RFP

Interested financing providers are requested to submit a detailed proposal describing your qualifications, outlining all anticipated costs and detailing the material terms and conditions of the principal legal documents. Appendix A outlines the items of information that should be specifically included in your firm’s response, in a similar format, plus supplemental schedules as needed. Please note that the City’s Special Tax Counsel will provide the tax-exempt opinion.

The City is requesting that proposals be submitted by February 13, 2026 at 5:00 p.m. to: Karlos Allen (allenk@pfm.com) Dan Kardish (kardishd@pfm.com)

Any inquiries requesting clarifications of this solicitation or additional information shall be submitted to PFM no later than January 30, 2026 in order to provide adequate response time to the proposer requesting the information.

Tentative Schedule: Deadline for Questions: January 30, 2026 Proposals Due: February 13, 2026 (5:00 p.m. Central Time) City Council Consideration: March 31, 2026 Closing: April 23, 2026 (estimate).

The City will not accept any offer with capital adequacy or other interest rate adjustment language with respect to changes to tax law. The only interest rate adjustment provision the City will consider is one imposed by the IRS and due from the holder which results solely from actions of the City. Included in its written proposal, each Proposer shall agree to the following certifications which will be included, among others, as representations in the financing documents:

• The City shall not deliver any offering document with respect to the financing arrangement.
• You have conducted your own investigation, to the extent you deem satisfactory or sufficient, into matters relating to business affairs or conditions (either financial or otherwise) of the City.
• The City maintains its Investor Relations site at https://www.fortworthtexasbonds.com, providing access to historical Annual Comprehensive Financial Reports and Bondholder Reports.
• While this financing arrangement will not be rated, the City’s current underlying credit ratings for their Special Obligation debt secured by eligible Non-Ad Valorem revenues are AA, AA+, Aa3 and AA by Fitch, KBRA, Moody’s and S&P, respectively.
• No inference should be drawn that you, in the acceptance of any financing documents, are relying on the City Attorney as to any such matters other than the legal opinions which may be rendered by such counsel.
• You have made such independent investigation of the financing risks associated with the financing as you, in the exercise of sound business judgment, consider being appropriate under the circumstances.
• You have knowledge and experience in financial and business matters and can evaluate the merits and risks of participating in the financing with the City and you can bear the economic risk of such participation.

The financing agreement will also include the following language:

Rental Payments to Constitute a Current Expense of Lessee. Lessor and Lessee understand and intend that the obligation of Lessee to pay Rental Payments shall constitute a current expense of Lessee payable solely from its general fund or other funds that are legally available for that purpose and shall not in any way be construed to be a debt of Lessee in contravention of any applicable constitutional or statutory limitation or requirement concerning the creation of indebtedness by Lessee, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or moneys of Lessee. The rental payments are to be made only from Lessee’s legally available revenues appropriated on an annual basis, and neither Lessee, the state, nor any political subdivision or agency thereof shall be obligated to pay any sums due hereunder from the compelled levy of ad valorem or other taxes except from those legally available revenues appropriated by Lessee on an annual basis, and neither the full faith and credit nor the taxing power of Lessee, the state of Texas or any political subdivision thereof are pledged for payment of such sums due hereunder.

THE CITY WILL ULTIMATELY SELECT THE PROPOSAL THAT IS DEEMED TO BE THE BEST OVERALL VALUE TO THE CITY, INCLUDING THE INTEREST RATE, PREPAYMENT TERMS, AND OTHER TERMS AND CONDITIONS. THE CITY RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS AND RESERVES THE RIGHT TO WAIVE, IF PERMITTED BY LAW, ANY IRREGULARITY OR INFORMALITY IN ANY PROPOSAL.

Appendix A: Key Financing Terms

Type of Equipment:   Vehicles and equipment across various City departments

Master Lease Size:  $150,000,000

Repayment Term: Given the different useful lives of the equipment to be financed,please provide different interest rate formulas for various repayment terms. We would ask that at a minimum, the propose provide for 5, 7, 10, 12, and 15-year terms. These terms are from the time of the draw; for example the time of the draw; if the City  were to draw on the program in 2026 using the 12-year term rate, the final maturity on that draw would be in 2038.

Amortization: Semi-annual level lease payments

Structure:  The Master Lease will allow for upfront-funded escrow draws, with repayment of principal and interest, with such principal and interest payments commencing on either March 1 or September 1 of the appropriate year as appropriate, and with payments continuing semi-annually thereafter until the final term of the individual borrowing is reached.

Closing Date: Expected on or about April 23, 2026.

Term: 5, 7, 10, 12, 15 Years

Annual Interest Rate:

Fixed or Variable interest rate (if proposed for first series)  ___________________

Index and Formula used for future requests (with indicative rate as of today) ___________________

Prepayment Provisions: Detail optional redemption provisions.

1. Discuss any limitations on the type of projects that can be financed.
2. Provide the maximum duration of the Master Lease. Provide a schedule of terms for each asset class if available.
3. Funding amounts: include funding limits either by draw or total funding.
4. Potential respondents will be provided with lease documents from the City’s last completed equipment financing. Please provide any significant changes or deviations you would like to make from the document provided.
5. The financings shall be secured by a contractual obligation of the City to make semi-annual payments of interest and principal.