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Georgetown approves ladder truck purchase and 7-year lease-purchase financing
Summary
The City approved a budgeted purchase of a new ladder truck from Atlantic Emergency Solutions and a related 7-year lease-purchase agreement with PNC; counsel said the arrangement is a tax-exempt governmental lease treated as an annually renewable lease that will not count against the city’s statutory debt capacity.
The Georgetown City Council voted Sept. 22 to authorize purchase of a new ladder truck from Atlantic Emergency Solutions and to approve a related lease-purchase financing agreement with PNC.
Fire department staff told council the truck is budgeted for the fiscal year and recommended the purchase after on-site inspections of manufacturer facilities. The chief said the new truck is similar to the city’s current truck…
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