Fiscal Year 2026 Capital Lease (the Lease )

Summary (Newest Update)

Background The City of Burlington, Vermont is seeking proposals from qualified financial institutions and banks to purchase a proposed $2,733,763 Capital Lease for Fiscal Year 2026. The goal of this lease is to finance Fleet & Equipment as listed in Exhibit A. Some of this equipment may have already been purchased and paid for by the City during the fiscal year, with lease financing intended to be funded directly back to the City. Work Details The Capital Lease will cover the following items: 1) A 2026 Ford F350 Service Truck for Wastewater at a cost of $108,884. 2) Two 2026 M-B COMP MB2 Multi-Tasking Equipment units for the Airport at a total cost of $2,624,879. The total amount for the lease is $2,733,763. The lease will have semi-annual interest payments on June 19 and December 19, starting June 19, 2026. The term includes fixed rates for two segments: $108,884 over 7 years and $2,624,879 over 10 years. Period of Performance The expected closing and funding date for the lease is June 19, 2026. Interest payments will commence on this date. Place of Performance The contract will be performed in Burlington, Vermont. Bidder Requirements Bidders must qualify as independent contractors and apply for registration with the Vermont Secretary of State's Office if not already registered. Additionally, they must provide insurance coverage as per Burlington Contract Conditions prior to beginning any work.