Bid Amendment #7 Summary

This is a Bid Amendment issued by the State of New Jersey Department of the Treasury, Division of Purchase and Property, revising the procurement timeline for Bid Solicitation 25DPP01105 regarding the T3030 Equipment Master Lease Purchasing Financing Facility. The amendment confirms the postponement of the quote submission due date from May 29, 2026 to June 12, 2026 at 2:00 p.m. Eastern Time, as previously announced in Bid Amendment #6. The procurement seeks a primary source lender to provide up to $100 million in equipment master lease purchase financing over a three-year base term with options to extend for up to three additional one-year periods by mutual written consent. The lessor will finance approximately 160 third-party supplier payments annually across diverse equipment categories. Additionally, this amendment provides a revised 490 SOFR Curve dated June 2, 2026, which replaces the previous curve dated May 16, 2026, and suppliers must reference the updated pricing guidance in Revised Bid Solicitation Section 3.26.

Bidders are required to submit pricing using the state-supplied price sheet with interest rates calculated as a percentage of the SOFR Swap Rate based on the Bloomberg 490 SOFR Curve plus a spread quoted in basis points for three-year, four-year, and five-year financing terms, with all percentages rounded to four decimal places and all lessor fees and expenses included within the quoted interest rates. Bidders must demonstrate technical qualifications addressing personnel qualifications, firm experience with similar-sized contracts, and understanding of the scope of work. Mandatory insurance requirements include commercial general liability of at least $1,000,000 per occurrence, automobile liability coverage of $1,000,000, workers' compensation insurance, and professional liability insurance of $5,000,000 per occurrence. Bidders must comply with New Jersey state laws including business registration, ownership disclosure forms, Iran investment activity disclosures, non-discrimination provisions, affirmative action requirements, and pay-to-play prohibitions. Rental payments will be payable semi-annually in arrears on June 15 and December 15, subject to annual legislative appropriations and the New Jersey Prompt Payment Act, which mandates payment within 60 days of receipt of properly executed vouchers.