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Short-Term General Obligation Tax Exempt Revenue Anticipation Note

The County of Lancaster is seeking proposals to obtain financing for its Short-Term General Obligation Tax-Exempt Revenue Anticipation Note (RAN) in an amount up to $1,500,000, which will be repaid from general taxes and other revenues collected by the County.  A six month maturity, direct bank loan is sought from a single financial institution or a group of financial institutions. Bank Qualified and Non-Bank Qualified interest rates are requested.  Prepayment in whole or in part at any time without penalty should be provided.  Please specify any closing costs or ongoing fees, if any.  All proceeds will be drawn at closing, which is expected to take place by August 21, 2020 at the offices of Sands Anderson PC, Lancaster County Bond Counsel.  The opinion of Bond Counsel will be delivered at closing.

The County’s Comprehensive Annual Financial Reports and Budgets can be found on County Administration page of the County’s website. No other formal offering documents will be prepared.

Responses must be received at the Office of the Lancaster County Administrator no later than 11:00 AM on Friday, July 24, 2020.  Questions regarding this Request for Proposal should be directed to: Don G. Gill, County Administrator, 8311 Mary Ball Road, Lancaster, VA 22503, Phone: 804-462-5129, Fax: 804-462-0031, E-Mail: dgill@lancova.com

Proposals submitted in response to this solicitation will be opened in the Office of the County Administrator at 11:00 AM on Friday, July 24, 2020. Interested parties are welcome to observe the opening, but a decision will not be made nor opinion offered until final review by the Board of Supervisors.  The Board of Supervisors is expected to make the formal award at its July 30, 2020 meeting. The Board of Supervisors reserves the right to reject any or all proposals and waive any formalities.

NOTE: Responses to Lancaster County bid invitations must include the following:

Appendix A: Bid or Proposal Conditions
Appendix B: Bid Declaration
Appendix C: General Terms and Conditions