What is the process by which a government enters into a 103 lease?
There are two methods for a government to acquire financing under a 103 lease: private negotiation and public bid. Whether a government has to use one or the other depends on applicable statute. Many statutes leave the decision up to the discretion of the government, whereas other statutes mandate that contracts be awarded by public bid. These statutes may designate a certain type of contract or a contract over a certain dollar amount as being awarded by public bid only, whereas other contracts may be awarded through private bid or negotiation. If a 103 lease is to be awarded by private negotiation, it typically is by requesting bids from persons named on the governments approved vendor list, which is a list containing those vendors preapproved to offer the services being requested. When public bidding is used, the government will state its specifications and request bids. The request for bids will be published in trade publications such as The Bond Buyer, on the governments website, a
