Specifications include, but are not limited to: The Russell County School Board will be accepting sealed proposals for the procurement of a lease/purchase contract for the purchase of six school buses. The total cost of the buses is $561,589.00. The Board will be making a down payment of $100,000.00 when the buses are delivered. The remaining balance of $461,589.00 to be borrowed will be repaid in three equal annual payments. The first annual payment will be made in November, 2020 and annually thereafter. The two remaining annual payments will be paid in November of each of the following years, with the last payment being made in November, 2022. The interest rate and annual premium is to be fixed for the duration of the contract. Payments are to cover principal, interest and any other charges. Title liens will be assigned to the financial institution and are to be signed over to the Russell County School Board upon receipt of the final payment in November, 2022. Your proposed interest rate is to remain firm until the specified closure date. Payment is to be paid to the appropriate company after delivery and acceptance by the Russell County School Board.