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Council debates lease-versus-purchase for $317,029 garbage truck; first reading held
Summary
Council heard details and questions about replacing a rear-loader garbage truck, including price, lease-to-own terms, manufacturing lead time and whether to delay for potential early-payoff savings. Item remained at first reading.
City service staff presented a plan on April 21 to replace a rear-loader garbage truck and asked council to authorize accepting a quote and entering a tax-exempt municipal financing lease.
Mr. Pennington, speaking for city service operations, said Municipal Equipment Incorporated quoted a rear packer truck at $317,029 and that a 6-year lease-to-own through Magnolia Bank would be about $61,956.10 per year; the city would own the truck at lease end. “I would recommend…
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