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Commissioners approve 3-year equipment lease with TD Equipment Finance
Summary
The Rockingham County Board approved a three-year capital lease with TD Equipment Finance for equipment purchase and financing, authorizing execution of documents and designating the agreement as a qualified tax-exempt obligation under federal tax code.
The Rockingham County Board of Commissioners on June 18 approved a three‑year capital lease agreement with TD Equipment Finance Inc. to acquire equipment for county operations.
The board read and adopted a resolution authorizing execution and delivery of a lease‑purchase agreement and related documents for equipment described in the resolution with a stated cost “not to exceed $148,649.” The resolution also designates the lease as a qualified tax‑exempt obligation under Section 265(b) of the Internal Revenue Code.
At the meeting the senior director of finance recommended the lease. The motion to approve the lease — which included authorization for the chair to sign all necessary documents and payments in advance at an interest rate the board recorded as 4.44% — was seconded and approved by the commissioners in attendance.
The resolution text included standard authorizations empowering county officers to execute documents and stated that the financing would not create a pecuniary liability on the county’s general credit beyond rental payments under the agreement. During the public reading of the resolution members noted a minor discrepancy in the draft between two nearby figures in the resolution text (the document read both $148,649 and $147,649 in separate clauses); the board proceeded with the authorization as presented.
The lease authorization was presented as recommended by the senior director of finance and the board approved it at the June 18 meeting.
