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Council approves master lease purchase agreement allowing up to $7.3M in equipment financings
Summary
Missoula City Council voted unanimously to approve a master lease purchase agreement and lease schedule that authorizes borrowing parameters including a principal cap of $7.3 million, a maximum true interest cost of 4.95% and terms up to 15 years.
The Missoula City Council on Aug. 4 approved a resolution authorizing a master lease purchase agreement and lease schedule to finance designated capital items. The motion, read and moved by Vice President Mirta Becerra, passed unanimously after roll call.
Lee Griffin, who presented the measure to council, said the city issued a request for proposals and selected JPMorgan Chase Bank as lessor with Baker Tilly as financial advisor and Dorsey & Whitney as bond…
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