HomeMy WebLinkAbout2026-R-3 Resolution Accepting RFPs to Finance Police Mobile Command & Fire Apparatus & Approving Financing with New Washington State Bank RESOLUTION NO. 2026-R-.3'
BEFORE THE BOARD OF PUBLIC WORKS AND SAFETY
CITY OF JEFFERSONVILLE
STATE OF INDIANA .
A RESOLUTION ACCEPTING REQUEST FOR PROPOSAL TO FINANCE
POLICE MOBILE COMMAND CENTER AND FIRE APPARATUS
AND APPROVING FINANCING WITH NEW WASHINGTON STATE BANK
WHEREAS, the Board of Public Works and Safety ("Board") for the City of
Jeffersonville, Indiana("City") is the purchasing agency for the City pursuant to I.C. 5-22-4-5(a);
and
WHEREAS, the Board, as the city's purchasing agency, has all of the powers and duties
authorized under I.C. 5-22; and
WHEREAS, the Board has previously approved the purchase of a Police Mobile
Command Center on January 3, 2024 and Fire Apparatus on May 3, 2023 (collectively
"Equipment"); and
WHEREAS, the City, by and through its Controller, has requested proposals from
financial institutions to finance the purchase of the equipment; and
WHEREAS, the City, by and through its Controller, has reviewed the responses to the
request for proposals to determine the most acceptable financing terms for the purchase the
equipment; and
THEREFORE,BE IT RESOLVED by the Board of Public Works and Safety of the City
of Jeffersonville, Indiana, the following:
a. The proposal from New Washington State Bank is hereby attached as Exhibit
"A"; and
b. The proposal from New Washington State Bank provides the best financial
terms for the purchase of the equipment; and
c. The proposal submitted by New Washington State Bank is hereby accepted and
approved; and
d. The purchase of the equipment shall be financed with New Washington State
Bank per the terms set forth in Exhibit"A" and
e. The amount financed shall not be attributed towards the City's statutory debt
limit;
f. The Mayor is hereby authorized to execute any and all documents to effectuate
the financing and closing with New Washington State Bank including a security
agreement and promissory note for the purchase of the equipment provided said
terms are consistent and substantial in conformance with the proposal set forth
in Exhibit"A".
ALL OF WHICH IS ADOPTED as the Resolution of the Ci o Jeffersonville Board of
Public Works and Safety on this `5% day of April, 2026.
.114
Mayor Mike oore, 'residing •fficer
Resolution No. 2026-R-
Attest:
Lisa Gill, Clerk
EXHIBIT "A"
NEW WASHINGTON STATE BANK
PROPOSAL
March 2,2026
Ms. Heather Metcalf
Director of Finance/Controller
City of Jeffersonville
500 Quartermaster Court
Jeffersonville, IN 47130
Re:Request for Proposal—Police&Fire
Heather:
The New Washington State Bank("NWSB")is pleased to present you with the following proposal,as
requested. As the only locally-owned bank located in Clark County, NWSB is proud to partner with our local
municipalities to benefit the communities that we serve. We thank you for the opportunity to assist with
your financial needs.
Police Mobile Command Unit Fire Apparatus
Amount to be Financed: $721,957 Amount to be Financed:$3,518,525
Origination Fee:$1,500 Origination Fee:$3,500
Collateral: Unit purchased Collateral:Apparatus purchased
Rate(tax-exempt&bank-qualified): Rate(tax-exempt&bank-qualified):
5-year:3.75% 5-year:3.63%
7-year:3.95% 7-year:3.83%
10-year:4.10% 10-year:3.98%
Payment:Annual or semi-annual Payment:Annual or semi-annual
Pre-payment penalty:None Pre-payment penalty: None
Rate Expiration:04/30/26 Rate Expiration: 12/31/26
Interim funding/draw structure is available to facilitate both purchases. NWSB is prepared to meet the
requested March 2026 and December 2026 closing timelines,contingent on receipt by 03/06/26 of the prior
two annual audit reports(comprising four fiscal years)of the City of Jeffersonville.
This Proposal is not a commitment or an offer to lend,and does not create any obligation on the part of
NWSB. Final approval will be contingent on the satisfactory completion of credit underwriting by NWSB.
Upon your review,please feel free to contact me at(502)396-3384 in order to discuss the terms and
conditions outlined herein.
Sincerely,
ei4 v&Nad
Chad W.Dimmitt
Vice President,Commercial Loan Officer
NWSB
228 Spring Street#104
Jeffersonville, IN 47130
NMLS#1188095
(Estimated interest totals and Amortization Schedules on following pages) Member
newwashbank.com FINIC
Loan amount $721,957 II Total Principal • Total Interest
Payment schedule Annually
Term (years) 5 $161,315.59
Interest rate 3.75% Annual Payment
90%
Payment type Even
Total Principal S721,957
Total Interest S84,621
Total Payment S806,578
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $161,31 $27,599.81 5133,715.78 $588,241.22
Pymt 2 $161,315.5s $22,426.70 $138,888.89 $449,352.33
Pymt 3 $161,315.59 $17,084.75 $144,230.84 $305121.49
Pymt 4 $161,315.59 S11,600.97 $149,714.62 5155,406.87
Pymt 5 $161,315.59 $5,908.72 $155,406.87 $0.00
Loan amount 5721,957 I E 'al Interest
Payment schedule Semiannually
Term (years) 5 S79,985.48
Interest rate 3.75% Semi-Annual Payment
90'
Payment type Even
Total Principal 5721,957
Total Interest 577,898
Total Payment $799,855
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $79,985.48 $13,987.92 $65,997.56 $655,959.44
Pymt 2 $79,985.48 $12,367.57 867,617.91 5588,341.53
Pymt 3 $79,985.48 $11,276.55 S68,708 93 $519,632.60
Pymt 4 $79,985.48 $9,851.37 $70,134.11 $449,498.49
Pymt 5 $79,985.48 $8,615,39 $71,370.09 $378,128.40
Pymt 6 $79,985.48 $7,129.30 $72,856.18 $305,272.22
Pyrnt 7 $79,985.48 $5,851.05 S74,134 43 $231,137.79
Pyrnt 8 $79,985 48 $4,357.91 S75,827.57 $155,510.27
Pymt 9 $79,985.48 $2,980.61 $77,004.87 $78,505.35
Pynu 10 $79,985.48 $1,480.13 $78,505.35 $0.00
Loan amount $721,957 • Total Principal II Total Interest
Payment schedule Annually
Term (years) 7110, $120,345.91
Interest rate 3•95% Annual Payment
86
Payment type Even
Total Principal $721,957
Total Interest S120,464
Total Payment S842,421
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $120,345.91 $29,071.80 S91,274.11 S630,682.89
Pymt 2 $120,345.91 $25,327.17 $95,018.74 $535,664.15
Pymt 3 $120,345.91 S21,452.61 $98,893.30 $436,770.85
Pymt 4 $120,345.91 $17,492.07 $102,853.84 $333,917.01
Pymt 5 $120,345.91 S13,372.91 $106,923.00 $226,944.01
Pymt 6 $120,345.91 $9,113.69 S111,232.22 $115,711.79
Pymt 7 $120,345.91 S4,634.12 $115,711.79 $0.00
Loan amount $721,957 • Total Principal MI Total interest
Payment schedule Semiannually
44,
Term (years) 7 $59,669.08
Interest rate 3.95% Semi-Annual Payment
86%
Payment type Even
Total Principal $721,957
Total Interest S113,410
Total Payment $835,367
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $59,669.08 $14,733,94 $44,935.14 $677,021.86
Pymt 2 559,669.08 $13,445.47 $46,223.61 $630,798.25
Pymt 3 S59,669.08 $12,735.12 $46,933.96 $583,864.29
Pymt 4 $59,669.08 $11,659.45 $48,009.63 $535,854.66
Pymt 5 $59,669.08 $10,818.31 $48,850.77 $487,003.89
Pymt 6 S59,669.08 $9,671.76 549,997.32 $437,006.57
Pymt 7 $59,669.08 $8,822.68 $50,846.40 $386,160.17
Pymt 8 559,669.08 $7,669.03 $52,000.05 $334,160.12
Pymt 9 $59,669.08 $6,746.32 $52,922.76 $281,237.36
Pymt 10 $59,669.08 $5,585.30 $54,083.78 $227,153.58
Pymt 11 $59,669.08 $4,585.98 $55,083.10 $172,070.48
Pymt 12 $59,669.08 $3,436.15 $56,232.93 $115,837.55
Pymt 13 $59,669.08 $2,338.63 $57,330.45 S58,507.10
Pymt 14 $59,669.08 $1,161.98 $58,507.10 $0.00
Loan amount $721,957 10 "otal Principal II Total Interest
Payment schedule Annually
Term (years) 10 20% S89,141.03
Interest rate 4.10% Annual Payment
80%
Payment type Even
Total Principal S721,957
Total Interest $175,453
Total Payment S897,410
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $89,741.03 $30,175.80 S59,565.23 $662,391.77
Pymt 2 S89,741.03 $27,610.70 $62,130.33 $600,261.44
Pymt 3 $89,741.03 $24,952.53 $64,788.50 $535,472.94
Pymt 4 $89,741.03 $22,259.31 $67,481.72 $467,991.22
Pymt 5 $89,741.03 $19,454.14 $70,286.89 $397,704.33
Pymt 6 589,741.03 $16,577.64 $73,163.39 $324,540.94
Pymt 7 $89,741.03 $13,490.99 $76,250.04 $248,290.90
Pytnt 8 $89,741.03 $10,321.31 $79,419.72 $168,871.18
Pymt 9 $89,741.03 $7,019.88 $82,721.15 $86,150.03
Pymt 10 $89,741.03 $3,591.00 $86,150.03 $0.00
Loan amount $721,957 III Total Principal Total Interest
Payment schedule Semiannually
19%
10
Term (years) $44,507.54
Interest rate 4.10% Semi-Annual Payment
81%
Payment type Even
Total Principal S721,957
Total Interest $168,194
Total Payment S890,151
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $44,507.54 $15,293.46 $29,214.08 5692,742.92
Pymt 2 $44,507.54 S14,280.13 $30,227.41 S662,515.51
Pyrnt 3 $44,507.54 $13,883.38 $30,624.16 $631,891.35
Pymt 4 $44,507.54 $13,097.70 S31,409.84 $600,481.51
Pymt 5 $44,507.54 $12,583.42 $31,924.12 $568,557.39
Pymt 6 $44,507.54 $11,720.18 $32,787.36 $535,770.03
Pymt 7 $44,507.54 $11,227.36 $33,280.18 $502,489.85
Pymt 8 $44,507.54 $10,358.27 $34,149.27 $468,340.58
Pyrnt 9 $44,507.54 S9,814.34 $34,693.20 S433,647.38
Pymt 10 $44,507.54 $8,939.16 $35,568.38 S398,079.00
Pymt 11 $44,507.54 58,341.97 S36,165.57 S361,913.43
Pymt 12 $44,507.54 $7,501.66 $37,005.88 $324,907.55
Pymt 13 $44,507.54 $6,808.62 $37,698.92 $287,208.63
Pyrnt 14 $44,507.54 S5,920.49 $38,587.05 $248,621.58
Pymt 15 $44,507.54 $5,210.00 $39,297.54 $209,324.04
Pymt 16 $44,507.54 $4,314.98 $40,192.56 $169,131.48
Pymt 17 $44,507.54 S3,544.24 $40,963.30 $128,168.18
Pymt 18 $44,507.54 $2,642.04 $41,865.50 586,302.68
Pymt 19 $44,507.54 $1,808.52 $42,699.02 $43,603.66
Pymt 20 $44,507.54 $903.88 $43,603.66 $0.00
Loan amount S3,518,525 III otal Principal 1111 Total Interest
Payment schedule Annually
FP
Term (years) 5 S783,486.11
Interest rate 3.63% Annual Payment
90
Payment type Even
Total Principal S3,518,525
Total Interest $398,906
Total Payment S3,917,431
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $783,4c6.11 $130,205.95 $653,280.16 $2,865,244.84
Pymt 2 $783,486.11 $105,741.86 $677,744.25 $2,187,500.59
Pymt 3 $783,486.11 $80,509.14 $702,976.97 $1,484,523.62
Pymt 4 $783,486.11 $54,636.65 $728,849.46 $755,674.16
Pymt 5 $783,486.11 $27,811.95 $755,674.16 $0.00
Loan amount S3,518,525 MI Total Principal Total Interest'
Payment schedule Semiannually
Term (years) 5 pr $388,569.10
Interest rate 3.63% Semi-Annual Payment
91
Payment type Even
Total Principal S3,518,525
Total Interest $367,172
Total Payment S3,885,697
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $388,569.70 $65,989.94 5322,579.76 S3,195,945.24
Pymt 2 $388,569.70 $58,328.66 $330,241.04 $2,865,704.20
Pymt 3 $388,569.70 $53,168.37 $335,401.33 $2,530,302.87
Pymt 4 $388,569.70 $46,435.27 $342,134.43 $2,188,168.44
Pyrnt 5 $388,569.70 $40,597.82 $347,971.88 $1,840,196.56
Pyrnt 6 S388,569.70 $33,585.12 $354,984.58 S1,485,211.98
Pymt 7 S388,569.70 $27,555,63 S361,014.07 S1,124,197.91
Pymt 8 $388,569.70 $20,517.55 $368,052.15 $756,145.76
Pymt 9 S388,569.70 $14,029.02 $374,540.68 $381,605.08
Pymt 10 $388,569.70 $6,964.62 $381,605.08 $0.00
Loan amount S3,518,525 1111 Total Principal II Total Interest
Payment schedule Annually
Term (years) 7P $583,877.49
Interest rate 3.83% Annual Payment
86%
Payment type Even
Total Principal S3,518,525
Total Interest $568,617
Total Payment $4,087,142
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 5583,877.49 $137,379.83 $446,497.66 $3,072,027.34
Pymt 2 S583,877.49 $119,619.62 $464,257.87 $2,607,769.47
Pymt 3 5583,877.49 $101,264.76 $482,612.73 $2,125,156.74
Pymt 4 $583,877.49 $82,523.97 $501,353.52 $1,623,803.22
Pymt 5 5583,877.49 S63,055.44 S520,822.05 $1,102,981.17
Pymt 6 S583,877.49 $42,948.25 $540,929.24 S562,051.93
Pymt 7 $583,877.49 $21,825.56 $562,051.93 $0.00
a
Loan amount S3,518,525 ■ Total Principal • Total Interest
Payment schedule Semiannually
Term (years) 7 $289,555.94
Interest rate 3.83% Semi Annual Payment
Payment type Even
Total Principal $3,518,525
Total Interest S535,258
Total Payment S4,053,783
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $289,555.94 $69,625.75 S219,930.19 $3,298,594.81
Pymt 2 S289,555.94 $63,519.02 $226,036.92 $3,072.557.89
Pymt 3 S289,555.94 $60,147.03 $229,408.91 S2,843,148.98
Pymt 4 $289,555.94 $55,051.26 $234,504.68 $2,608,644.30
Pymt 5 S289,555,94 $51,065.66 $238,490.28 S2,370,154.02
Pymt 6 S289,555.94 S45,640.61 $243,915.33 S2,126.238.69
Pymt 7 $289,555.94 $41,622.30 $247,933.64 $1,878,305.05
Pymt 8 $289,555.94 $36,169.37 $253,386.57 $1,624,918.48
Pymt 9 $289,555.94 $31,808.68 $257,747.26 $1,367,171.22
Pymt 10 S289,555.94 S26,326.78 $263,229.16 $1,103,942.06
Pymt 11 $289,555.94 $21,610.28 $267,945.66 S835,996.40
Pymt 12 $289,555,94 $16,187.21 $273,368.73 $562,627.67
Pymt 13 $289,555.94 $11,013.75 S278,542.19 $284,085.48
Pymt 14 $289,555.94 S5,470.46 S284,085.48 $0.00
Loan amount S3,518,525 111 Total Principal III Total Interest
Payment schedule Annually
19%
10
Term (years) S434,722.16
Interest rate 3.98°% Annual Payment
81%
Payment type Even
Total Principal $3,518,525
Total Interest $828,697
Total Payment $4,347,222
Amortization Schedule
Number Payment Interest Principal Balance
vmt 1 $434.722.16 $142,760.24 $291,961.92 $3,226,563.08
Pymt 2 $434,72216 $130,557.50 $304,164.66 $2,922,398.42
Pymt 3 $434,722.16 $117,926.89 $316,795.27 $2,605,603.15
Pymt 4 $434,722.16 $105,143.32 $329,578.84 52,276,024.31
Pymt 5 $434,722.16 $91,843.90 $342,878.26 $1,933,146.05
Pymt 6 $434,722.16 $78,221.53 $356,500.63 $1,576,645.42
Pymt 7 $434,722.16 $63,622.02 $371,100.14 $1,205,545.28
Pymt 8 $434,722.16 $48,647.10 $386,075.06 $819,470.22
Pymt 9 $434,722.16 $33,067.90 $401,654.26 $417,815.96
Pymt 10 $434,722.16 $16,906.20 $417,815.96 $0.00
Loan amount S3,518,525 ■ ,utal Principal • Fatal Interest
Payment schedule Semiannually
Term (years) 10 18%
S215 641.85
Interest rate 3.98% Sergi-Annual Payment
82%
Payment type Even
Total Principal S3,518,525
Total Interest $794,312
Total Payment S4,312,837
Amortization Schedule
Number Payment Interest Principal Balance
Pymt 1 $215,641.85 $72,352.60 $143,289.25 $3,375,235.75
Pymt 2 $215,641.85 $67,540.34 $148,101.51 $3,227,134.24
Pymt 3 $215,641.85 $65,647.08 $149,994.77 $3,077,139.47
Pymt 4 $215,641.85 $61,915.47 $153,726.38 $2,923,413.09
Pymt 5 $215,641.85 $59,468.72 $156,173.13 $2,767,239.96
Pymt 6 $215,641.85 $55,374.01 $160,267.84 $2,606,972.12
Pymt 7 $215,641.85 $53,031.61 $162,610.24 $2,444,361.88
Pymt 8 $215,641.85 $48,913.04 $166,728.81 $2,277,633.07
Pymt 9 $215,641.85 $46,332.12 $169,309.73 $2,108,323.34
Pymt 10 $215,641.85 $42,188.72 $173,453.13 $1,934,870.21
Pymt 11 $215,641.85 $39,359.56 $176,282.29 $1,758,587.92
Pymt 12 $215,641.85 $35,384.74 $180,257.11 $1,578,330.81
Pymt 13 $215,641.85 $32,106.76 $183,535.09 $1,394,795.72
Pymt 14 $215,641.85 $27,910.64 $187,731.21 51,207,064.51
Pymt 15 $215,641.85 $24,554.37 $191,087.48 $1,015,977.03
Pymt 16 $215,641.85 $20,330.26 $195,311.59 $820,665.44
Pymt 17 $215,641.85 $16,694.16 $198,947.69 $621,717.75
Pymt 18 $215,641.85 $12,440.92 $203,200.93 $418,516.82
Pymt 19 $215,641.85 $8,513.56 $207,128.29 $211,388.53
Pymt 20 $215,641.85 $4,253.32 $211,388.53 $0.00