St. Mary's County signs off on $900,000, five‑year equipment financing at 3.717%

The St. Mary's County Commissioners on Oct. 28 approved a resolution authorizing a five‑year financing agreement in the amount of $900,000 with First Equipment Finance for equipment previously approved in the FY2026 budget.

Deputy Director of Finance Miss Sapp told the board the solicitation was issued Sept. 23, sealed bids were received Oct. 15, and the lowest responsive and responsible bidder locked a financing rate at 3.717%. The scheduled closing date for the financing was listed as Nov. 3.

Commissioners emphasized that the equipment had already been authorized in the county's fiscal year budget and the financing action only establishes the borrowing terms to pay for that equipment. A motion to execute the financing resolution and authorize the commissioner president and appropriate staff to sign related documents passed unanimously.