Norwich Public Utilities Line of Credit

Norwich Public Utilities (NPU), located in the City of Norwich within New London County, Connecticut, is conducting a Request for Proposal (RFP 22-20) to procure a fixed-rate revolving line of credit (LOC) from qualified financial institutions. The procurement seeks a line of credit with a maximum value of $10 million and a 10-year maturity term, which will be secured by and repaid through revenues generated from NPU's Electric and Gas divisions. The primary evaluation criteria center on obtaining the lowest overall borrowing cost, most competitive interest rate, and most favorable terms that best serve NPU's financial interests. Proposals were solicited from all qualified financial institutions during a specific response period from February 8, 2022, at 3:00 PM EST to March 7, 2022, at 2:00 PM EST. The RFP requires potential vendors to submit comprehensive proposals detailing their proposed interest rates, repayment terms, and other relevant financial details. The procurement contact for this solicitation is Robert Castronova, who can be reached at 860-823-3706 or rcastronova@cityofnorwich.org.

The RFP does not specify any set-aside designations, disadvantaged enterprise requirements, or restrictions on the types of organizations that can respond to the solicitation. No incumbent vendors or current contractors are mentioned in the documentation, and there are no noted requirements for integration with existing infrastructure or technology. The delivery terms are specified as Free On Board Destination, with payment terms to be determined by the vendor. While the total potential contract value is set at $10 million, no specific budget range or additional financial details are provided beyond the line of credit parameters. The contract will be awarded to the financial institution that demonstrates the most advantageous proposal in terms of borrowing costs and financial terms for Norwich Public Utilities.