City of Newport Beach PlanetBids #27-15

Newport Beach seeks up to $1.8 million in financing for six trolley vehicles

The City of Newport Beach is seeking a financing provider for the remaining cost of six trolley vehicles. - Buyer: City of Newport Beach, Administrative Services Department; the Finance Department is also identified in the solicitation. - Request: One provider for tax-exempt master lease-purchase financing, with total principal capped at $1,800,000. - Vehicle purchase: Six trolley vehicles from Model 1 Commercial Vehicles, Inc.; no vehicle make, model, or part numbers are specified. - Financing structure: Accommodate up to six draws as vehicles are delivered and accepted, with funds paid directly to the vendor after City approval. The City will not advance financed amounts. - Repayment and restrictions: The preferred structure is five annual lease payments across Fiscal Years 2026–27 through 2030–31. Orange County Transportation Authority grant revenues cannot be pledged as security. - Evaluation: Provider qualifications and financial capacity, financing structure and terms, and overall cost. The City intends to make one award, subject to approval of final terms. - Other named companies: Bank of America; BMO Bank N.A.; Fieldman, Rolapp & Associates, Inc.; GSA Contract Services, LLC; Omnicap; U.S. Bancorp Government Leasing and Finance, Inc.; and Webster Bank.

Description

The City of Newport Beach is seeking proposals from qualified financial institutions and financing providers for tax-exempt lease-purchase financing of the remaining acquisition cost of six trolley vehicles for City operations. Financing will be structured to accommodate separate acquisition draws as vehicles are delivered and accepted, with an aggregate principal amount not to exceed $1,800,000. The anticipated repayment schedule is five annual lease payments in Fiscal Years 2026–27 through 2030–31, and the City intends to make a single award. Final financing structure, pricing, and agreement terms are subject to City and/or City Council approval.

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