Fiscal Year 2026 Capital Lease Financing

The City of Burlington, Vermont is soliciting proposals from qualified financial institutions and banks to purchase its proposed $2,733,763 Capital Lease for Fiscal Year 2026. This lease will finance fleet and equipment, some of which may have already been purchased and paid for by the City, with the lease financing being funded directly back to the City. Proposals should detail the bank's qualifications, maximum commitment amount, interest rate, prepayment provisions, other conditions, other fees, and reporting requirements. Bidders must also provide contact information for the personnel who will work with the City and indicate the bank's timing for internal credit approval. Any conflicts of interest must be disclosed. The lease will have two components: $108,884 for 7 years at a fixed rate, and $2,624,879 for 10 years at a fixed rate. Principal and interest payments are semi-annual, commencing June 19, 2026. The lease debt service payments are subject to annual appropriation by the City Council. The City will not designate the lease as a "qualified tax exempt obligation."