Council OKs installment purchase authorization to finance nine pickup trucks

Trenton — The City Council on Sept. 2 unanimously authorized an installment purchase agreement to finance the previously approved purchase of nine pickup trucks from Gorno Ford. City Controller Jill Cooper told council the resolution, prepared by bond counsel Miller Canfield, would allow the city to issue an installment purchase agreement not to exceed $526,000, for a term not to exceed five years and an interest rate not to exceed 7 percent. "Approval of the attached resolution will authorize the issuance of an installment purchase agreement in the amount not to exceed $526,000 for a term not to exceed 5 years and an interest rate not to exceed 7%," Cooper said. Council approved the resolution by motion; the controller said the authorization was necessary to finalize financing once proposals are reviewed. No council member spoke in opposition during the vote. The trucks were approved by council previously on June 16; staff indicated financing was the next step to finalize the purchase and replace the Department of Public Works fleet.