospital), Series 2023 03/01/53 06/06/23 NEG $128,150,000 A1/AA-/NR 4.25-5.25 4.476 Leigh Ann Biernat Paul Becker Finance & Internal Services Director 479-575-8330 Fayetteville, Arkansas Sales and Use Tax Bonds, Series 2024 11/01/33 09/26/24 NEG $15,000,000 NR/AA-/NR 3.25 3.430 Kevin Faught Dr. Rick Massengale, Sr. President 870-743-3000 North Arkansas College Board of Trustees Special Obligation Capital Improvement Bonds, Series 2022 08/01/42 08/10/22 NEG $1,900,000 NR/NR/NR 2.25-4.00 3.814 17.50 Kevin Faught Greg Hines Mayor 479-621-1117 Rogers, Arkansas Sales and Use Tax Bonds, Series 2022 11/01/34 08/23/22 NEG $83,540,000 NR/AA-/NR 4.00-5.00 3.413 8.50 Kevin Faught Tara Smith CFO 501-686-2500 University of Arkansas Board of Trustees, Student Fee Revenue Bonds (UA Morrilton) 2024 05/01/51 10/22/24 NEG $10,215,000 Aa2/NR/NR 5.00 4.226 Jason Holsclaw William Plyler Mayor 870-356-3613 Glenwood, Arkansas Sales and Use Tax Refunding Bond, Series 2023 11/01/48 10/24/23 NEG $4,440,000 NR/NR/NR 5.764 Jason Holsclaw Jeff Pyles General Manager 479-996-4296 James Fork Regional Water District Water Revenue Bonds, Series 2024 06/01/54 09/16/24 NEG $2,130,000 NR/AA Insured/NR 3.00-4.25 4.303 Kevin Faught Tara Smith CFO 501-686-2500 University of Arkansas Board of Trustees, Student Fee Revenue Bonds (Fort Smith Campus), Refunding Series 06/01/39 08/22/24 NEG $7,170,000 Aa2/NR/NR 5.00 3.332 Jason Holsclaw Jeff Pyles General Manager 479-996-4296 James Fork Regional Water District, Arkansas Water Refunding and Improvement Revenue Bonds, Series 2023 06/01/53 09/12/23 NEG $4,435,000 NR/AA/NR 3.625-4.625 4.787 17.50 Kevin Faught Gary Brinkley City Manager 870-246-9864 Arkadelphia, Arkansas Water and Sewer Revenue Bonds, Series 2023 12/01/53 10/17/23 NEG $10,470,000 NR/AA/NR 5.00 5.136 Jason Holsclaw Mayor Chris Moore Mayor 479-770-2185 Lowell, Arkansas Capital Improvement Revenue Bonds, Series 2024 06/01/49 10/01/24 NEG $6,565,000 NR/AA (AG Insured)/NR 2.875-4.125 4.177 Kevin Faught Dr. Stan Norman President 870-886-6741 Lawrence County, Arkansas Public Education Facilities Board (Williams Baptist University) Refunding and Improvement Revenue Bonds, Series 2024 03/01/49 08/06/24 NEG $2,710,000 NR/NR/NR 4.00-5.25 5.087 Michael McBryde Marco McClendon Mayor 870-732-7500 West Memphis, Arkansas Public Utility System Revenue Bonds, Series 2024 12/05/54 09/05/24 NEG $15,335,000 NR/BBB/NR 4.00-5.00 4.315 Michael McBryde Tim Shaw General Manager 501-825-7294 Community Water Sytem Public Water Authority of the State of Arkansas Water Revenue Bonds, Series 2024 10/01/54 04/17/24 NEG $5,000,000 NR/A+/NR 3.25-5.00 4.512 Michael McBryde Total Par Amount $1,696,355,000 Number of Transactions 534 Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 16 of 18  City of Fayetteville  RFP 25‐05, Bond Underwriter  SECTION C: Signature Submittal    1. DISCLOSURE INFORMATION  eligible for consideration.    PLEASE CHECK ONE OF THE FOLLOWING TWO OPTIONS, AS IT APPROPRIATELY APPLIES TO YOUR FIRM:  a. Proposer must disclose any possible conflict of interest with the City of Fayetteville, including, but not  limited to, any relationship with any City of Fayetteville employee.  Proposer response must disclose if a  known relationship exists between any principal or employee of your firm and any City of Fayetteville  employee or elected City of Fayetteville official.    i. If, to your knowledge, no relationship exists, this should also be stated in your response.  Failure  to disclose such a relationship may result in cancellation of a purchase and/or contract as a result  of your response.  This form must be completed and returned in order for your bid/proposal to be      ___________1) NO KNOWN RELATIONSHIP EXISTS    ___________2) RELATIONSHIP EXISTS (Please explain): _______________________________________  ___________________________________________________________________________________  ___________________________________________________________________________________    b. I certify that; as an officer of this organization, or per the attached letter of authorization, am duly  authorized to certify the information provided herein is accurate and true; and my organization shall  comply with all State and Federal Equal Opportunity and Non‐Discrimination requirements and conditions  of employment.    c. Proposer agrees that they shall have a current, valid registration with the Arkansas Secretary of State at  time of RFP deadline OR be able to provide proof of registration before recommendation of award to  Fayetteville City Council.    d. Pursuant Arkansas Code Annotated §25‐1‐503, the Contractor agrees and certifies that they do not  currently boycott Israel and will not boycott Israel during any time in which they are entering into, or while  in contract, with any public entity as defined in §25‐1‐503.  If at any time during contract the contractor  decides to boycott Israel, the contractor must notify the contracted public entity in writing.    e. Pursuant Arkansas Code Annotated §25‐1‐1002, the Contractor agrees and certifies that they do not  currently boycott Energy, Fossil Fuel, Firearms, and Ammunition Industries during any time in which they  are entering into, or while in contract, with any public entity as defined in §25‐1‐1002. If at any time during  the contract the contractor decides to boycott Energy, Fossil Fuel, Firearms, and/or Ammunition  Industries, the contractor must notify the contracted public entity in writing.    X The Srimary Fontact, W. Kevin Faught is first cousin to Alan Pugh, Staff Engineer for the City of  Fayetteville Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 17 of 18  2.  PRIMARY CONTACT INFORMATION  At the discretion of the City, one or more firms may be asked for more detailed information before final  ranking of the firms, which may also include oral interviews. NOTE: Each Proposer shall submit to the City a  primary contact name, e‐mail address, and phone number (preferably a cell phone number) where the City  selection committee can call for clarification or interview via telephone.     Corporate Name of Firm: ___________________________________________________________________    Primary Contact: ____________________________ Title of Primary Contact: _________________________    Phone#1 (cell preferred): ____________________________Phone#2: ______________________________    E‐Mail Address: __________________________________________________________________________      3.  ACKNOWLEDGEMENT OF ADDENDA  Acknowledge receipt of addenda for this invitation to bid, request for proposal, or request for qualification  by signing and dating below.  All addendums are hereby made a part of the bid or RFP documents to the same  extent as though it were originally included therein. Proposers/Bidders should indicate their receipt of same  in the appropriate blank listed herein. Failure to do so may subject Contractor to disqualification.     ADDENDUM NO. SIGNATURE AND PRINTED NAME DATE ACKNOWLEDGED                                    4.  DEBARMENT CERTIFICATION    a. As an interested party on this project, you are required to provide debarment/suspension certification  indicating compliance with the below Federal Executive Order.  Certification can be done by completing  and signing this form.      b. Federal Executive Order (E.O.) 12549 “Debarment and Suspension“ requires that all contractors receiving  individual awards, using  federal funds, and all sub‐recipients certify that the organization and its principals  are not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any  Federal department or agency from doing business with the Federal Government.    c. Signature certifies that neither you nor your principal is presently debarred, suspended, proposed for  debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any  federal department or agency.        Stephens Inc. Kevin Faught Senior Vice President 501-516-4631 479-718-7444 kfaught@stephens.com 1 W. Kevin Faught 03/27/2025 Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l City of Fayetteville, AR  RFP 25‐05, Bond Underwriter  Page 18 of 18  5. SIGNATURE SUBMITTAL    NAME OF COMPANY: _____________________________________________________________________    PHYSICAL ADDRESS: ______________________________________________________________________    MAILING ADDRESS: _______________________________________________________________________    TAX ID #: __________________________ AR. SECRETARY OF STATE FILING #: ________________________    PHONE: _________________________________________ FAX: ___________________________________    E‐MAIL: ________________________________________________________________________________    By submitting your response, you certify that you are authorized to represent and bind your company :    SIGNATURE: _____________________________________________________________________________    PRINTED NAME: _________________________________________________________________________    TITLE: _______________________________________ DATE: _____________________________________                              END OF RFP DOCUMENT    Stephens Inc. 3425 N. Futrall Drive, Suite 201, Fayetteville, AR 72703 Same as physical address 479-718-7444 kfaught@stephens.com W. Kevin Faught Senior Vice President 04/17/2025 71-0641478 100049064 Ap p e n d i x B RF P 25 - 0 5 , Bo n d Un d e r w r i t e r Ste p h e n s ' s Pro p o s a l