Financing

Agency: Pulaski County
State: Arkansas
Type of Government: State & Local
Posted Date: Jan 9, 2024
Due Date: Jan 29, 2024
Solicitation No: HS-24-002
Bid Source: Please Login to View Page
Contact information: Please Login to View Page
Bid Documents: Please Login to View Page
Bid Information
Type HS - Request for Bids - Financial
Status Issued
Number HS-24-002 (Financing)
Issue Date & Time 1/9/2024 10:00:03 AM (CT)
Close Date & Time 1/29/2024 02:00:00 PM (CT)
Notes
TO: Prospective Bidders
FROM: City of Hot Springs Purchasing Division
DATE: January 9, 2024
The City of Hot Springs is issuing its “Request for Bids” or “Invitation to Bid” for:
RFB Number: HS-24-002
RFB Item: FINANCING
RFB Opening Time, Date & Location: 2:00 PM CT, MONDAY, JANUARY 29, 2024, 324 Malvern Ave, 71901, 2nd Floor, Room 206; PO Box 6300, 71902, City of Hot Springs, Arkansas
The complete bid packet is available online at https://arkansas.ionwave.net/Login.aspx . Interested Bidders must register at this site to submit bids electronically. This is the preferred method of submittal.
Sealed paper responses to this invitation can also be submitted to the Purchasing Division by mail or in person. Facsimile submissions are not acceptable. The sealed envelope, including express envelopes , must be identified as a sealed bid and show the item or bid number.
All responses must be submitted no later than the date and time shown above for consideration.
Thank you,
Purchasing Division
(501) 321-6830 or (501) 321-6822
purchasing@cityhs.net
Contact Information
Name Olivia Thomason
Address 324 Malvern Ave
2nd Floor
Hot Springs, AR 71901 USA
Phone
Fax
Email purchasing@cityhs.net

Attachment Preview

HS-24-002
Financing
Issue Date: 1/9/2024
Questions Deadline: 1/22/2024 05:00 PM (CT)
Response Deadline: 1/29/2024 02:00 PM (CT)
City of Hot Springs
Contact Information
Contact: Olivia Thomason
Address: Purchasing
324 Malvern Ave
2nd Floor
Hot Springs, AR 71901
Email: purchasing@cityhs.net
Page 1 of 7 pages
Deadline: 1/29/2024 02:00 PM (CT)
HS-24-002
Event Information
Number:
HS-24-002
Title:
Financing
Type:
HS - Request for Bids - Financial
Issue Date:
1/9/2024
Question Deadline: 1/22/2024 05:00 PM (CT)
Response Deadline: 1/29/2024 02:00 PM (CT)
Notes:
TO: Prospective Bidders
FROM: City of Hot Springs Purchasing Division
DATE: January 9, 2024
The City of Hot Springs is issuing its “Request for Bids” or “Invitation to Bid” for:
RFB Number: HS-24-002
RFB Item: FINANCING
RFB Opening Time, Date & Location: 2:00 PM CT, MONDAY, JANUARY 29,
2024, 324 Malvern Ave, 71901, 2nd Floor, Room 206; PO Box 6300, 71902, City of
Hot Springs, Arkansas
The complete bid packet is available online
at https://arkansas.ionwave.net/Login.aspx. Interested Bidders must register
at this site to submit bids electronically. This is the preferred method of
submittal.
Sealed paper responses to this invitation can also be submitted to the Purchasing
Division by mail or in person. Facsimile submissions are not acceptable. The sealed
envelope, including express envelopes, must be identified as a sealed bid and show
the item or bid number.
All responses must be submitted no later than the date and time shown
above for consideration.
Thank you,
Purchasing Division
(501) 321-6830 or (501) 321-6822
purchasing@cityhs.net
Bid Attachments
HS-24-002 Financing.pdf
Signature Page for HS-24-002 Financing
Page 2 of 7 pages
Deadline: 1/29/2024 02:00 PM (CT)
Download
HS-24-002
Terms and Conditions - RFB.pdf
Bidder shall read the Terms and Conditions of Request for Bids for HS-24-002 Financing.
Download
Requested Attachments
Amortization Schedule
(Attachment required)
Bidders shall provide a copy of their amortization schedule.
Additional Attachments
Please upload any additional documents.
Bid Attributes
1 SCOPE OF SERVICE
The City of Hot Springs, Arkansas, is accepting bids for financing for various capital assets. The following
information describe the necessary requirements for bidding. The City of Hot Springs reserves the right to award
within the budget available.
Financing for various capital assets are shown below under "Capital for Debt Financing 2024 (vehicles, trailers,
heavy-duty equipment and other miscellaneous assets) in an amount not to exceed $3,074,033. The City will
request disbursement from the lender and the rate will be established at the time of disbursement based on the
methodology outlined in this request. The City will maintain the security interest and titles for the capital assets as
this is a general obligation borrowing.
1. The borrowing will be authorized pursuant to Amendment 78 of Article 16 of the Arkansas State Constitution,
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 Revenue
Code of 1986, as amended.
3. Any legal opinion will be provided by the City’s in house legal counsel. There should be no out of pocket
costs for outside legal counsel or any other closing costs.
4. The benchmark index for establishing the rate is the five (5) year treasury bill. The rate will be fixed for the
term of the note.
5. Repayments of principal and interest will be made annually, starting on July 1, 2024 and interest will be made
semiannual, starting July 1, 2024.
6. The loan term will be five (5) years.
7. The successful vendor will be responsible for preparing the 8038G for the City to remit to the IRS.
8. A copy of the amortization schedule must be uploaded with the bid.
9. The City’s capital assets are insured by Arkansas Municipal League. Lenders will not be named as a loss
payee. The City will hold all titles since the loan is a general obligation and not collateralized by the assets.
10. Any capital asset on the Capital for Debt Financing can be substituted by another capital asset as long as it
meets the definition established by Amendment 78.
11. The principal and interest payments will be electronically drafted by the vendor. It will be the vendor's
responsibility to collect the information from the City and set up the draft.
12. Added basis points must be fixed, and not a formula on the amortization schedule.
Page 3 of 7 pages
Deadline: 1/29/2024 02:00 PM (CT)
HS-24-002
2 BID SUBMISSION
Sealed bid may be submitted electronically through the ARBID website found at
https://arkansas.ionwave.net/Login.aspx, or as a paper proposal. The benchmark used form must be completed in
the Line Items tab or the response will be declared non-responsive.
Paper bid proposals must be with the proposal title and name of the company, placed in a sealed envelope or
container, and addressed as follows:
PURCHASING DIVISION
CITY OF HOT SPRINGS
PO BOX 6300
324 Malvern Avenue, 2nd Floor, Room 206
Hot Springs, Arkansas 71902-6300
ONE (1) original sealed paper bid proposal must be submitted (for reproduction by the City Staff) and ONE (1)
PDF version (flash drive or CD). The City will not accept the PDF version by email. Any proposal not submitted in
compliance with the instructions contained in this section and/or not containing the information requested by
Section IV may be declared "non-responsive" and may not be considered.
3 BENCHMARK USED
BENCHCHMARK USED
Current Value of 5 Year Treasury
EXAMPLE
5 Year Treasury
Date
January 9, 2024
Value
4.0%
Basis points to be added
.10%
Rate if Financing were to occur today (date of benchmark above)
2.499%
Bids must provide the following information on Line Items tab.
Page 4 of 7 pages
Deadline: 1/29/2024 02:00 PM (CT)
HS-24-002
4 CAPITAL FOR DEBT FINACNING 2024 FOR HS-24-002
Vehicles
Pumper Truck (Fire)
Vacuum Truck
Asphalt Patch Truck
Tractor with Bushhog
Generator
Playgrounds
Skid Steer
Equipment
Zero Turn Mower
Roller Trailer
Ditchwitch
Total
$ 485,133.00
$ 875,000.00
$ 500,000.00
$ 350,000.00
$ 140,000.00
$ 130,000.00
$ 80,000.00
$ 55,000.00
$ 25,000.00
$ 20,000.00
$
7,000.00
$
5,900.00
$ 3,033,033.00
Bid Lines
1 Package Header
BENCHMARK USED - Current Value of five (5) year treasury
Quantity: 1 UOM: Percentage
Item Notes: Bidders must provide the following information below
Supplier Notes:
Total: $
Additional notes
(Attach separate sheet)
Package Attributes
1. Date
Provide the date you are using.
__ __ / __ __ / __ __ __ __
(Optional)
Package Items
1.1 Value - Provide the five (5) year treasury as a percentage
Quantity: 1 UOM: Value
Supplier Notes:
1.2 Basis Points To Be Added - Provide as a percentage
Quantity: 1 UOM: Basis Points
Supplier Notes:
Total:
%
Additional notes
(Attach separate sheet)
Total:
%
Additional notes
(Attach separate sheet)
Page 5 of 7 pages
Deadline: 1/29/2024 02:00 PM (CT)
HS-24-002

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