Council approves master lease purchase agreement allowing up to $7.3M in equipment financings

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 counsel. Griffin told council the financing resolution authorizes a rate‑lock and sets the financing parameters: principal not to exceed $7,300,000, a true interest cost not to exceed 4.95% and a maximum term of 15 years aligned with the useful life of financed equipment.

The council took no public comment on the item and approved the resolution by roll call. Mirta Becerra read the motion: “I move that we approve a resolution approving the forms of a master lease purchase agreement and lease schedule, authorizing the execution and delivery of a rate lock agreement subject to certain parameters and authorizing the execution and delivery of the master lease purchase agreement, lease schedule, and related documents.” The roll call recorded unanimous approval by those present.

Nut graf: The approved master lease gives the city a structured, pre‑approved financing vehicle to acquire equipment and other capital items up to the stated limits without returning for a separate financing resolution for each acquisition; it locks financing parameters now to streamline later transactions.

The resolution instructs staff to finalize the rate‑lock and execute related documents within the approved parameters. Council did not list a separate repayment schedule in the Aug. 4 action; staff indicated the annual budget will appropriate the debt service as part of the routine adopted appropriations.