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University Heights discusses $350,029 garbage truck purchase; council weighs lease versus up-front buy
Summary
Staff presented a quote of $350,029 from Municipal Equipment Inc. to replace a rear-loader garbage truck and proposed a tax-exempt municipal lease with Magnolia LLC with annual payments of about $61,956; council discussed lifecycle, prepayment penalties and whether financing or outright purchase is preferable.
City staff presented a quote and financing plan to replace an aging rear-loader garbage truck and sought council authorization to accept the quote and enter a tax-exempt municipal financing lease.
Public works/streets staff (Mister Pennington) told council the low quote from Municipal Equipment Inc. for a rear-pack truck was $350,029 and that the proposed lease through…
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