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Council OKs lease-purchase financing and related ordinance for new fire engine
Summary
The council authorized approximately $1.018 million in lease-purchase financing for a new fire engine, adopted an ordinance authorizing the financing mechanism, and approved related lease and escrow documents; the city will make annual payments to finance the apparatus.
The Andover City Council voted unanimously to finance a new fire engine through a 10-year lease-purchase agreement with Clayton Holdings LLC (a subsidiary of Commerce Bank) and adopted an ordinance authorizing execution of the lease documents.
Finance staff and the fire chief told the council the city previously approved the purchase of a new fire engine in January and that staff issued a request for proposals in September for lease-purchase financing. The winning bid for a 10-year…
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