The Town of Vinton, Virginia is seeking proposals for a direct bank loan, up to $2,500,000, evidenced by a general obligation bond series 2026. Proceeds will fund capital improvements to a war memorial building and grounds. Proposals are requested for terms ranging from 10 to 20 years. Fixed rate is preferred. The town prefers the option of prepayment without penalty. Proposals are due by 3:00 p. m. on July 20, 2026. Closing is expected by August 31, 2026.
Closing is expected to take place by August 31, 2026. Closing is expected to take place by august 31, 2026.
Please specify frequency of payments for interest and principal (e. g. , monthly, quarterly, semiannually, or at maturity). Please specify frequency of payments i. e. monthly, quarterly, semiannually, or at maturity.
The selection will be based substantially on lowest total financing cost including both interest cost and upfront fees and expenses, but the town reserves the right to select the proposer that best meets the needs of the town. although the selection will be based substantially on lowest total financing cost including both interest cost and upfront fees and expenses, the town reserves the right to select the proposer that best meets the needs of the town.
Proposers will be expected to provide a letter regarding the qualifications of the lender and stating that the loan is being made for its own account, with the present intent to hold the loan to maturity and with no intention of sale or distribution. he successful proposers will be expected to provide a letter in form satisfactory to the town and bond counsel regarding the qualifications of the lender and stating that the loan is being made for its own account, with the present intent to hold the loan to maturity and with no intention of sale or distribution.
The town prefers the option of prepayment in whole or in part at any time without penalty. he town prefers the option of prepayment in whole or in part at any time without penalty.
$2,500,**** a principal amount of up to 2, 500, 000 the 2026 bond.