RFB - Lease Purchase Financing

June 11, 2020 

Dear Sir or Madam: 

The City of Biddeford will be accepting bids for Lease Purchase Financing in the total amount of $605,285.67. The form will for a 7-year term. The details of the Lease are as follows: 

•    Payments in arrears annually through 2027,

•    Funding to be in full at closing with target date of July 31, 2020, no later than August 15, 2020,

•    Financed items are listed in the accompanying document; total amount to be financed is $605,285.67 with the balance paid by us from current funds,

•    Opinion will be provided by Bond Counsel: Mr. James Saffian, Pierce Atwood, LLP, Merrill’s Wharf, 254 Commercial Street, Portland, ME 04101; (207) 791-1319/Fax (207) 791-1350,

•    Structured as Lease to Purchase with non-appropriation clause,

•    Lease proceeds will be reimbursement funding for all as items have been paid for from the City’s General Operating Funds as received, as authorized in the City Council Resolutions,

•    The City will not issue more than $10 million of tax-exempt obligations in 2020 and the lease obligations, therefore, will be bank qualified under Section 265(b) of the Internal Revenue Code.

Bids are to be mailed or emailed to my attention and received no later than 2:00 pm EDT on Monday, June 29, 2020. The award to the successful bidder will be made on or about Thursday, July 2, 2020. Please mark your response as: 

FY2020 Lease
Curt Koehler, Finance Consultant City of Biddeford
P.O. Box 586
Biddeford, ME 04005-0586 

The full document may be downloaded in the Related Documents section of this page.

Related Documents

RFB Lease Purchase Financing