Project Information

Bid Title

East Orange BOE Lease Purchase -Due 2-5-2026

Issuing Agency

East Orange School District

Location

New Jersey

Published Date

Jan 27, 2026

Closing Date

Feb 5, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

East Orange BOE Lease Purchase -Due 2-5-2026

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East Orange Board of Education

County of Essex, New Jersey

Bid for Lease Purchase Financing, Opening: February 5, 2026 at 11:00am

________________________________________________________________________________

The East Orange Board of Education, in the County of Essex, New Jersey is soliciting bids for lease purchase

financing. This will be a lease purchase to pay for the purchase of a Ford Transit 350 XL Passenger Van Low Roof

148WB AWD at a price of $57,340.00. The total cost of Financing is $52,340.00 because there will be a $5,000 deposit

on the vehicle.

The cost of equipment will be established via cooperative pricing or competitive bidding award. This Bid will open

at 11:00am on February 5, 2026 at the School Business Administration’s offices, East Orange Public Schools

199 4th Ave, East Orange, NJ 07017.

This is a request for Bid to lease purchase finance essential use equipment. The total principal amount of this lease

purchase is $52,340.00. Please use this amount for your bid. Payment will be directly to vendors from escrow if the Board

deems that to be in its’ best interest.

___________________________________________________________________________________

East Orange Board of Education Financial Links

Please use the following links to the East Orange Board of Education financial information.

ACFR 2024: https://www.nj.gov/education/finance/fp/acfr/search/24/amr/1210.pdf

ACFR 2023: 184913-19416291-782e-4a92-bad6-db1b03c9431e.pdf

ACFR 2022: 194742-e9e0f356-4502-4634-90d5-1cfebe82b73f.pdf

The 2025-2026 User Friendly Budget: may be found at the following site:

https://4.files.edl.io/739f/03/26/25/130600-0582802c-4fc7-4e76-aca8-80e94b777f8c.pdf

Repayment Terms:

The Repayment term for the principal amount of $52,340.00 will be for 5 years with equal payments

commencing on July 1, 2026. The Anticipated date for closing on this lease is on or about June 1, 2026.

The Board requests an interest rate and an indexed interest rate; given the requested parameters that will apply to

the payment stream. The Board requests that there be no charge for disbursements made.

Escrow:

This transaction is anticipated to fund an interest-bearing escrow account. The escrow account must be with a NJ

GUDPA approved financial institution. The Board requests that there be no charge for disbursements made to vendors at

delivery and acceptance. Please disclose your cost for escrow on the response form.

Basis for Bid Award:

The determination of the low Bid will be made based upon the lowest indexed interest rate Bid produced by the

yield analysis. Any and all additional charges shall be disclosed on the Bid Response Form. Charges must be listed as a not

to exceed dollar amount. The not to exceed dollar amount will be computed in the yield analysis to determine the low

Respondent. Failure to disclose additional charges with the Bid will eliminate a Respondent’s ability to request additional

charges.

East Orange Board of Education

Lease Purchase Bid/11:00am. February 5, 2026

Page 1

If there is a tie in the yield, the secondary criteria will be the most advantageous index of the interest rate, followed

by the lowest purchase option prepayment penalty. The award will be made to the Respondent whose Bid yields the lowest

effective interest rate to the Board. Questions or clarifications may be directed in writing to either the financial advisor or

the Board’s business administrator up to three (3) days prior to the date for submission of Bids.

Disclosure of “Rate Buy Downs”:

Bidders must show the actual rate. Discounts from manufacturers are discouraged and must be disclosed. If discounts to

the funders are used to “buy down” the interest rate, the bidder agrees to pass a discount to the lessee. The actual interest

rate verification will be based upon the amount funded without the impact of the buy down

East Orange Board of Education

Sample Lease Purchase Repayment Schedule:

This amortization schedule is prepared on “T-Value”, set up using a normal 365 day calendar year.

Compounding Period:

Nominal Annual Rate:

Annual

4.500%

This Bid must allow for any associated costs to the Board for the equipment and of the bid to be included in the

amount financed.

Payment Date Payment

#

Feb 01, 2027 1

Feb 01, 2028 2

Feb 01, 2029 3

Feb 01, 2030 4

Feb 01, 2031 5

Payment

Amount

$12,438.84

$12,438.84

$12,438.84

$12,438.84

$12,438.84

Interest Paid Principal Paid

$3,492.78

$2,838.52

$2,136.58

$1,383.51

$576.03

$8,946.06

$9,600.32

$10,302.26

$11,055.33

$11,862.81

Remaining

Balance

$43,393.94

$33,793.62

$23,491.36

$12,436.03

$0.00

Bank Qualified:

The East Orange Board of Education is a Type I school district. The district does not intend to issue in excess of ten million

dollars in aggregate debt this calendar year. Interest income from this lease purchase will be considered "bank qualified."

This transaction may be assigned by the lessor.

Documentation:

Documentation for this transaction supplied by the successful Respondent must be acceptable to the East Orange Board of

Education and their counsel.

Location of Bid Opening:

The official opening will be held on February 5, 2026 at 11:00am at the Administrative Offices. It is the responsibility of

the Respondent to ensure that the Bid is in the hands of the Business Administrator before February 5, 2026 at 11:00am. E-

mailed will be accepted at the official Bid opening.

*Please, e-mail a copy of your executed Bid to the lease purchase coordinator listed below within one hour after the time

of Bid opening for analysis.

East Orange Board of Education

Lease Purchase Bid/11:00am. February 5, 2026

Page 2

Please return original Bids to the East Orange Board of Education office at the below address:

East Orange Board of Education

Attention: Tia Thomas

School Business Administrator/ Board Secretary

199 4th Avenue

East Orange, NJ 0701

tia.thomas@eastorange.k12.nj.us

Please Label all Bids: “Lease Purchase Bid Enclosed”

The East Orange Board of Education reserves the right to reject any and all proposals and to waive any

irregularities in the proposal process.

Lease Purchase Coordinator

Educational Services Commission of New Jersey (ESCNJ) is acting as Lease Purchase Coordinator to the Board. Please

direct questions and a copy of your Bid submission (*per above) to:

ESCNJ

Timothy Havlusch, Business Administrator

Paul DeAngelo, Assistant Business Administrator for the ESCNJ Cooperative

1660 Stelton Road

Piscataway, New Jersey 08854

(732) 777-9848 ext. 3120

thavlusch@escnj.us

pdeangelo@escnj.us

Rate Hold and Bidders May Offer Alternative Index:

This bid request is for lease purchase financing. New Jersey law requires bidders to hold pricing for sixty days from

the date of the bid request and that the financial markets are constantly changing. The Board requests that the rate be held

for thirty days. The board has opted to award the bid with an indexed rate; the ICE Swap Rate index formula will remain

constant.

It is our belief that utilizing the indexed rate will permit bidders to be more aggressive with the knowledge that the

need for an exaggerated cushion is alleviated with an index. In order to induce the broadest range of potential respondents

the Board will allow respondents to offer an alternative to the ICE Index in their proposal. The alternative index must not

give unfair advantage to the respondent.

The respondent furnishing an alternative index must supply historical data for the two preceding months of the bid

that demonstrates the effect of the index to changes in financial conditions. This historical data will assume two funding

dates one month apart for the two months prior to the bid. The offer of an alternative index must be noted on the bid

Response Form and supporting documentation should be appended. The Board’s lease purchase coordinator will make the

final determination as to fairness and acceptance of the proposed alternative index.

If the lease does not fund at the rate bid within thirty days of award the board requests that the rate be indexed a

week before funding during the next thirty day period. The right to extend the indexed rate bid beyond the sixty-day window

will be at the mutual consent of the board and the award winner. The amount to be financed is an approximation based upon

information as of the time of bid preparation. The cost of equipment shall be determined as a result of separate bidding or

purchase via cooperative purchasing, or state contract pricing and shall be fixed prior to closing of the transaction.

As part of your Bid, please supply us with the following:

East Orange Board of Education

Lease Purchase Bid/11:00am. February 5, 2026

Page 3

1. Name, telephone number, physical and e-mail addresses of respondent.

2. Rate Index:, Submission Date Rate plus or minus 50% of change in Adjusted Date Rate:

Proposals are requested for the lease purchase financing as outlined on page one of this request. Respondents are

requested to bid a fixed interest rate (inclusive of ALL financing costs) for the term of the lease. This rate will be indexed

to one half the change, either up or down, of like term U.S. Treasury like term constant maturities as published by the

ICE Market Data Reports, on the Friday of the week prior (Submission Date Rate) to the bid opening

https://www.ice.com/index. Rates will be held for a period of thirty days from the date of bid opening.

If this lease does not fund within 30 days of the bid opening, the interest rate will be adjusted. The adjustment to the

Lessors proposed rate will be determined by adding, if rates have risen or subtracting, if rates have declined, one half

(1/2) of the changed in the Weekly Swap Rate (closest to the term of this transaction). This change will be measured

from the date of this submission (Submission Rate Date) to the “Adjusted Rate Date” of the like term Treasury constant

maturities as published Friday, one week prior to the new funding date. This will be the “Adjusted Rate Date”.

The East Orange Board of Education reserves the right to review and approve all terms and conditions relating to the

Lease/Purchase Agreement and any other related documents.

3. The Respondent will supply an amortization schedule for the requested amount, set to their proposed interest rate, as set

forth in the example on page one of this Bid. Please include Principal Balance, Interest Amount, and Principal Amount.

Please disclose your prepayment Purchase Option for each payment to the financing. This should have the name address

and phone number of the lessor and be signed as original.

4. All final lease documents of the successful Respondent must comply with relevant New Jersey laws and regulations

including N.J.S.A. 18A:18A-42, N.J.A.C. 5:34-3 and others as deemed applicable.

5. Any information concerning your firm or your ability to meet the needs of the Board that may be pertinent.

6. Any additional costs in connection with this financing shall be disclosed by the Respondent. These costs will be factored

in to the board’s evaluation of the proposal.

7. Any and all requested documentation shall be attached to the “Bid Proposal Form.” Failure to complete all Bid

documents will subject the Respondent to disqualification.

8. The Respondent must possess a New Jersey Business Registration Certificate (“BRC”) at the time of Bid and the BRC

must be received by the Board prior to award of Bid.

9. Successful Respondent must submit a Federal Affirmative Action Certificate or New Jersey Affirmative Action

Employee Information Report within ten days of award of Bid.

East Orange Board of Education

Lease Purchase Bid/11:00am. February 5, 2026

Page 4

The information set forth herein on this Bid and accompanying downloadable documents have been obtained from

sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness and is not to be

construed as a representation by the East Orange Board of Education Prospective Respondents and ultimate

purchasers must be satisfied that they have access to, and have made a complete investigation of the facts and

circumstances relating to the transaction including the nature and purpose of the transaction, the nature of the

purchasers’ risks in purchasing the transaction and the purchaser's rights and remedies in the event of default.

ATTACHMENTS: Forms provided that must be returned with Bid:

● Bid Proposal Form

● Affirmative Action Questionnaire and Certificate of Employee Information attached or federally approved Plan.

● Affirmative Action Language -signed

● Non Collusion Affidavit

● Statement of Ownership Disclosure

● Contractor/Vendor Questionnaire and Certification

● Acknowledgement of Addenda

● Chapter 271 – Political Contribution Disclosure Form

● Amortization Schedule (Please supply in accordance with paragraph 4 above)

● Disclosure of Investment Activities in Iran (received no later than time of award)

● Statement of Suspension or Debarment Form

● Americans with Disabilities of 1990

● New Jersey Business Registration Certificate (upon award)

● Certification of Non-Involvement in Prohibited Activities in Russia or Belarus

*Please check your Bid package for these forms!

East Orange Board of Education

Lease Purchase Bid/11:00am. February 5, 2026

Page 5

Commodity Codes

• NAICS 531120Lessors of Nonresidential Buildings (except Miniwarehouses)

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