TOWNSHIP of EGG HARBOR BOARD of EDUCATION
[Pages:1]
The Margate City Board of Education District
County of Atlantic, New Jersey
Quote for Lease Purchase Financing, Opening: 1:00 P.M., August 22, 2019
__________________________________________________________________________________
The Margate City BOE, in the County of Atlantic, New Jersey is soliciting quotes for lease purchase financing. This will be a lease purchase to pay for the acquisition of one fifty-four passenger school bus. The cost of equipment will be established via cooperative pricing or competitive bidding award. This Quote will open at 1:00 p.m., August 22, 2019, at the School Business Administration’s offices, 8103 Winchester Avenue, Margate, N.J. 08402.
The total principal amount of this lease purchase will be approximately $99,470.00 Please use this as your dollar amount for your proposal. Anticipate funding this transaction to an escrow account on or about September 20, 2019.
___________________________________________________________________________________
Margate City BOE Financial Link
CAFR 2018:
CAFR 2017:
CAFR 2016:
User Friendly Budget: User-Friendly Budget.pdf
EQUIPMENT LIST
See Attached
Repayment Terms:
The Repayment term for the principal amount plus all interest will be for five (5) years with annual payments starting on October 1, 2019.
The Board requests an interest rate given the requested parameters. Anticipate closing on or about September 20, 2019.
Escrow:
At the direction of the Board, this transaction may fund to an interest bearing escrow account. The escrow account must be with a NJ GUDPA approved financial institution. The Board requests that there be no charge for disbursements made to vendors at delivery and acceptance. Please disclose your cost for escrow on the response form.
Basis for Quote Award:
The determination of the lowest payment produced by this Quote will be made based upon the lowest interest rate produced by the yield analysis. Any and all additional charges, including the charges for escrow if applicable, shall be disclosed on the Quote Response Form. Charges must be listed as a not to exceed dollar amount. The not to exceed dollar amount will be computed in the analysis to determine the respondent offering the lowest payment stream minus any and all additional charges. Failure to disclose additional charges with the Quote will eliminate a respondent’s ability to request additional charges.
If there is a tie in the yield the secondary criteria will be the most advantageous index of the interest rate, followed by the lowest purchase option prepayment penalty. The award will be made to the Respondent whose Quote yields the lowest effective interest rate to the Board. Questions or clarifications may be directed in writing to either the lease purchase finance coordinator or the Board’s business administrator up to three (3) days prior to the date for submission of Quotes.
Same Signatory:
Please note that the financing entity that submits this Quote must be the same entity that executes the Lease Purchase documentation with the Board. If the bidder wishes to assign this transaction prior to closing the bidder must disclose the name of their assignee and the following documentation for the assignee must be furnished prior to closing:
• Quote Proposal Form
• Affirmative Action Questionnaire
• Amortization Schedule (Please supply in accordance with paragraph 4 above)
• **Please note that the NJ Business Registration Certificate and Affirmative Action Evidence must be submitted prior to award
Disclosure of “Rate Buy Downs:”
Respondents must show actual rate. Discounts from manufacturers are discouraged and must be disclosed. If discounts to the funders are used to “buy down” the interest rate Quote the bidder agrees to pass like amount of discount to lessee. The actual interest rate verification will be based upon the amount funded without the impact of the buy down
Margate City BOE
Sample Lease Purchase Repayment Schedule:
This amortization schedule is prepared on “T-Value”, set up using a 30/360 year.
|Compounding Period: | | |
|Annual | | |
| | | |
| | | |
| | | |
| | | |
|Nominal Annual Rate: | | |
|3.000% | | |
| | | |
| | | |
| | | |
| | | |
| |
| |
|Cash Flow Data - Loans and Payments |
| |
| | |
|Event | |
|Date | |
|Amount | |
|Number | |
|Period | |
|End Date | |
| | |
| | |
|1 | |
|Loan | |
|09/20/2019 | |
| | |
|99,470.00 | |
|1 | |
| | |
| | |
| | |
| | |
|2 | |
|Payment | |
|10/01/2019 | |
| | |
|21,106.18 | |
|5 | |
|Annual | |
|10/01/2023 | |
| | |
| | |
| | | | |
| |
| |
|TValue Amortization Schedule - Normal, 365 Day Year |
| |
| |
|Date |
|Payment |
|Interest |
|Principal |
|Balance |
| |
| |
|Loan |
|09/20/2019 |
| |
| |
| |
|99,470.00 |
| |
| |
|1 |
|10/01/2019 |
|21,106.18 |
|89.93 |
|21,016.25 |
|78,453.75 |
| |
| |
|2019 Totals |
|21,106.18 |
|89.93 |
|21,016.25 |
| |
| |
| |
|2 |
|10/01/2020 |
|21,106.18 |
|2,353.61 |
|18,752.57 |
|59,701.18 |
| |
| |
|2020 Totals |
|21,106.18 |
|2,353.61 |
|18,752.57 |
| |
| |
| |
|3 |
|10/01/2021 |
|21,106.18 |
|1,791.04 |
|19,315.14 |
|40,386.04 |
| |
| |
|2021 Totals |
|21,106.18 |
|1,791.04 |
|19,315.14 |
| |
| |
| |
|4 |
|10/01/2022 |
|21,106.18 |
|1,211.58 |
|19,894.60 |
|20,491.44 |
| |
| |
|2022 Totals |
|21,106.18 |
|1,211.58 |
|19,894.60 |
| |
| |
| |
|5 |
|10/01/2023 |
|21,106.18 |
|614.74 |
|20,491.44 |
|0.00 |
| |
| |
|2023 Totals |
|21,106.18 |
|614.74 |
|20,491.44 |
| |
| |
| |
|Grand Totals |
|105,530.90 |
|6,060.90 |
|99,470.00 |
| |
| |
| |
This Quote must allow for any associated costs to the Board of the equipment and of the Quote to be included in the amount financed.
Bank Qualified:
The Margate City BOE is a Type II school district. The district does not intend to issue in excess of ten million dollars in aggregate debt this calendar year. Interest income from this lease purchase will be considered "bank qualified." This transaction may be assigned by the lessor.
Documentation:
Documentation for this transaction supplied by the successful Respondent must be acceptable to the Margate City BOE and their counsel.
Location of Quote Opening:
The official opening will be held on August 22, 2019, at 1:00 p.m. at the Administrative offices. It is the responsibility of the Respondent to ensure that the Quote is in the hands of the Business Administrator before 1:00 PM on August 22, 2019. E-mailed or faxed Quotes may not be accepted at the official Quote opening.
*Please e-mail a copy of your executed Quote to the lease purchase coordinator listed below within one hour after the time of Quote opening for analysis.
Please return original Quotes to the Margate City BOE office at the address listed below:
Margate City BOE
8103 Winchester Avenue
Margate, N.J. 08402
Jennifer Germana Business Administrator
609-822-1447 X365
jgermana@
Please Label all Quotes: “Lease Purchase Quote Enclosed“
The Margate City BOE reserves the right to reject any and all proposals and to waive any irregularities in the proposal process.
Lease Purchase Coordinator:
Educational Services Commission of New Jersey (ESCNJ) is acting as lease purchase financing coordinator to the Board. Please direct questions and a copy of your Quote submission (*per above) to:
ESCNJ
Patrick M Moran
1660 Stelton Road
Piscataway, New Jersey 08854
(732) 777-9848 ext. 3120
PMoran@escnj.us
Rate Hold and Respondents May Offer Alternative Index:
This bid is for lease purchase financing. New Jersey law requires bidders to hold pricing for sixty days from the date of the bid and that the financial markets are constantly changing. The Board requests that the rate be held for thirty days. The board has opted to award the bid with an indexed rate; the ICE Swap Rate index formula will remain constant.
It is our belief that the utilizing the indexed rate will permit bidders to be more aggressive with the knowledge that the need for an exaggerated cushion is alleviated with an index. In order to induce the broadest range of potential bidders the Board will allow respondents to offer an alternative to the ICE Index in their proposal. The alternative index must not give unfair advantage to the respondent.
The bidder furnishing an alternative index must supply historical data for the two preceding months of the bid that demonstrates the effect of the index to changes in financial conditions. This historical data will assume two funding dates one month apart for the two months prior to the bid. The offer of an alternative index must be noted on the Bid Response Form and supporting documentation should be appended. The Board’s lease purchase coordinator will make the final determination as to fairness and acceptance of the proposed alternative index.
If the lease does not fund at the rate bid within thirty days of award the board requests that the rate be indexed a week before funding during the next thirty day period. The right to extend the indexed rate bid beyond the sixty day window will be at the mutual consent of board and the award winner. The amount to be financed is an approximation based upon information as of the time of bid preparation. The cost of equipment shall be determined as a result of separate bidding or purchase via cooperative purchasing, or state contract pricing and shall be fixed prior to closing of the transaction.
As part of your quote, please supply us with the following:
1. Name, telephone number, physical and e-mail addresses of respondent.
2. Rate Index:, Submission Date Rate plus or minus 50% of change in Adjusted Date Rate:
Proposals are requested for the lease purchase financing as outlined on page one of this request. Bidders are requested to Bid a fixed interest rate (inclusive of ALL financing costs) for the term of the lease. This rate will be indexed to one half the change, either up or down, of like term U.S. Treasury like term constant maturities as published by the ICE Market Data Reports, on the Friday of the week prior (Submission Date Rate) to the bid opening Rates will be held for a period of thirty days from the date of bid opening.
If this lease does not fund within 30 days of the bid opening, the interest rate will be adjusted. The adjustment to the Lessors proposed rate will be determined by adding, if rates have risen or subtracting, if rates have declined, one half (1/2) of the changed in the Weekly Swap Rate (closest to the term of this transaction). This change will be measured from the date of this submission (Submission Rate Date) to the “Adjusted Rate Date” of the like term Treasury constant maturities as published Friday, one week prior to the new funding date. This will be the “Adjusted Rate Date”.
1. The Margate City BOE reserves the right to review and approve all terms and conditions relating to the Lease/Purchase Agreement and any other related documents.
2. The Respondent will supply an amortization schedule for the requested amount, set to their proposed interest rate, as set forth in the example on page one of this Quote. Please include Principal Balance, Interest Amount, and Principal Amount. Please disclose your prepayment Purchase Option for each payment to the financing. This should have the name address and phone number of the lessor and be signed as original.
3. All final lease documents of the successful Respondent must comply with relevant New Jersey laws and regulations including N.J.S.A. 18A:18A-42, N.J.A.C. 5:34-3 and others as deemed applicable.
4. Any information concerning your firm or your ability to meet the needs of the Board that may be pertinent.
5. Any additional costs in connection with this financing shall be disclosed by the Respondent. These costs will be factored in to the board’s evaluation of the proposal.
6. Any and all requested documentation shall be attached to the “Quote Proposal Form.” Failure to complete all Quote documents will subject the Respondent to disqualification.
7. The Respondent must possess a New Jersey Business Registration Certificate (“BRC”) at the time of Quote and the BRC must be received by the Board prior to award of Quote.
8. Successful Respondent must submit a Federal Affirmative Action Certificate or New Jersey Affirmative Action Employee Information Report within ten days of award of Quote.
The information set forth herein on this Quote and accompanying downloadable documents have been obtained from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Educational Services Commission of New Jersey. Prospective Respondents and ultimate purchasers must be satisfied that they have access to, and have made a complete investigation of the facts and circumstances relating to the transaction including the nature and purpose of the transaction, the nature of the purchasers’ risks in purchasing the transaction and the purchaser's rights and remedies in the event of default.
ATTACHMENTS: Forms provided that must be returned with Quote.
• Quote Proposal Form
• Affirmative Action Questionnaire
• Amortization Schedule (Please supply in accordance with paragraph 4 above)
*Please check your Quote package for these forms!
**Please note that the NJ Business Registration Certificate and Affirmative Action Evidence must be submitted prior to award.
Margate City BOE
County of Atlantic, New Jersey
Quote for Lease Purchase Financing Quote Opening: 1:00 P.M., August 22, 2019
*QUOTE PROPOSAL FORM
Name of Respondent:
Address:
Contact:
Phone: Fax #:
E-mail: ___________________________________________________________
___________________________________________________________________________________
A. INTEREST RATE QUOTED %
B. Submission Date Rate: Federal Reserve Statistical Release H.15 for like term
Constant Maturities
as of Friday prior to quote. _______________%
C .Date and Term of H.15 Constant Maturity: Dated _____________ Term _
D. Alternative Index Proposed Check if Applicable ________________
E. Purchase Option Rate (number of basis points
below interest rate quote or expressed as a percentage
above the outstanding principal balance.) %
F. Additional Costs. If there are any additional costs associated with this closing, then please place an ‘X’ in the space provided and include a detailed list and total amount on an attached sheet)
-------------------------------------------------------------------------------------------------------------------------------------------
Proposal submitted by:
Authorized Signature
Printed Name
Title:
Date:
*(All Quotes must be submitted on this form to be considered responsive, failure to do so will be grounds for Quote rejection. Proposal letters need not be included or substituted for this form.)
AFFIRMATIVE ACTION QUESTIONNAIRE
This form is to be completed and returned with the Quote. However, we will accept in lieu of this Questionnaire, Affirmative Action Evidence stapled to this page.
1. Our company has a federal Affirmative Action Plan approval. ( Yes ( No
If yes, please attach a copy of the plan to this questionnaire.
2. Our company has a N.J. State Certificate of Employee Information Report ( Yes ( No
If yes, please attach a copy of the certificate to this questionnaire.
3. If you answered “NO” to both questions No. 1 and 2, you must apply for an affirmative action Employee Information Report – Form AA302.
Please visit the New Jersey Department of Treasury website for the Division of Public Contracts Equal Employment Opportunity Compliance:
state.nj.us/treasury/contract_compliance/
• Click on “Employee Information Report
• Complete and submit the form with the appropriate payment to:
Department of Treasury
Division of Public Contracts/EEO Compliance
P.O. Box 209
Trenton, NJ 08625-0002
All fees for this application are to be paid directly to the State of New Jersey. A copy shall be submitted to us within seven (7) days of the notice of the intent to award the contract or the signing of the contract.
I certify that the above information is correct to the best of my knowledge.
Name: __________________________________________________________________
Signature _______________________________________________________________
Title ___________________________________________ Date _____________________
Name of Company__________________________________________________________
Address __________________________________________________________________
City, State, Zip _____________________________________________________________
To download the AA302 form click this link:
[pic]
INSTRUCTIONS FOR COMPLETING THE
EMPLOYEE INFORMATION REPORT (FORM AA302)
IMPORTANT: READ THE FOLLOWING INSTRUCTIONS CAREFULLY BEFORE COMPLETING THE FORM. PRINT OR TYPE ALL INFORMATION. FAILURE TO PROPERLY COMPLETE THE ENTIRE FORM AND TO SUBMIT THE REQUIRED $150.00 NON-REFUNDABLE FEE MAY DELAY ISSUANCE OF YOUR CERTIFICATE. IF YOU HAVE A CURRENT CERTIFICATE OF EMPLOYEE INFORMATION REPORT, DO NOT COMPLETE THIS FORM UNLESS YOUR ARE RENEWING A CERTIFICATE THAT IS DUE FOR EXPIRATION. DO NOT COMPLETE THIS FORM FOR CONSTRUCTION CONTRACT AWARDS.
ITEM 1 - Enter the Federal Identification Number assigned by the Internal Revenue Service, or if a Federal Employer Identification Number has been applied for, or if your business is such that you have not or will not receive a Federal Employer Identification Number, enter the Social Security Number of the owner or of one partner, in the case of a partnership.
ITEM 2 - Check the box appropriate to your TYPE OF BUSINESS. If you are engaged in more than one type of business check the predominate one. If you are a manufacturer deriving more than 50% of your receipts from your own retail outlets, check “Retail”.
ITEM 3 - Enter the total “number” of employees in the entire company, including part-time employees. This number shall include all facilities in the entire firm or corporation.
ITEM 4 - Enter the name by which the company is identified. If there is more than one company name, enter the predominate one.
ITEM 5 - Enter the physical location of the company. Include City, County, State and Zip Code.
ITEM 6 - Enter the name of any parent or affiliated company including the City, County, State and Zip Code. If there is none, so indicate by entering “None” or N/A.
ITEM 7 - Check the box appropriate to your type of company establishment. “Single-establishment Employer” shall include an employer whose business is conducted at only one physical location. “Multi-establishment Employer” shall include an employer whose business is conducted at more than one location.
ITEM 8 - If “Multi-establishment” was entered in item 8, enter the number of establishments within the State of New Jersey.
ITEM 9 - Enter the total number of employees at the establishment being awarded the contract.
ITEM 10 - Enter the name of the Public Agency awarding the contract. Include City, County, State and Zip Code. This is not applicable if you are renewing a current Certificate.
ITEM 11 - Enter the appropriate figures on all lines and in all columns. THIS SHALL ONLY INCLUDE EMPLOYMENT DATA FROM THE FACILITY THAT IS BEING AWARDED THE CONTRACT. DO NOT list the same employee in more than one job category. DO NOT attach an EEO-1 Report.
Racial/Ethnic Groups will be defined:
Black: Not of Hispanic origin. Persons having origin in any of the Black racial groups of Africa.
Hispanic: Persons of Mexican, Puerto Rican, Cuban, or Central or South American or other Spanish culture or origin, regardless of race.
American Indian or Alaskan Native: Persons having origins in any of the original peoples of North America, and who maintain cultural identification through tribal affiliation or community recognition.
Asian or Pacific Islander: Persons having origin in any of the original peoples of the Far East, Southeast Asia, the Indian Sub-continent or the Pacific Islands. This area includes for example, China, Japan, Korea, the Phillippine Islands and Samoa.
Non-Minority: Any Persons not identified in any of the aforementioned Racial/Ethnic Groups.
ITEM 12 - Check the appropriate box. If the race or ethnic group information was not obtained by 1 or 2, specify by what other means this was done in 3.
ITEM 13 - Enter the dates of the payroll period used to prepare the employment data presented in Item 12.
ITEM 14 - If this is the first time an Employee Information Report has been submitted for this company, check block “Yes”.
ITEM 15 - If the answer to Item 15 is “No”, enter the date when the last Employee Information Report was submitted by this company.
ITEM 16 - Print or type the name of the person completing the form. Include the signature, title and date.
ITEM 17 - Enter the physical location where the form is being completed. Include City, State, Zip Code and Phone Number.
TO All Respondents:
REMINDER!
Did you sign all of the Quote documents?
All Quote documents returned to the Board shall be signed with original signatures. Please try to use blue ink.
The Board will not accept facsimile or rubber stamp signatures.
Failure to sign all Quote documents may be cause for disqualification and rejection of the Quote.
Please e-mail a copy of your executed Quote after the time of Quote opening to: pmoran@escnj.k12.nj.us Please e-mail within one hour after the time of Quote opening.
-----------------------
TYPE OR PRINT IN SHARP BALL POINT PEN
THE VENDOR IS TO COMPLETE THE EMPLOYEE INFORMATION REPORT FORM (AA302) AND RETAIN A COPY FOR THE VENDOR’S OWN FILES. THE VENDOR SHOULD ALSO SUBMIT A COPY TO THE PUBLIC AGENCY AWARDING THE CONTRACT IF THIS IS YOUR FIRST REPORT; AND FORWARD ONE COPY WITH A CHECK IN THE AMOUNT OF $150.00 PAYABLE TO THE TREASURER, STATE OF NEW JERSEY(FEE IS NON-REFUNDABLE) TO:
NJ Department of the Treasury
Division of Public Contracts Equal Employment Opportunity Compliance
P.O. Box 206
Trenton, New Jersey 08625-0206 Telephone No. (609) 292-5473
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Margate City BOE Lease Purchase Quote August 22, 2019 @1:00 P.M.
Margate City BOE Lease Purchase Quote August 22, 2019 @1:00 P.M.
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