REQUEST FOR RATE QUOTE. Financial Services for the Guaranteed Savings Agreement In The City of La Puente, California

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1 REQUEST FOR RATE QUOTE Financial Services for the Guaranteed Savings Agreement In The City of La Puente, California CITY OF LA PUENTE Robbeyn Bird Administrative Services Director East Main Street La Puente, CA (626) APPLICABLE DATES Request for Proposal Posting: April 28, 2017 Submittal Deadline: May 12, 2017 Interviews (if required): TBD Tentative Final Selection/Negotiation: TBD Tentative City Council Award: TBD Page 1 of 8

2 City of La Puente REQUEST FOR RATE QUOTE BID TITLE: Financial Services for Guaranteed Savings Agreement REQUESTING DEPARTMENT: Administrative Services RELEASE DATE: April 28, 2017 DUE DATE: May 12, 11:00 a.m. Notice is hereby given that the Office of the City Clerk of the City of La Puente will receive rate quotes. Three (3) printed copies of the rate quote must be submitted in a sealed envelope and clearly marked: Financial Services for Guaranteed Savings Agreement Failure to identify the proposal on the envelope may result in disqualification of the proposal. Sealed rate quotes must be submitted to the office of the City Clerk at East Main Street, La Puente, CA Proposals will be received until 11:00 a.m., May 12, Rate quotes will be submitted to the Director of Administrative Services for verification and compliance with specifications and subsequent recommendation to City Council for award of a contract or rejection of the responses, as deemed appropriate. The City reserves the right to make no award. Rate quotes received after the deadline will be considered late. Late rate quotes will not be accepted and will be returned to the Proposer unopened. Faxed or ed proposals are not acceptable. The designated City Representative as contact person for all questions and matters regarding this request is Robbeyn Bird, Director of Administrative Services. Proposers that contact any City official or representative other than the designated City Representative as set forth in this request will result in the disqualification of that proposer with no further consideration given to the proposal submitted. Any inquiries and matters regarding this request shall be directed to the Administrative Services Director at rbird@lapuente.org. Robbeyn Bird Administrative Services Director Page 2 of 8

3 TABLE OF CONTENTS REQUEST FOR RATE QUOTE ATTACHMENTS Attachment A: Attachment B: Attachment C: Specifications for Escrowing of Funds Project Valuation Example Cash Flow Page 3 of 8

4 REQUEST FOR RATE QUOTE LEASE PURCHASE FINANCING ************************************ City of La Puente is requesting financing rate quotes for the City s guaranteed energy savings project. The terms and conditions of the financing requirement are as follows: 1. Property: Solar Photovoltaics, City-Wide LED Street Lighting Upgrades, City-Wide Interior and Exterior LED Facility Lighting, Air Conditioning Replacement, Building Automation Upgrades, Irrigation Control Upgrade. 2. Financing Amount Delivered on Closing: Principal project amount is: $ 2,588, Lease Term: 15 Years and 9 months 4. Payment Frequency: Quarterly 5. Payment Timing: In Arrears 6. Assumed Closing/Funding Date: July 15, Annual Percentage Rate (APR): % 8. List any Fees or Expenses Not Incorporated in APR: 9. Provide a Payment Schedule including Payment Due Dates, Principal, Interest, and Purchase Option Prices. The Payment Due Dates should reflect the Closing Date and Payment Frequency criteria set forth above. The total of the Principal column should equal the sum of the Financing Amount and any fees or expenses. 10. All interest earnings in an escrow account inure to the City. City is not responsible for any escrow fees or expenses, unless these fees or expenses are delineated. See attachment entitled "Specifications for Escrowing of Funds". 11. City can "bank qualify" the Financing as an under $10 million issuer for calendar year Annual Percentage Rate to be held firm through the assumed closing/funding date. 13. It is anticipated that construction will take 9 months to complete. Interest is to be capitalized during the construction period. 14. City s latest 3 years of audited financial statements are available at the City s Finance Department website ( Page 4 of 8

5 15. Proposals will be evaluated based upon (a) cost effectiveness and flexibility and (b) the qualifications and prior financing experience of the respondent. 16. City reserves the right to reject or waive irregularities in any proposal or in the proposal procedure. Further, City reserves the right to negotiate any price or provision and accept any part or all of any proposal which in the sole opinion of City shall serve its best interests and those of the tax-paying public. ******************************** Respondent hereby submits a financing proposal in accordance with the above specifications and the Payment Schedule(s) attached. Proposal Submitted By: Name of Authorized Agent: Signature: Date: Attachment: Payment Schedule(s) Page 5 of 8

6 Attachment A Specifications For Escrowing Of Funds With respect to moneys to be deposited in escrow, City will require a separate escrow agreement that includes the following provisions: 1. The amount to be deposited in escrow will be $ 2,588, All reinvestment earnings from the escrowed proceeds will inure solely to City's benefit and will not be subject to any administrative offsets. 3. Upon closing of the lease, a certificate will be issued to the City by an officer of the escrow holder confirming receipt of funds, the amount of escrowed proceeds, and the date received. 4. City requires a monthly accounting of the escrowed funds and the interest earnings credited or accrued to the escrow account. 5. The balance remaining in the escrow account after vendor disbursements have been completed will be immediately remitted to City. Page 6 of 8

7 Attachment B Project Valuation Project Summary % Solar Photovoltaics 42% LED Street Lighting Upgrades 35% LED Lighting Upgrades 13% Mechanical & Controls Upgrades 7% Irrigation Upgrades 3% Page 7 of 8

8 Attachment C Example Cash Flow Page 8 of 8