The City (Lessee) proposes to establish an agreement with a qualified and eligible financial institution to provide financing services for the acquisition of commodities/equipment under a master lease purchase agreement as described herein. The agreement shall be between the Lessee and the successful Offeror (Lessor). II. GENERAL: A. The City estimates funding approximately $9,223,326.00 under this program over an eighteen (18) month period effective from the date of execution of approved agreement. Actual expenditures may vary. B. The City shall have the option to fund equipment and/or refinance existing equipment under the agreement using an escrow account or through direct payment. C. Equipment shall include, but is not limited to, vehicles, and other such other items deemed necessary by the City of Charleston as permitted by state law. D. The City is requesting semi-annual payment in arrears; three (3) and four (4) years are required as follows: 3 years’ useful life: approximately: $2,300,000.00 (Police items as shown on 2025 Lease Purchase Schedule) 4 years’ useful life: approximately: $6,923,326.00 (Non-police items/equipment as shown on 2025 Lease Purchase Schedule) *** All payments must be computed on a semi-annual compounding basis. E. Purchase Options: The City will build equity in the equipment with each lease payment and will have the option to purchase the equipment as specified herein. The City will own the equipment free and clear of Lessor’s lien after the last lease payment...
