The City of Utica is plannng to enter into an Installment Purchase Contract, pursuant to Act 99 of the Public Acts of Michigan of 1933, as amended, with a thrid-party vendor in the amount of approximately $230,000, to provide funds for the purpose of financing the purchase of an ambulance and ancillary equipment. Security for the payments to be received pursuant to the Installment Purchase Contract will be a pledge of taxes levied upon taxable property located within the City, subject to applicable constitutional, statutory and charter tax rate limitations.
It is the intent of the City to solicit bids from investors who may be niterested in receiving an assignment of the vendor's interest in the Installment Purchase Contract. Enclosed is a list of the minimum information required for a bid to receive consideration. Bids will be accepted electronically only via MITN (Michigan Intergovernmental Exchange Network). The winning bidder will be notified by the undersigned no later than 12:00 p.m. on August 5, 2021, and the formal award will be made by the City Council at its August 10, 2021 regular meeting. Bids, once submitted, must not be withdrawn prior to September 15, 2021. The City anticipates closing the Installment Purchase Contract on or before September 15, 2021. The City reserves the right to reject any and all bids.
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