Select Board authorizes financing for two trucks to secure equipment and lock rate
After discussion about lead times and trade-in value, the Select Board authorized execution of financing documents for two trucks — covering roughly $494,284 in equipment with a $20,000 trade-in and financing of about $474,284 over five years — despite some members' concern that a 5.4% interest rate was high.
The full story
The board authorized signing final financing documents to acquire two municipal trucks, citing vendor lead times and rising equipment costs as reasons to secure available units. Documents in the packet indicated an equipment acquisition total of about $494,284 and a trade-in valued at $20,000, leaving a financed amount near $474,284 to be repaid in five annual payments.
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