Georgetown approves ladder truck purchase, opts for seven‑year lease financing

Georgetown City Council on Sept. 22 authorized the city to enter into an agreement to buy a new ladder truck from Atlantic Emergency Solutions and approved a related lease‑purchase financing arrangement with PNC Equipment Finance.

Fire Department officials said the vehicle purchase was budgeted in the current fiscal year after staff reported problems with the existing truck. The council approved the municipal order to buy the truck and then approved a related lease purchase resolution that structures financing over seven years.

The fire chief told the council he inspected potential models, including a stock vehicle that will be showcased at the FDIC conference in April 2026, and recommended the purchase. Staff said the truck is similar in capability to the department’s current apparatus but from a different manufacturer.

City finance staff and outside counsel described the financing as a tax‑exempt governmental lease under state law that does not count against the city’s debt capacity. The lease is structured for 84 monthly payments (seven years). Counsel said the interest rate obtained was notably below average rates in comparable municipal equipment lease programs.

Council members asked whether the lease could be paid off early. Counsel and finance staff said there is a “no‑call” period during the first year but that prepayment after that period is likely allowed, with details in the final documents.

Council approved the purchase and the financing by voice vote. City staff said the truck purchase and financing were included in the budget and that funding was carried forward to cover anticipated payments.