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Committee approves purchase and financing of five new Lyft buses for $714,438.70
Summary
The finance committee unanimously approved purchasing five new air-conditioned Lyft buses from Kent Mitchell Bus Sale Service LLC for $714,438.70, financing over three years at 6.8% with payments of $253,974 per year to be paid from capital outlay.
The Tangipahoa Parish School Board Finance Committee unanimously approved the low quote to purchase five new air-conditioned Lyft buses from Kent Mitchell Bus Sale Service LLC for $714,438.70.
Finance staff and staff from transportation said Kent Mitchell had five buses available under state contract. The administration recommended financing the purchase for three years at 6.8 percent (recommended Option 1 from Dammer Financial). Staff said the net interest expense, after accounting for interest earned on funds retained in the district account, would be about $16,000. Annual payments under the recommended financing are $253,974 and the buses will be paid from capital outlay funds.
A motion to approve the purchase was made by a board member, seconded by another member, and the motion passed unanimously.
