Lease/Purchase Financing of Vehicles and Equipment

Loudoun County Public Schools is seeking a qualified financial institution to provide lease/purchase financing for vehicles and equipment. The contract period is one year from the award date, with four additional one-year renewal options. The lease/purchase financing shall carry a fixed, tax-exempt rate of interest. The Offeror shall provide an Amortization Schedule, Certification as to availability of funds, Conditions attached to the funds, and other required documents. The evaluation criteria include Financial Information, Capability and Skills, References and Related Experience, and Conditions of Lease Purchase. Some key points to consider are: • The lease term is four years, with four equal principal payments plus interest payable annually. • The full amount of the Lease Purchase Agreement is expected to be available over the term of the lease. • Title of vehicles and equipment shall remain with LCPS throughout the term of the Lease Purchase Agreement. • A security interest in the vehicles and equipment will be granted to the Offeror. • The lease purchase should provide for cross-collateralization of financed vehicles and equipment.