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Selectmen approve lease purchase of roll‑off truck through Municipal Capital Finance to avoid legal fee delay
Summary
The board authorized Town Administrator Seth to finalize a $255,811 lease‑purchase with Municipal Capital Finance for a 2025 Mack Granite roll‑off truck and adopted a resolution authorizing the transaction; the change was intended to avoid an estimated $3,000 legal fee tied to the bank previously selected.
The Town of Alton Board of Selectmen on June 24 authorized the town administrator to enter a lease‑purchase agreement with Municipal Capital Finance to fund a 2025 Mack Granite roll‑off truck and approved a board resolution authorizing the financing.
Town staff told the board that the previously intended lender, Franklin Savings Bank (also referenced as Univest), required a legal document the town’s counsel would have to prepare for an up‑front fee approaching $3,000. Municipal Capital Finance offered nearly identical financing terms and permitted the town to proceed without the extra legal steps, saving that initial expense. The board cited an interest rate that is marginally lower under the new arrangement (discussion noted about 5.35%) and voted to authorize the $255,811 financing and allow the town administrator to sign the contract.
Legal counsel also prepared a formal resolution authorizing the lease purchase; the board approved the resolution in form and directed an attested copy be included with the meeting minutes.
Outcome: Motion to enter into the contract with Municipal Capital Finance and to adopt the resolution passed by voice vote.
