Government Contract | Arkansas
Financing

Bid Information


Bid Alert No: 00000458982

Bid Title: Financing

Agency Bid No. Title: 16-006

Received Date: 01/13/2016

Close Date: 02/01/2016

Purchase Type: Not Stated

Delivery Point: Hot Springs, Arkansas

Delivery Date: Not Stated

Specifications

Specifications include, but are not limited to:The City of Hot Springs seeks financing for various capital assets (computer equipment, vehicles, motorcycles,heavy duty equipment and other miscellaneous assets shown in Attachment A) in an amount not to exceed$1,500,000.00. The City will request disbursement from the lender and the rate will be established at the time ofdisbursement based on the methodology outlined in this request. The disbursement period could be throughout2016, resulting in multiple amortization schedules based on the master agreement. Currently it is anticipated thatthere will only be one (1) disbursement. The City will maintain the security interest and titles for the capital assetsas this is a general obligation borrowing.1. The borrowing will be authorized pursuant to Amendment 78 of Article 16 of the Arkansas StateConstitution, which allows cities to enter into short term financing. All loan documents will reflect that.2. The note will be designated as qualified tax-exempt obligation within the meaning of the Internal RevenueCode of 1986, as amended.3. Any legal opinion will be provided by the Citys in house legal counsel. There should be no out of pocketcosts for outside legal counsel or any other closing costs.4. The rate will be tied to a common index. The preferred benchmark index is the 5 year Treasury bill. Therate will be fixed for the term of the note.5. Repayments of principal and interest will be made monthly, starting 30 days from receipt of funding.6. The loan term will be five years.7. The successful vendor will be responsible for preparing the 8038G for the City to remit to the IRS.

Bid Related Documents

Download Document

Product Code: 94654

Agency Information


Issuing Agency: City of Hot Springs

State: Arkansas

Agency Type: State and Local

Contact: Dorethea N. Yates Purchasing Office, 517 Airport Road, Ste C, Hot Springs, Arkansas, 71913

Email: dnyates@cityhs.net

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