The County has received financing proposals for the acquisition of radio equipment for all Rowan County public safety. This includes radios for all County volunteer fire departments and public safety in all County municipalities.
Bids were received from 7 financial institutions. Please accept the low bid received from Truist Financial Corporation in the amount up to $8,650,000. The term is approximately five years with an interest rate of 3.54%. Attached Resolution, Bank Bid Summary, Proposal from Truist, contract documents and budget amendment. The Board is to authorize the Finance Director to establish an escrow account for the loan proceeds. The County intends to only borrow $8,050,000. The Finance Director was working through the contract agreement and will present to the BOC the final negotiated version of the contract on Monday, October 17, 2022 sample contracts attached to this agenda item.
Also attached, is the quote from Motorola the low bidder for the purchase of the public safety radio equipment in an amount of $7,949,882.01. Proposals were received for this equipment in September 2021. The Board awarded the RFP from Motorola on May 2, 2022 Consent Agenda Item K.
Board of Commissioners to approve the Resolution and budget amendment to authorize the Finance Director to establish an escrow account for the loan proceeds.
AND
Authorize the County Manager to enter into an installment financing contract with Truist Financial Corporation.
AND
Authorize the purchase of public safety radio equipment from Motorola in an amount of $7,949,882.01.
|