Short-Term Promissory Note

The City of Little Rock, located in Pulaski County, Arkansas, is seeking short-term financing through a promissory note not to exceed $6,500,000 for the replacement of the damaged Clinton Presidential Park Bridge Protection Cell in the Arkansas River. This Invitation to Bid (ITB) was released on August 11, 2025, with vendor questions due by August 25, 2025, and proposal submissions required by September 2, 2025, at 11:00 AM. A bid opening Teams meeting is scheduled for September 2, 2025, at 11:15 AM, with tentative proposal evaluation on September 15, 2025. The Note will have a five-year term with five substantially equal annual amortized installments of principal and interest, beginning one year from the date of issuance. The contract will be awarded on an all-or-none basis to the lowest responsive and qualified bidder who meets all specified requirements, with vendors required to submit unconditional bids specifying their interest rate for purchasing the entire principal amount at par.

The procurement encourages participation from various business types, with specific provisions for minority and women-owned businesses as defined under Arkansas statutes Act 554 of 1977 and Act 1080 of 2017. Vendors must hold a valid business license to operate in Arkansas and comply with several certification requirements, including restrictions on Israel boycotts, illegal immigrant employment, and boycotts of energy, fossil fuel, firearms, and ammunition industries. These certifications vary based on contract value thresholds: Israel Boycott Restriction applies to contracts of $1,000 or greater, Illegal Immigrant Restriction to contracts valued at $25,000 or greater, and Energy, Fossil Fuel, Firearms, and Ammunition Industries Boycott Restriction to contracts of $75,000 or greater. The promissory note will be pre-payable without penalty and secured by general revenues, with interest excludable from federal income tax and all Arkansas state, county, and municipal taxes. The anticipated funds will be advanced within 10 business days of award, with interest rates required to remain valid for 90 days following the bid opening.