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Board approves equipment lease schedule No. 10, authorizing $1.62 million under Bank of America master lease
Summary
The Board adopted a resolution authorizing execution of equipment schedule number 10 under the county’s Bank of America master lease, covering $1,620,000 for fleet equipment to be financed through the fleet services budget at a rate of 4.47%.
Madera County supervisors on Jan. 28, 2025, approved a resolution authorizing execution and delivery of equipment schedule number 10 to the county’s master equipment lease‑purchase agreement with Bank of America. County administration said the schedule covers $1,620,000 at a contract rate of 4.47 percent and will be payable from the fleet services budget, not the general fund.
Jessica Leon of County Administration explained that the county’s Bank of America master lease had an established not‑to‑exceed amount of $12,115,862 and a maximum rate of 6 percent per year; the new schedule is intended to be the final schedule covering the remaining financed balance. Leon said payments under this equipment schedule would be processed out of the fleet services budget. The motion to approve the resolution passed on a roll call vote 4‑0.
The resolution authorizes execution of related documents and other actions necessary to consummate the transaction.
