The City of Monroe, Michigan (the “City”) is currently planning to enter into an Installment Purchase Contract, pursuant to Act 99 of the Public Acts of Michigan of 1933, as amended, with a third party vendor in the amount of $369,703, to provide funds for the purpose of financing the cost of the purchase of the custom single axle and tandem axle truck set up. Security for the payments to be received pursuant to the Installment Purchase Contract will be a pledge of taxes levied upon taxable property located within the City, subject to applicable constitutional, statutory and charter tax rate limitations.
It is the intent of the City to solicit bids from investors who may be interested in receiving an assignment of the vendor’s interest in the Installment Purchase Contract. Enclosed with this letter is a list of the minimum information required for a bid to receive consideration. A Bid Form is enclosed for your use. Bids will be accepted electronically only via email to edward.sell@monroemi.gov. The winning bidder will be notified by the undersigned no later than 12:00 p.m. on April 28, 2021, and the formal award will be made by the City Council at its May 3, 2021 regular meeting. Bids once submitted, must not be withdrawn prior to June 1, 2021. The City anticipates closing the Installment Purchase Contract on or before June 1, 2021. The City reserves the right to reject any and all bids.
