Bannock County approves lease-purchase for five patrol vehicles; annual payment listed at $18,002.25, interest rate pending

The Bannock County Board of Commissioners voted to accept a lease-purchase arrangement with Bancorp for patrol vehicles, approving what the transcript identifies as a lease for Chevrolet Tahoes. The motion to accept the lease with Bancorp was made and carried by voice vote.

During discussion staff or a board member read an annual periodic payment amount: "For periodic payment annually is $18,002.25. Yes. Is reading that correctly?" The transcript records that number but also records concerns that the interest rate for the lease was not yet known because the paperwork had not been completed.

Board members discussed that the final interest rates will be determined after paperwork is processed. One participant noted, "I just don't know that we don't know the interest at this point because you don't know what you're gonna have to look. Still gonna sign it because that's what we're doing." The transcript also records clarification that the lease covers five vehicles.

The motion as recorded in the excerpt was: "I would move that we accept the open and lease with the Bancorp for the Chevy Tahoe as discussed." The motion passed by voice vote. The transcript indicates this is the last year under a lease-purchase arrangement and that the board will be able to evaluate whether the arrangement is beneficial once all documents and rate information are available.

The transcript excerpt does not provide the full contract text, the total financed amount, or the length/term of the lease; those details are not specified in the provided excerpt.