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Board authorizes lease purchase financing for three school buses to preserve short‑term budget flexibility
Summary
On June 23 the board authorized the administration to enter lease‑purchase financing for three new school buses (one 83‑seat with AC and two 90‑seat buses) with American Capital for an estimated $652,906.76 at an offered rate of 4.575 percent, with an option to prepay early.
Richfield Public Schools authorized administration to pursue lease‑purchase financing for three school buses at the June 23 meeting, a move district leaders said provides short‑term flexibility while preserving cash for curriculum and capital needs.
Finance staff recommended a lease purchase with American Capital after soliciting other proposals. Staff said American Capital offered the most favorable financing rate at 4.575 percent; alternative proposals…
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