City selects Bank of America at 3.31% for annual equipment financing
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Summary
The finance department reported it completed the annual equipment and vehicle financing after an RFP that drew eight responses; Bank of America was selected at a 3.31% rate and offers favorable prepayment terms after two years, staff said.
Mitchell Stamp, senior debt treasury analyst, briefed the committee on the city’s annual equipment and vehicle financing. The RFP received eight proposals and staff selected Bank of America with a 3.31% annual interest rate and semiannual payments.
Stamp said the highest proposal rate was about 4.12%, and Bank of America offered prepayment without premium after two years — a favorable term for the city. He noted staff and outside counsel worked on an accelerated closing after a last‑minute substitution of equipment and thanked outside counsel and advisors for expedited work to finalize documentation.
Committee members thanked staff; no formal committee action was recorded on the financing update.
