Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Gma Direct Lease topic
No spam. Unsubscribe anytime.
Dalton council approves resolution to join GMA direct lease program to finance equipment
Summary
The City Council approved Resolution 25-17 to allow the city to participate in the Georgia Municipal Association’s direct lease program, which staff said offers two- to 13-year financing terms, no fees to join and no prepayment penalties; the council voted to approve the resolution at the Aug. 18 meeting.
The Dalton City Council on Monday, Aug. 18 approved Resolution 25-17 to participate in the Georgia Municipal Association (GMA) direct lease program, a city staff member told the council.
City staff described the program as a financing option for equipment purchases that offers flexible terms ranging from two to 13 years and does not charge a fee to join. According to the presentation, the GMA pool would hold title to financed equipment until the lease is paid off; after final payment the city would receive title. Staff said there are no fees to join and no penalties for paying the lease early.
"This will just be another tool so that we don't have to pay a lot of stuff upfront or issue debt," Cindy said during the presentation.
Council members moved and seconded the resolution and the motion carried; the transcript records the council's verbal "Aye" and no opposition. The meeting transcript did not include a roll-call vote or the names of the members who moved and seconded the motion.
Council members did not attach conditions or amendments to the resolution at the meeting. The resolution authorizes staff to use the GMA direct lease program as an option when financing public-works, public-safety and fleet equipment; specific procurements and financing decisions would return to council as required by city purchasing policies.
