Vehicle and Equipment Lease-Purchase Financing

The City of Emporia is seeking licensed and insured financial institutions to provide up to $651,565 in tax-exempt lease-purchase financing for vehicles and equipment.

City of Portsmouth


General
Open
RFP-129236
Oct 13, 2026 02:00 PM
Sep 29, 2026 02:00 PM
$651,565.00
3 years base + 1 × 5 years option
Request for Proposal (RFP)
Local
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Original Solicitation Links
Contact
lori.jarratt@ci.emporia.va.us
+14346342815
201 South Main Street, Emporia, VA, USA
Submission Instructions
Mail
Lori Jarratt, Assistant to the City Manager, 201 South Main Street, Emporia, Virginia 23847

or

Hand delivery

or

Online
Description

The City of Emporia is soliciting proposals from qualified, licensed, and insured financial institutions to provide up to $651,565 in tax-exempt, bank-qualified lease-purchase financing for vehicles and equipment. The financed items include a knuckle boom trash truck, Bobcat forklift, three police cruisers, and a multipurpose officer transit van. The financing may be structured for three- and five-year terms, with fixed tax-exempt interest, annual principal and interest payments, full amortization, and an interest rate not exceeding 5.0% per year. The financing will be secured by a lease-purchase agreement and a security interest in the purchased vehicles and equipment, with annual appropriations required for lease payments. Proposals must include an amortization schedule, certification of funds availability, financing conditions and costs, a proposed lease-purchase agreement and related escrow documents, evidence of insurance, and required vendor and Virginia business-authority forms.

Classification Codes
NAICS522220Sales Financing
PSCW099Lease or Rental of Equipment: Miscellaneous
Smart Codes
vehicle financingequipment financinglease purchase financing
Specifications
Service Only
Timeline
Sep 29, 2026-Issued
Oct 09, 2026 05:00 PM-Questions Due Date
Oct 13, 2026 06:00 PM-Proposal Submission Deadline
Nov 13, 2026-Anticipated Closing Date
Requirements
Required
  • Workers' Compensation
  • Employer's Liability — $100,000.00
  • Commercial General Liability — $1,000,000.00
  • Automobile Liability — $1,000,000.00
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