Request for Proposals – Installment Financing

April 6, 2017

The Town of Wadesboro, North Carolina, is accepting proposals for financing the purchase of a used fire apparatus rescue pumper (“rescue pumper”). The Town is considering purchasing the rescue pumper in either FY 2016-17 or FY 2017-18.

The Town is currently searching for the used fire rescue pumper with an anticipated total budget of up to $400,000. The Town would provide between $50,000 to $300,000 as a down payment meaning financing would encompass somewhere between $100,000 to $350,000.[1]

The Town will accept bids via electronic mail (preferred), U.S. postal service, couriers, or hand deliveries. To be considered, the bid must be received no later than Noon on Friday, April 14, 2017. For mail, courier, and hand deliveries, please mark the envelope “Rescue Pumper Financing Proposal” and send to the attention of Alex Sewell, Town Manager at the address listed below in the signature. Electronic responses should be e-mailed to Alex Sewell at . Should you have any questions about the bid process, feel free to contact me at (704) 694-9225.

Term Specifications

  • The Town would like to consider 2 term options:
  • 8 annual payments in arrears at a fixed interest rate; and
  • 10 annual payments in arrears at a fixed interest rate.
  • NOTE: Any financial institution not wanting to make a proposal on all 2 options may present a proposal with 1 of the above term options.

Bidders Should also Provide:

  • Amortization schedules including annual fixed principal plus interest payment schedules at the proposed fixed interest rates.
  • Information clearly indicating whether the loan may be paid off early without a penalty or charge prior to the due date of the final payment.
  • The amount, if any, of additional fees or costs that will be charged with respect to the financing arrangement. Please provide specific costs, if any, as they will be used in evaluating proposals.

Funds should be placed in a non-interest bearing escrow account to be withdrawn in progressive installments upon presentation of payment vouchers, or in an alternate arrangement approved by the Town.

The bids will be presented to the Town Council at its Special Meeting onApril 18, 2017, and a Town Council final decision on approval may be made at meeting or at the next regular meeting on May 6, 2017, beginning at 5:00 P.M.at Wadesboro Town Hall.

The Town of Wadesboro reserves the right to select the proposal which best fits the overall needs of the Town and to reject any and/or all proposals in its sole discretion. Informalities and/or irregularities in the manner in which proposals are prepared which do not create an inherent advantage may be waived by the Town. The Town reserves the right to negotiate with the financial institution with the top proposal.

Please feel free to contact me if you have any questions and thank you for your interest in the Town of Wadesboro.

Sincerely,

Alex Sewell

Wadesboro Town Manager/Finance Officer

Mail: PO Box 697

Physical: 124-126 E. Wade Street

Wadesboro, NC 28170

(704) 694-5171

[1]Release of funds contingent on lending institution approving the particular rescue pumper to be purchased.