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Committee recommends council approve lease-purchase to reimburse hospitality tax for fire trucks
Summary
The Finance & Administrative Committee on April 20 voted to recommend the town council approve a tax-exempt lease-purchase agreement, not to exceed $8 million, to reimburse hospitality-tax expenditures for fire-truck purchases and to spread payments over the vehicles' anticipated useful life.
Town staff asked the Finance & Administrative Committee on April 20 to recommend that the full town council approve a tax-exempt lease-purchase agreement to finance fire-truck acquisitions and reimburse prior hospitality-tax expenditures.
Adriana Burnett presented background noting that council previously approved a multi-unit fire apparatus purchase; production and delivery delays left the town with…
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