RFP 20-FN-005 - Bank Loan - Lease Purchase Financing

The City of Edgewater, Florida, sought a tax‑exempt, fixed‑rate, 7‑year bank loan/lease‑purchase financing to acquire four refuse trucks. After a competitive RFP process, the City Council approved a financing agreement with Branch Banking & Trust Company (BB&T/Truist) for up to $922,000, locked at a 1.80 % fixed rate. The loan is secured by non‑ad‑valorem revenues, allows pre‑payment without penalty, and matures on July 1 2026. • 7‑year, fixed‑rate, tax‑exempt municipal loan (max $922 k). • Funding used exclusively for four refuse‑truck purchases; repayment from dedicated non‑ad‑valorem streams. • Selected vendor: BB&T (now Truist Bank) – fixed 1.80 % rate, $5,000 bank fee, no pre‑payment penalty. • Contract effective April 8 2020; maturity July 1 2026; annual principal amortization schedule disclosed.