Introduction
The Town of Vinton, Virginia (the “Town”) is issuing this Request for Proposals (the “RFP”) to solicit proposals for a direct bank loan evidenced by a Tax-Exempt or Taxable General
Obligation Bond, Series 2026 in a principal amount of up to $2,500,000 (the “2026 Bond”).
Proceeds of the 2026 Bond will be used to fund capital improvements to a Town-owned and Town-maintained War Memorial building and grounds (the “Project”) as well as pay the costs of issuance. The Project is expected to be completed, and the proceeds of the borrowing are expected to be expended within twelve months of closing.
Financial Information
The Town’s Annual Comprehensive Financial Reports and Budgets can be found on its Town
website here: https://www.vintonva.gov/100/Budgets-Reports
Key Assumptions
Issuer: Town of Vinton, Virginia
Purpose: Proceeds of the 2026 Bond will be used to complete the Project as well as pay the associated costs of issuance.
Tax Treatment: Taxable or Tax-Exempt are requested.
Bank Qualification: Bank Qualified (“BQ”) and Non-Bank Qualified (“NBQ”)
rates are requested on the Tax-Exempt proposal.
Security: A General Obligation pledge for the full faith and credit of the Town.
Amount: Up to $2,500,000
Interest Payments: Please specify frequency of payments (i.e. monthly,
quarterly, semi-annually, or at maturity).
Principal Payments: Please specify frequency of payments (i.e. monthly,
quarterly, semi-annually, or at maturity).
Final Maturity: The Town is seeking proposals for terms ranging from 10 to 20 years from closing.
Interest Rate: The Town is interested in considering BQ Tax-Exempt, NBQ Tax-Exempt, and taxable rate proposals. Fixed rate is
preferred, but variable rates will be considered.
Optional Redemption: The Town prefers the option of prepayment in whole or in
part at any time without penalty. If not, please specify the most flexible terms/conditions for prepayment that your
institution would propose. The Town is looking for
maximum flexibility in this regard.
Drawdown: All at closing.
Bank Closing Cost: None anticipated to be paid by the Town. Please specify
any exceptions.
Annual/Ongoing Fees: None anticipated to be paid by the Town. Please specify
any exceptions.
Lender’s Counsel: If your institution will involve its own legal counsel for
purposes of reviewing the legal and financing documents,
please provide the name of the firm, the primary contact(s), and a not-to-exceed fee for which the Town will be responsible. If your institution covers these costs, please clearly indicate this benefit in your submittal.
Documents and Opinion(s): Spilman Thomas & Battle, PLLC, as Bond Counsel to the Town, will be responsible for drafting the financing documents. There are no other additional legal costs anticipated to be paid by the Town except as may be provided in your proposal.
Conflict Waiver: Spilman Thomas & Battle, PLLC has been engaged to serve as Bond Counsel to the Town for purposes of this
financing. By submitting its proposal, each proposer
represents that it understands the role of Spilman Thomas
& Battle, PLLC, and that, if the proposer is selected as the
winning proposer, the proposer will have agreed to waive
any potential conflict of interest that the involvement of
Spilman Thomas & Battle, PLLC might present to such
proposer in connection with this financing.
Ongoing Disclosure: The Town will provide annual audited financial statements.
Please specify any additional requirements.
Direct Bank Loan: Proposals are requested for a direct bank loan evidenced by the 2026 Bond, by a single financial institution or a syndicate of financial institutions represented by one lead institution with which the Town will deal with exclusively on all aspects of the financing. The successful proposer(s) 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. No formal offering document will be prepared, although
proposers should feel free to direct any questions about the Town or its finances to the Town’s Deputy Town Manager,
whose contact information is below.
Award: The Town reserves the right to request additional information from the proposers and reserves the right to reject any or all proposals and to waive any irregularity or informality. 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.
Closing: Closing is expected to take place by June 30, 2026. The
opinion(s) of Bond Counsel will be delivered at closing.
Additionally, please specify any other terms or conditions that would impact the proposed
structure of the financing agreement. A preliminary timetable for action is shown below.
Submission of Proposals:
By submitting a proposal for the 2026 Bond, we are anticipating that the financing has received
final or near final credit approval by your banking institution and that your banking institution is
ready and able to provide the funding to the Town, should your banking institution be selected as
the winning proposer. If this financing requires additional credit approvals after submission of your response, please clearly indicate that in your response and describe the process by which these additional approvals will be obtained, the timing of receiving these approvals, and any additional information that will need to be provided by the Town.
We look forward to your response by 3:00 p.m. on May 27, 2026. Proposals should be submitted
electronically or hard copy to:
Adam E. Cody Sexton
Deputy Town Manager
Town of Vinton
311 South Pollard Street
Vinton, VA 24179
csexton@vintonva.gov
540-983-0607
If you have any questions about this RFP, please do not hesitate to contact me at the above email address or phone number.
Sincerely,
Adam E. Cody Sexton
Deputy Town Manager
