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Kennett council approves lease-purchase financing for waste facility and trucks
Summary
The Kennett City Council approved ordinances completing a lease-purchase financing with First State Bank to fund a waste management facility and trucks, a package the meeting described as $4,300,000 in financing; council approved both readings.
Kennett City Council voted to approve ordinances finalizing a lease-purchase financing with First State Bank to fund a facility and equipment to move the city into residential waste collection.
Council members said the financing package covers construction of a waste facility and purchase of collection trucks; the transaction amount discussed at the meeting was $4,300,000. The council approved the first reading, and later approved the second reading by roll call.
The ordinance was presented to the council as paperwork required to complete the previously approved plan for the city to begin residential waste collection, including approval of a note and related documents. The presenter described the action as "an ordinance approving various documents and actions in connection with the lease purchase transaction to finance a facility for waste management and disposal services." The council moved, seconded and voted to approve the required readings.
Council members did not provide line-item budget detail in the public discussion at the meeting; one presenter said the waste program revenue would pay for the boat (?) with revenue from waste collection, and that the lease-purchase documents complete earlier approvals that had been planned over the last two years. The meeting record did not specify a repayment schedule or identify external approvals required beyond the bank transaction.
The council recorded the second reading as a roll call vote and the motion passed.
The council did not include an implementation timeline for the facility or a schedule for truck deliveries in the discussion on the record; those details were not specified in the public meeting.
