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The Process

Bid Stage

When you have a municipal finance need, contact any one of our experienced originators, either toll free at 800-752-3562 or locally at 785-587-4050, by fax to 785-537-4806, or via e-mail. The basic information needed to generate a proposal includes: 
Generally we are able to respond to your request within just a few hours, possibly sooner.

We are able to provide interest rates that are extremely competitive and are based on a multitude of factors. We monitor the municipal market on a daily basis to remain competitive at all times.

This process can be tailored to meet the specific needs of each individual client. Rate sheets are available by request if needed to promote a specific program. 

During the quotation process, we make every effort to quote a transaction in a manner in which it can be credit approved. This primarily means that the equipment should be quoted for a term that is within its “useful life”. For most equipment types, there is an established standard range of the useful life, of which we will share with you at the time of quote request. Because of our thorough knowledge of the municipal leasing industry, we can quickly assist our customers with this process.

Credit Stage

If the municipality has awarded the bid based on pricing provided by Baystone, we have a basic credit process prior to being able to issue the financing contract. Our credit process has been simplified and is tied directly to the size and term of the deal. If we can gather any information about the municipality on-line during the credit stage, we are happy to do so.

We request our one page application be completed and returned along with any equipment quote, detailed information on the collateral and signed proposal. To ensure a quick credit decision; the application must be fully completed and as much information about the deal should be provided at this time.

Depending on the size and term of the deal, it is possible we would also require audited financial information on the municipality. Please contact your Baystone originator for specific credit items required and application to use on each particular deal.

Credit decisions are usually provided within 24 hours after a full financial package has been submitted.

For larger transactions and those with longer terms being submitted for formal credit review, we would require a completed credit application signed by the municipality, plus one or two years of audited financial statements and an interim financial statement, if available, along with the vendor’s quote or cost breakdown. For transactions under $100,000, we only require our one-page credit application. We make the effort to take a common sense approach to credit underwriting. The credit professionals at Baystone will look at the essential use of the equipment, the useful life of the equipment, the collateral values of the equipment, the equity position and the financial ability of the municipality to make the payments. Upon receipt of a completed credit package, a credit decision is usually reached within one to two business days, often sooner. 

Contract Stage

Once credit approval is granted, a final contract will be drafted and e-mailed or sent via overnight to the municipality. Our experienced staff will work directly with the municipality to ensure the contract and all necessary documentation are completed and signed correctly, as required. 

Documentation Processing

A typical documentation package contains our municipal finance agreement, exhibits which would include an amortization schedule, acceptance certificate, insurance requirements, 8038 IRS form, as well as other documents which may be required for a specific transaction. Our legal team is extremely reasonable when working with a municipality who may have questions or edits to our contract.

Funding Process

Upon receipt of a properly completed and executed contract (including all exhibits, insurance and required documents), Baystone will make a verbal confirmation of equipment delivery and acceptance. At that time, payment is immediately sent to the vendor. If equipment is not scheduled to be delivered for an extended period of time, we would recommend using an escrow, at which time a rate can be locked immediately and funds held with KS StateBank until directed to be released by the municipality.
After Funding Guarantee - Not only do we strive for perfection and satisfaction for our customers during the bid and contract stages, but we also want our clients to be comfortable coming to us with questions or concerns at all times after the deal is completed. Our satisfaction is making sure your municipal finance experience was a success.
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