NIGP 94931: Interest, Other

NIGP 94931 Interest, Other is an Item code under which state and local governments procure vehicle financing through tax-exempt lease purchase agreements and other debt instruments. The City of Kingman, Arizona recently solicited competitive bids from banks, credit unions, and financial institutions to finance approximately $2.5 million in vehicle acquisitions—specifically 30 vehicles and 2 heavy solid waste trucks—split across a 10-year fixed-rate lease for $923,160.72 and a 5-year fixed-rate lease for $1,613,616.76. Bidders must be legally authorized to conduct business in the relevant state, carry FDIC insurance, and demonstrate prior government lending experience. Evaluation focuses on lowest overall cost to the municipality and ability to meet specified closing and payment dates. The code primarily serves municipal governments seeking low-cost financing for fleet and capital equipment purchases.

The City of Kingman's IFB 2025IFB041, posted March 7, 2026 with a January 27, 2026 response deadline, represents the available recent activity under this code. Bidders submit questions through the procurement portal by specified deadlines and deliver sealed bids electronically; the anticipated loan closing date was February 24, 2026. Required documentation includes amortization schedules, proof of regulatory standing, business licenses, W-9 forms, and references. The solicitation requires fixed interest rates for the loan term with annual level payments and prepayment flexibility without penalty, along with full disclosure of rates, fees, and money market rates for escrow balances. No site visits, pre-bid conferences, or incumbent vendors are referenced in the solicitation.