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Mineral Wells council approves financing for airport, police and sewer projects tied to FY2025 budget
Summary
The council approved three separate financing resolutions to fund airport equipment and hangar upgrades, four police vehicles and fleet outfitting, and sewer improvements plus a jet/rodder and vacuum truck; staff recommended Government Capital as the lender for lowest cost.
The Mineral Wells City Council approved three financing resolutions tied to the fiscal year 2025 budget to purchase equipment and fund infrastructure improvements.
City staff presented the three items together as financing actions within the FY2025 budget. For the Aviation Enterprise Fund, staff recommended financing a gas truck for $175,000 and hangar AP 5100 improvements, including fire suppression and code upgrades. For the police department, the council approved financing to acquire and outfit four Chevy Tahoes with light bars, cages, mobile data terminals, radios and radar. For public works, the council approved financing for a Northwest First Street sewer improvement estimated at $500,000 and a jet/rodder and vacuum truck at approximately $280,000.
Staff said they solicited proposals from Clearfork Bank, First Financial and Government Capital for each financing and recommended Government Capital based on the lowest financing cost. Terms disclosed included a dollar purchase option at lease-end, an interest rate in the 4.79–4.89% range and a 1.25% issuance fee on the transactions presented.
Council members asked clarifying questions about useful life and timing. Staff said the recommended vehicle lease term of five years aligns with the expected vehicle life cycle. Each financing resolution passed by voice vote, 7-0.
City staff noted an earlier budget amendment using ARPA funds covered an intended dump truck, removing that vehicle from the proposed financings.
