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Pueblo County approves financing for road reclaimer; board OKs schedule to 2019 master lease
Summary
The Board approved execution of Schedule 5 to an existing master equipment lease to finance a road reclaimer, with a 10‑year term, a stated interest rate of 4.11% and a fully financed amount cited during the meeting.
Pueblo County commissioners approved a resolution on June 10 authorizing Schedule 5 to a master equipment lease to finance the purchase of a road reclaimer the county plans to use to rehabilitate local roads.
Finance staff said the financing package carries a 4.11% interest rate for a 10‑year term. The county’s finance director said annual payments will be about $338,000, with a single half‑year payment of $169,020.25 in 2025 because the schedule starts midyear. Staff reported the fully financed amount as $2,745,000.
County officials described the reclaimer as an essential piece of road‑maintenance equipment that can reclaim damaged pavement by excavating and reusing existing aggregate — a capability commissioners said is especially important given the county’s expanded road responsibilities, including Pueblo West. Commissioner Miles Lucero described the machine’s ability to “go down 2 feet, churn up that road, and repurpose the aggregate” as a practical alternative to full reconstruction for long‑neglected roadways.
County staff asked commissioners for expedited execution of documents because the financing required signing and delivery deadlines: the financing was set to close on June 20 and lenders required all documents returned by June 18. The board voted in favor of the resolution authorizing execution of the schedule and related documents; staff said the equipment has already been ordered and emphasized the need for prompt signatures to lock the competitive rate.
Why it matters: The reclaimer and associated financing represent a multi‑year capital and maintenance commitment for the county, paid through an equipment lease. The action obligates future annual payments under the lease; staff described the purchase as necessary given the county’s road‑maintenance workload.
