Town of Sabattus General Obligation Bond/Financing RFP
Start Date: September 25, 2024
End Date: November 06, 2024
Type: Requests for Proposals (RFP)
Phone: 2073754331
Email: aduquette@sabattus.org
INVITATION TO BID
GENERAL OBLIGATION BOND/FINANCING
The Town of Sabattus (the "Town") invites bids for $2,000,000 in tax-exempt financing for the purposes of road rehabilitation and construction of the following roads: Webster Corner Road, Keay Road, Sutherland Pond Road, Furbush Road, Fisher Farm Road, and Cross Road. This project will be known from here as the “Six Roads Project.”
.TERM & RATE
The term of this note shall not exceed up to twenty (20) years for the Six Roads Project. The Town will consider only lending instruments with a fixed rate for the entire amortization schedule.
COSTS / TAX EXEMPTION
The Town has retained Bond Counsel, and all bids shall be subject to receipt of an unqualified opinion from Bond Counsel at the time of the closing. The Town shall certify that the debt is a qualified tax-exempt obligation within the meaning of Section 265(b)(3)(B) of the Internal Revenue Code.
The Town will bear the entire cost of bond counsel and shall be accounted for separately from the financing.
All bidders shall disclose in detail all costs associated with issuance and closing. A breakdown fee schedule shall be provided in each bid and a tally sum of all costs (either incorporated into the annual debt service payments or paid separately at closing) shall be provided.
ADDITIONAL BID REQUIREMENTS
In addition to meeting the other terms contained in this solicitation, bids must include the following details, some or all of which may be expressed on an amortization schedule submitted as part of the bid:
- Interest rate to be charged on funds, borrowed lump sum
- The true interest cost (“TIC”) for the issue, assuming no pre-payment.
- The true interest cost (“TIC”) for the issue, assuming the first payment of the voter’s approval towards the Six Roads Project made at closing.
- The total interest cost in dollars for the issue, assuming no pre-payment.
- The total interest cost in dollars for the issue, assuming the first payment of voter’s approval towards the Six Roads Project made at closing.
- If the Financing Institution rules allow, they shall permit the Town to pay off the note before the end of the term without penalty; and
- Bids shall remain firm for acceptance by the Town for 14 days from the submission deadline.
BID SUBMISSION DEADLINE & CLOSING
All interested lenders must submit sealed bids by 12:00 p.m. on Wednesday, November 6th, 2024. The Town will accept bids by mail (U. S. Post Office or nationally recognized carrier) or hand delivery up to 12:00pm on 11/06/2024 and no later. All bids must be sealed, Marked "Six Roads Project Bid" and addressed to:
Erik Baker, Interim Town Manager
Town of Sabattus
190 Middle Road
Sabattus, Maine 04280
** No bids will be considered that are sent by fax, email or any other means other than what is stated above.**
All sealed bids will be opened by the Interim Town Manager and read at 12:00 pm, Wednesday, November 6th, 2024. The Board of Selectmen are expected to award the lowest qualified bid and lender with the financing contract at their regular business meeting the evening of November 19th, 2024 which begins at 6:30pm.
The closing will take place as soon as the Board of Selectmen has approved the winning bid and all necessary documentation is complete.
OTHER
To obtain an electronic copy of the Town’s most recent audit and/or any other information regarding the Town’s finances; please call Amy Duquette, Town Treasurer, during regular municipal office business hours. (M, W, and Thur: 8am-4:30pm, Tue: 8am-6pm) at 207-375-4331, ext. 1103 or contact Amy by email: aduquette@sabattus.org.
The Town reserves the right to accept or reject any or all bids for any reason whatsoever and to waive any formality in any or all. The decision of the Selectmen on these matters shall be final and conclusive without appeal.
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