Board approves purchase of 12 police vehicles, authorizes $300,000 down payment

FRANKLIN, Ind. — The Franklin Board of Public Works and Safety on April 20 voted to proceed with the purchase of 12 vehicles for the Police Department — 10 Dodge Durangos and two trucks — and to authorize trade-ins and a $300,000 down payment from Board of Works capital toward the acquisition.

The vote cleared staff to finalize vehicle procurement and to present lease documents for formal approval at a future meeting. Brett Jones, the city's fleet manager, told the board he had sought competitive lease rates through the Indiana Bond Bank's Hoosier Equipment Leasing Program and that the city's application initially returned a 4.65% rate; after accounting for the city's debt load tied to a wastewater treatment project the rate adjusted to 4.85%.

“All I really wanna get approved tonight is the green light to move forward with the purchase of the 10 Durangos and the 2 trucks, and then also the approval to for the trades to be traded in for credit towards the purchase of the 12 new vehicles,” Brett Jones said.

Nut graf: The board's action allows staff to complete vehicle purchases under a lease structure that staff says is more competitive than other available financing; the vehicles will be acquired under government QPR contract pricing and the lease binding paperwork will be returned for formal approval at the next meeting.

Details: Jones said he solicited lease options through the Indiana Bond Bank and that Crossroads Bank submitted the most favorable bid after the city's debt profile (including the planned wastewater treatment plant) was factored into the rate. Jones estimated the difference versus a higher quoted rate would save just under $15,000 over the life of the lease. He also told the board that two of the traded vehicles are scheduled to go to Franklin Schools as school resource officer replacement vehicles.

Jones listed the overall purchase plan and an amortization schedule; he said the Board of Works reallocated $300,000 into capital this year to reduce the lease obligation. He said he will provide VINs, mileage and lease contract language to the clerk's office and return the full lease agreement for board approval at a subsequent meeting. Board members voted by voice; the clerk recorded the motion as approved.

The board did not adopt the lease at the April 20 meeting; staff will present the lease documents and final amortization schedule for formal approval at the next meeting.

Ending: With the board's authorization to proceed, staff can finalize vehicle orders and schedule trades; Jones told the board he will return with the full lease paperwork for review and approval before any financing is executed.