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Lewistown council conditionally approves lease for ladder truck amid financing, title and equipment questions
Summary
Lewistown Borough Council gave conditional approval to lease a new ladder truck contingent on paperwork from Heritage Fire Company and clarified financing tradeoffs, unresolved title for a sold rig and outstanding equipment costs including hoses.
Lewistown Borough Council on April 1 conditionally authorized administration to proceed with leasing a new ladder (ladder truck) for the borough, contingent on execution of documents with Heritage Fire Company and receipt of outstanding titles and paperwork.
Council members and staff said the decision follows last week's special meeting and new information from lenders showing a lower rate was available only if the lender held the sole lien on the vehicle. Staff said adding a 2% state loan would create a second lien and would raise the borough's interest rate from about 4.79% to roughly 6.79% (staff said the lender projected a 2 to 2.5 percentage-point increase), which staff estimated would increase the borough cost by about $20,000 overall. Council approved a motion that authorizes the…
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