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Van Zandt County approves resolution to finance new Gradall grader, directs lender to draft contract
Summary
The commissioners court passed a resolution authorizing Government Capital to draft a finance contract for a new Gradall grader, designated the contract as a qualified tax-exempt obligation and approved contract terms including a $25,000 down payment and annual payments starting in December.
Van Zandt County Commissioners Court voted to authorize a financing resolution that will allow Government Capital Corporation to draft a contract to finance a new Gradall XL grader and designate the obligation as a qualified tax-exempt obligation.
The resolution matters because it clears the procedural step the county needs before a formal financing contract is prepared and later signed, enabling the county to complete purchase of heavy equipment the court determined is necessary for road, ditch and debris work.
Commissioner Bobby Phillips introduced the request, saying the unit under consideration is effectively new inventory and comes with a factory warranty. “This is mine. I put it on there,” Phillips said as he explained the county’s need…
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