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Council reviews finance terms for 13 new city vehicles through GMA leasing
Summary
Staff asked the council to authorize a five‑year GMA direct lease to finance 13 vehicles (10 police, 3 administrative) with annual payments of $219,302.22 at 4.49% interest for a total financing cost of roughly $963,000; the item was placed on consent.
City finance staff asked the council to authorize a vehicle lease supplement through the Georgia Municipal Association direct‑leasing program to finance 13 vehicles: 10 for police use and three for administrative departments.
Staff presented financing terms the council was asked to approve: a five‑year financing with annual payments of $219,302.22 at an interest rate of 4.49%. Staff stated the total cost of the financing would be approximately $963,000. A council member asked about current purchase/outfit costs for police cars; staff replied that fully purchasing and outfitting a police vehicle can be about $90,000.
The resolution authorizing the finance was placed on consent during the work session, with staff recommending approval of the leasing arrangement.
