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Board approves lease-purchase agreements and purchase contracts for fire and fleet vehicles
Summary
A series of lease and purchase agreements for public safety and public works vehicles — including a fire engine purchase and multi-year equipment leases — were approved on final readings to align with budgeted capital plans.
The Board of Aldermen approved multiple capital-asset transactions Sept. 23, authorizing lease-purchase agreements and purchase contracts for the city's public-safety and public-works vehicle needs.
Finance staff reported that two public-safety vehicles were included in the 2025 budget and that a Simmons Bank three-year lease-purchase agreement (purchase price $109,536, interest ~4.5%, annual payment about $38,200) will cover those units. The board approved final reading of that agreement.
Separately, the board approved a purchase agreement with McQueen Equipment LLC for a new fire apparatus (the vehicle and build reflected in the 2025 budget). The board then approved a master equipment lease-purchase (bill 6606) covering the fire truck (7-year term, purchase price about $1,848,919, annual payment ~$291,502) and public-works dump trucks (5-year lease, purchase price $439,238, annual payments ~$93,770). Staff said long lead times meant ordering and financing needed to be authorized now.
All motions and final readings passed by roll call votes of 5-0.
The city's finance director said the leases were priced competitively relative to the current investment returns in the treasury portfolio, and that the transactions were consistent with budgeted capital plans.
