2027 Lease RFP Cart Barn and equipment
| Agency: | Town of North Kingstown |
|---|---|
| State: | Rhode Island |
| Type of Government: | State & Local |
| NAICS Category: |
|
| Posted Date: | Jan 14, 2026 |
| Due Date: | Jan 28, 2026 |
| Original Source: | Please Login to View Page |
| Contact information: | Please Login to View Page |
| Bid Documents: | Please Login to View Page |
| Bid Title: |
2027 Lease RFP Cart Barn and equipment
|
| Category: | Purchasing |
| Status: | Open |
|
Attachment Preview
TOWN OF NORTH KINGSTOWN, RHODE ISLAND
REQUEST FOR PROPOSALS FOR
A DIRECT PURCHASE BY A FINANCIAL INSTITUTION OF A
TAX-EXEMPT LEASE
January 13 ,2026
The Town of North Kingstown, Rhode Island (the Town), is seeking proposals from non-qualified financial
institutions and banks to enter into a tax-exempt lease in the amount of $2,127,608.00 (the “Lease”). The
Lease will finance miscellaneous fixture listed below.
Please mail or Deliver the proposal with an Electronic copy (Thumb Drive) by 11:00 am EASTERN
TIME on Wednesday, January 28, 2026, to Town’s Purchasing Agent 100 Fairway Drive North Kings,
RI 02852. Please state the period for which your rate and fee quotes are firm and any closing conditions
that are assumed. The expected funding date is April 1, 2026. Please provide any additional information
that you regard as relevant to your proposal.
Following the review of the written proposals, the Town may engage in individual discussions and
negotiations with one or more institutions that submit proposals. The Town reserves the right to reject any
and all proposals. The award of this RFP is subject to town Council approval on February 9,2026.
The Town will use its best efforts to answer any questions and provide additional information requested in
connection with your response to this Request for Proposals. Please direct any questions or request for
additional information to:
Timothy McDavitt
North Kingstown Purchasing Agent
tmcdavitt@northkingstownri.gov
To assist you in the preparation of your proposal, we have included the following:
Town of North Kingstown’s audited financial statements for FY2023 and FY2024:
Town of North Kingstown’s adopted budget for FY2026
.
Finance/purchasing-NEW/Bids/forms/ pg. 1
LEASE TERM SHEET
Issuer:
Issue Description:
Par Amount:
Town of North Kingstown, Rhode Island (the Town)
Tax-Exempt Capital Lease (the “Lease”)
$
Proposal Due Date: Wednesday January 28,2026 11am
Expected Award
February 9, 2026
Expected Closing/
Funding Date:
April 1,2026
Term:
Fixed Rate no balloon
Amortization:
Principal Payment Date
Amount
Total
Lease Payments:
Annual principal and interest payments on each July 1, commencing July 1, 2026.
Interest Calculation: 60/360
Bank Qualification: The Town of North Kingstown will not designate the Lease as a “qualified tax-
exempt obligation” for purposes of Section 265(b)(3) of the Internal Revenue Code
of 1986, as amended.
Rating:
The Lease will not be rated.
Equipment/ Fixture:
Equipment
Amount
Preferred Terms
Prefabricated Golf Cart
$1,685,875.00
Fixed Rate 15 years
Utility Barn to be placed
no balloon
on a foundation
4 Police Utility Vehicles
$247513.00
Fixed rate 4 years
with Buildouts
Large Commercial
$103,675
Fixed rate 7 years
Woodchipper
Small standard dump
$90,545
Fixed rate 7 years
truck F550
Total
$2,127,608.00
Lease shall provide that equipment paid off prior to ultimate lease maturity will be conveyed to the Town for $1.00.
For instance, The Small Standard Dump Truck with be conveyed to the Town after 7 years.
Finance/purchasing-NEW/Bids/forms/ pg. 2
REQUEST FOR PROPOSALS INFORMATION:
If you are interested in a direct purchase of the Town’s proposed capital lease, please submit a
comprehensive proposal describing your qualifications, outlining all anticipated costs and detailing the
material terms and conditions of the principal legal documents. Outlined below are the items of information
that should be specifically included in your firm’s response.
1. Name of Bank/Financial Institution: __________________________
2. Maximum Commitment Amount (up to): $__________________________
3. Interest Rate: ___%
4. Principal and Interest Payments: Annual on each July 1, commencing July 1, 2026.
5. Lease payments: The Lease debt service payments will be subject to annual appropriation by the
Town Council.
6. Prepayment Provisions:
a. Please describe the terms and calculation methodology for any proposed pre-payment
penalties (if any). Please provide definitions of key terms, as necessary.
7. Other Conditions:
a. Please detail any other conditions that would be required of the Town. Please define any
terms necessary to understand these conditions.
8. Other Fees:
a. Proposers must also identify any costs associated with this bid and cap these costs. These
costs will be taken into account in determining the all-inclusive cost of borrowing.
i. Lessor’s Counsel
$_____________
ii. Other Expenses
$_____________
9. Reporting Requirements:
a. Please explain any reporting requirements that would be required of the Town.
10. Personnel:
a. Please provide the contact information (email, address, phone) of the individuals who will
be working with the Town.
11. Timing:
a. Please note the Bank’s timing to receive internal credit approval upon receipt of mandate.
12. Conflicts of Interest:
a. Please describe any conflicts of interest that could impact the contemplated transaction.
Credit Approval Prior To submission is preferred
13. Lease Purchase Agreement: The lease documents to be used in the transactions will be standard
tax-exempt lease documents provided by Lessor and Must be acceptable to the Town and its Bond
Finance/purchasing-NEW/Bids/forms/ pg. 3
Council. The final form is subject to negotiation prior to final acceptance. Bidders should present
their form of lease documents with their bid. If the winning bidder and Town cannot agree on a
form of lease, the Town may make the award to the next best qualified bidder.
The undersigned Proposer certifies that this proposal is firm for 45 days from the date of submittal
indicated below. Fees and Expenses are to be paid only if the transaction is closed.
By:
Title:
Date:
Signature:
_________________________
_________________________
_________________________
_________________________
Finance/purchasing-NEW/Bids/forms/ pg. 4
This page summarizes the opportunity, including an overview and a preview of the attached documents.
* Disclaimer: This website provides information about bids, requests for proposals (RFPs), or requests for qualifications (RFQs) for convenience only and does not serve as an official public notice. Individuals who wish to respond to or inquire about bids, RFPs, or RFQs should contact the relevant government department directly.
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See Also
Bid Number: B26019 Bid Title: Homeowner Rental Incentive Program Category: Bids/RFQs Status: Open
Town of Narragansett
Bid Due: 6/18/2026