RFP: Aerial Ladder Truck Financing

The City of Three Rivers is currently planning to enter into an Installment Purchase Contract, pursuant to Act 99 of the Public Acts of Michigan of 1933, as amended, with a third-party vendor or vendors in the aggregate principal financed amount of not to exceed $2,202,241.00 to provide funds for the purpose of financing the cost of acquiring and equipping an aerial ladder truck and accessories for the Fire Department. The financed amount is expected to be disbursed by October 1, 2025. Security for the payments to be received pursuant to the Installment Purchase Contract will be the pledge of taxes levied upon all taxable property located within the City, subject to applicable constitutional, statutory and charter tax rate limitations.

It is the intent of the City to solicit bids from investors who may be interested in receiving an assignment of the vendor’s interest in the Installment Purchase Contract. Enclosed with this letter (linked below) is a list of the minimum information required for a bid to receive consideration. Sealed bids clearly marked “AERIAL LADDER TRUCK FINANCING” will be accepted until Thursday, August 28, 2025, at 2:00 p.m. at the City Clerk’s Office, Three Rivers City Hall, 333 W. Michigan Avenue, Three Rivers, MI 49093. Note : no email or facsimile bids will be accepted. The City is seeking fixed interest rate bids for ten (10), twelve (12) and fifteen (15) year tax exempt financing terms.

The award, if any, will be made by the City Commission at its regular meeting on September 2, 2025. The City reserves the right to reject any and all bids, or to negotiate separately with any source whatsoever in any manner necessary to serve the best interests of the City.

Paul Schoon, Fire Chief
Three Rivers Fire Department

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