RFP

INSTRUCTIONS TO PROPOSERS

Questions. Proposers may email questions directly related to this RFP to the contacts listed below but shall not otherwise contact any City of Fort Worth staff or elected officials during the RFP process. The City of Fort Worth may disqualify any vendor who makes site visits or contacts any staff or elected official of the City in violation of this policy.

The City will accept questions related to this RFP until 10:00 AM central time on Tuesday, February 17, 2026. All questions received by that time and the City’s responses will be posted to the City’s BondLink page and the Texas MAC homepage on Monday, February 23, 2026.

Proposal Contacts. Please direct all questions regarding this RFP to:
Brit Stock, Debt Manager
City of Fort Worth
817-392-8980
brit.stock@fortworthtexas.gov

Karlos Allen
PFM Financial Advisors LLC
713-848-6420
allenka@pfm.com

Esther Young
Tijerina Financial Consulting
214-974-8949
eyoung@tfcma.com

Submission. Proposers shall submit their response via e-mail only to brit.stock@fortworthtexas.gov, allenka@pfm.com, and eyoung@tfcma.com.

Responses must be received by 4:00 PM central time on Thursday, March 5, 2026 to be considered.

Proposals shall be limited to ten (10) pages or less, exclusive of a cover page, and typewritten in a font no smaller than 11 point. The proposal shall contain, at a minimum, responses to the items listed under the sections entitled “PROPOSAL REQUIREMENTS” and “REQUIRED DISCLOSURES.” Proposers may include any other information desired but should not exceed the ten-page limit.

The City reserves the right to waive formalities, irregularities, and defects in any or all proposals, except as otherwise required by law. The City reserves the right to: reject any or all proposals; to reject a portion of any or all proposals; to negotiate and execute or to not negotiate and execute a Pricing Agreement/Contract with any proposer; to solicit new or different proposals; and to alternatively issue the transactions described herein via competitive sale. The City reserves the right to negotiate and/or contract with one or more proposers for all or a portion of any proposal or proposed services.

*Preliminary, subject to change

PROPOSAL REQUIREMENTS

1. State whether your firm desires to be considered as book-running senior manager or co-managing underwriter. If your firm is not selected as book-running senior manager, state if you are willing to serve as a co-manager.

2. Describe the amount of uncommitted capital available and the ability and willingness of the firm to purchase an entire offering of the City, if necessary, in the case of a firm underwriting.

3. Describe your participation in the last five (5) years in the City’s competitive bond sales.

4. Describe any investments your firm has made in the City and list any offices or personnel located within the City.

5. Describe your experience with the type of bond issue that is being offered.

6. Describe any innovative or creative financing ideas, structures, techniques, or approaches that your firm recommends for this proposed bond issuance. Provide specific recent examples (preferably within the last 3–5 years) of similar innovations you have successfully executed for comparable issuers, including the type of innovation, transaction size, and quantified benefits achieved (e.g., basis point savings, expanded investor base, improved pricing, or greater flexibility).

7. Describe your approach and strategy for each of the three rating agencies. Include a discussion on rating strategy, preferred agencies for marketing and any other relevant thoughts.

8. Describe your structuring and pricing strategy for the proposed issue. Include a discussion of the type of investors you will target for these bond sales.

9. Discuss any thoughts on a debt service reserve fund for the bonds including but not limited to require by the market or credit rating, pricing of the bonds, change in potential investors, etc. The City evaluates the use of a debt service reserve funds funded by proceeds of bonds, available cash, or the purchase of a suret bond to the extent authorized by law. The desirability of using a reserve will be evaluated on a case-by-
case basis.

10. Provide a comprehensive Plan of Finance for the approximately $541 million Fort Worth Convention Center financing. The City has prepared Preliminary Finance Assumptions (Exhibit A) to support your analysis and response. Proposers may submit multiple financing options with differing structures. Each proposed financing option should address, at a minimum, the following elements:

• Overall plan of finance
• Borrowing rates and underlying assumptions. Proposers should assume:
o Tax-exempt rates as of market close March 4, 2026
o 30-year level debt service
o 10-year call in 2036
o “A2”/ “AA-” ratings from Moody’s and Fitch, respectively
• Fees and expenses associated with the proposed structure
• Reserve fund requirements
• Expected credit ratings and rationale
• Marketability of the proposed financing methodology

Proposers should note clearly (1) takedowns by maturity, (2) estimated TIC, and (3) estimated expenses for the proposed issue. In addition to evaluating the overall lowest cost of borrowing and the required elements listed above, the City will also consider the following criteria in its selection process:

• Total borrowing cost
• Fees and expenses
• Legal security provisions
• Call provisions
• Reporting requirements
• Any additional factors deemed relevant by the City

Proposers should provide clear, detailed explanations and supporting analysis for each component of their proposed financing structures. The Plan of Finance may be included as an appendix.

REQUIRED DISCLOSURES

1. Disclose any pending or completed investigations within the past five (5) years by the NASD, SEC, MSRB, or any other regulatory body regarding the conduct of your firm, employees, or the firm’s management.

2. Disclose any conflicts of interest, as stated in MSRB Rule G-17, including finder’s fees, fee splitting, or other contractual arrangements of the firm that could present a real or perceived conflict of interest. Disclose any relationship, contractual or otherwise, that your firm has with any individual, organization, or firm that may be a party to the City.

3. Discuss any changes within the past three (3) years in the management or ownership of your firm.

4. Discuss any anticipated mergers, transfers of organization ownership, management reorganization, or change in key personnel in the next twelve (12) months and how that could impact this project if awarded.

5. Confirm that your firm has filed a standing letter with the Texas Attorney General evidencing that it is compliant with Texas SB 13 and SB 19, each enacted into law in 2021, that the standing letter reflects the current compliance of the firm with SB 13 and SB 19, and that the firm is not aware of any circumstances which would cause the City not to be able to rely upon the representations made by the firm in its standing
letter currently on file with the Texas Attorney General.