(1) Vendor needs to provide financing services for various capital assets to the government authority located in Hot Springs, AR.– The borrowing will be authorized pursuant to amendment 78 of Article 16 of the state constitution, which allows cities to enter into short term financing.– Any legal opinion will be provided by the city’s in house legal counsel.– The benchmark index for establishing the rate is the five–year treasury bill.– Repayments of principal and interest will be made annually, starting on July 1, 2025 and interest will be made semi–annual, starting July 1, 2025.– The loan term will be five years.(2) All question must be submitted no later than January 24, 2025.(3) A contract period will be for one year.
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