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Tonawanda council debates $1.0M–$1.1M fire pumper purchase, asks staff to draft funding resolution
Summary
Officials weighed buying versus leasing a new pumper (estimated $1.0M–$1.1M), discussed 7-, 10- and 12-year financing scenarios and the pros and cons of using fund balance versus financing. Council directed staff to draft a resolution to set aside fund balance for the purchase.
Tonawanda officials discussed whether to purchase outright or finance a new fire pumper with an estimated sticker price near $1,000,000–$1,100,000. Staff presented three financing scenarios (7-, 10- and 12-year schedules), estimated total interest costs (roughly $200k over 7 years rising with longer terms) and compared lease payments (about $188,000–$190,000 per year under a capital lease) against the city’s potential interest earnings if it kept the funds invested.
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