1. The estimated loan principal for the purchase of a fire ladder truck will be approximately $2.2 million ($2,200,000). 2. The City requests that loan terms include an early payoff option with no penalties. Please note in the exceptions form if this is not included in the proposer’s loan terms. 3. Please complete all fields in both tables on the Proposer Response Form so that all proposals are comparable. The City would like to consider both monthly and annual payment terms for three potential loan terms of five (5), seven (7), and ten (10) years. If the proposer cannot offer a particular loan term, please note that in the exceptions form. 4. The fire ladder truck may serve as collateral for security of the loan. 5. Proposers MUST have a physical location at which the City can conduct business within the incorporated limits of the City of Georgetown, Kentucky. 6. Upon approval of the most advantageous financing option by the Georgetown City Council, the Mayor will be authorized to execute a loan application to lock in the proposed annual interest rate percentage. The City will not seek disbursement of loan funds until the fire ladder truck has been selected and ordered, which is anticipated within a few months of securing the loan terms.
