Lease Purchase Agreement - School Buses

Chesapeake Public Schools is seeking bids for a lease purchase agreement to finance thirty-five school buses, consisting of thirty Type C 71-passenger buses and five Type C 71-passenger buses equipped with lifts for special needs. The total amount to be financed is 5,236,385.00 over a ten-year payback term. The vehicles are being procured from Sonny Merryman Inc. via Commonwealth of Virginia Contract E194-90742, with anticipated delivery by December 31, 2026. The contract will be awarded based on the most economical financing alternative, specifically the lowest interest rate that meets all specifications and conforms to the bid documents. Qualified vendors must be authorized to transact business in the Commonwealth of Virginia and provide a bid bond of five percent of the bid amount, as well as a performance and labor material payment bond covering one hundred percent of the awarded amount. Submission requirements include a signed transmittal letter, a locked-in interest rate, a sample Master Lease Agreement, an amortization schedule, escrow account terms, and at least three professional references. The selection process adheres to the Virginia Public Procurement Act, and the successful bidder will be responsible for issuing payments to the equipment vendors.