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Council OKs plan to pursue financing for eight fire apparatus as city pursues long-term replacement program
Summary
The Amarillo City Council authorized staff to pursue competitive PPFCO financing to buy six engines and two ladder trucks, directing a level-payment financing structure and asking staff to return with the recommended award after a competitive bid.
After a months-long review of fleet needs and financing options, Amarillo city staff and its financial advisers presented a plan to replace aging fire apparatus and to begin a recurring fleet-rotation program. The council authorized staff to pursue competitive PPFCO financing to fund the purchase of six engines and two ladder trucks.
Specialized public-finance advisers told the council PPFCOs (public property finance contractual obligations) are structured debt that allow the city to own personal property (in this case fire apparatus) while…
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