FINANCIAL_SERVICESRECOMMENDED

Mauldin selects SouthState Bank for 2027 lease purchases

The City of Mauldin is moving to enter a Master Lease/Purchase Agreement, Series 2026, with SouthState Bank to finance approximately $2.963 million in vehicles and equipment, under an overall authority not to exceed $3,005,000. The financing will be structured in 5-, 7-, and 10-year tranches at 3.74% interest, with annual debt service of about $470,000 repaid through the Debt Service Fund and subject to annual appropriation.

Status
RECOMMENDED
Document date
August 3, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Southstate Bank
Agency
City of Mauldin · SC

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Not to exceed $3,005,000 (aggregate lease/purchase authority); underlying equipment total not to exceed $2,963,000
Contract type
FINANCIAL_SERVICES
Contract term
Multiple tranches: approximately 5-year, 7-year, and 10-year terms aligned to equipment useful life; Master Lease dated August 4, 2026 with original term through June 30, 2027 and annual renewal options
Renewal
Master Lease has an original term through June 30, 2027, with Lessee having options to continue for additional fiscal periods (Renewal Terms) through the scheduled amortization of each tranche; payments each year are subject to Council appropriation, with nonappropriation triggering termination and equipment surrender. Purchase option allows prepayment of the outstanding principal and accrued interest to obtain title. No explicit automatic renewal; continuation is by annual budget appropriation.
Document type
AgendaPacket
Source document
City of Mauldin Finance and Policy Committee Agenda Packet 2026-08-03

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Mauldin?

Southstate Bank was awarded this financial services contract by City of Mauldin, as recorded on August 3, 2026. The contract value is Not to exceed $3,005,000 (aggregate lease/purchase authority); underlying equipment total not to exceed $2,963,000.

How much is the Southstate Bank contract with City of Mauldin worth?

The Southstate Bank contract with City of Mauldin is valued at Not to exceed $3,005,000 (aggregate lease/purchase authority); underlying equipment total not to exceed $2,963,000, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Mauldin Finance and Policy Committee Agenda Packet 2026-08-03 (AgendaPacket), dated August 3, 2026 from City of Mauldin. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Southstate Bank hold?

Southstate Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is City of Mauldin currently buying?

Explore City of Mauldin's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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