Notice Details

The Office of the New York City Comptroller (the “Comptroller”) is inviting major banking institutions to submit proposals to serve as Fiscal Agent and Tender Agent for holders of debt securities issued by the City of New York (“the City”). The successful proposer will also provide Escrow Agent Services in connection with refunding(s) of City debt securities prior to their respective maturity dates.

This Request for Proposal (RFP) solicits technical and cost proposals to provide Fiscal Agent, Tender Agent, Escrow Agent and related services for all outstanding City General Obligation Bonds and Notes for a period of four (4) years, with commencement of services anticipated to be April 1, 2023. The Fiscal Agent will provide paying agent and registrar functions and certain cash management services.? The Tender Agent will manage tenders of variable rate demand bonds (“VRDBs”) and Adjustable Rate Remarketed Securities (“ARRS”). The Escrow Agent will establish and maintain escrow accounts to pay interest and principal on certain bonds (“Refunded Bonds”) on their respective interest payment and maturity dates, and to call and redeem certain Refunded Bonds prior to their respective maturity dates. In every capacity, the bank selected will support the City’s arbitrage rebate compliance activities by promptly furnishing all needed records, including those of fund flows and investment earnings.

All qualified and interested firms are advised to register to download the Request for Proposal from the Comptroller’s website, www.comptroller.nyc.gov from July 8, 2022, which fully describes the scope of work, minimum requirements and how to participate. To download the Request for Proposal (RFP), select “RFPs & Solicitations” then select “Fiscal Agent, Tender Agent and Escrow Services”. Questions about the Request for Proposal can be transmitted by email to accountrfps@comptroller.nyc.gov.