The City intends to acquire four patrol cars through state bid to enhance the operational capabilities of the Eldon Police Department. Financing is required for an amount not exceeding $185,000. Scope of Financing • Loan Amount: $185,000 • Term: 4 years • Interest Rate: Fixed rates will be considered. • Repayment Schedule: monthly/quarterly • Additional Terms: o The payments are to be equal in amount and are to be charged on a monthly or quarterly basis. o The interest rate shall be stated in terms of Annual Percentage Rate (APR) and shall be fixed for the entire term of this financial agreement. o Pre-payment without penalty. Eligibility Requirements To qualify, financial institutions must: 1. Be licensed and in good standing to operate within the State of Missouri. 2. Demonstrate experience in providing municipal financing. 3. Provide competitive rates and terms for government entities.
