120623- ACRJ: Series 2023 Revenue Note

Description

Davenport Public Finance One James Center 901 East Cary Street – 11th Floor Richmond, Virginia 23219 (804) 697–2900 VIA EMAIL November 8, 2023 REQUEST FOR PROPOSALS RFP 2024-120623- ACRJ: Series 2023 Revenue Note Albemarle-Charlottesville Regional Jail Authority Proposals Due: 11:00 a.m. Eastern Time on Wednesday, December 6, 2023 $4,500,000 Tax-Exempt Revenue Note, Series 2023 Davenport & Company LLC (“Davenport”), in our capacity as Financial Advisor to the AlbemarleCharlottesville Regional Jail Authority (the “Authority”), is issuing this Request for Proposals (the “RFP”) on behalf of the Authority to solicit bids for a direct bank loan evidenced by the Authority’s Series 2023 Tax-Exempt Revenue Note (the “2023 Note”). The proceeds of the Series 2023 Note will be used to (i) provide interim funding for costs relating to the design and construction of the Improvements to the Regional Jail and (ii) finance the costs of issuance associated with the Series 2023 Note. In order to provide the Authority with the utmost flexibility, the Authority is interested in receiving proposals for two structure options: Structure Option 1: Draw-down, non-revolving, line of credit revenue note; and, Structure Option 2: Bond anticipation revenue note (i.e. all proceeds drawn at closing). Further, the Authority is interested in receiving proposals for the following: Maturity Option A: Final Maturity of January 15, 2027. Respondents are invited to submit proposals for one or both of the structure options for the 2023 Note. Submitting a proposal for only one of the structure options will not preclude a bidder from receiving the award for the 2023 Note. In order to streamline proposals, Davenport has provided a Proposal Matrix in the Appendix of this RFP. Potential bidders are encouraged, but not required, to include the Proposal Matrix in their proposals. *Preliminary, subject to change. Member NYSE | FINRA | SIPC Page 1 The Authority The Authority was created as a political subdivision of the Commonwealth of Virginia jointly by Albemarle County (Aaa/AAA/AAA), the City of Charlottesville (Aaa/AAA/AAA), and Nelson County (Not Rated). The Authority has the responsibility to operate for the benefit of the Member Jurisdictions pursuant to the Service Agreement. The Authority’s funding is provided by the Commonwealth of Virginia, the federal government, and the Member Jurisdictions.