Lawrence board approves lease-purchase financing for vehicles, including first EV

The Lawrence Board of Public Works and Safety voted Dec. 15 to authorize execution of lease-purchase financing for municipal vehicles under master lease agreement number 10837.

Captain Trace Cantrell told the board the agreements cover several vehicles the department is acquiring, noting the department solicited price quotes and that there are two dealerships in the state that handle the Chevrolet Tahoe models being purchased. Cantrell said one of the vehicles will be the department’s first electric vehicle (EV) and that certain vendor work (graphics and outfitting) is provided by a sole source vendor that the department uses in-house.

Amber Finley, corporation counsel for the City of Lawrence, asked the board to approve the resolution so the controller, mayor and other parties could execute the lease documents.

Jacob Crouch of Huntington National Bank described his firm's role as a financing partner and said, “it's basically a loan,” adding that the term “lease” is used so the arrangement fits within the Indiana Revised Code. The board had no substantive questions and approved the resolution by voice vote.

The resolution allows municipal leaders to finalize financing paperwork; the transcript does not specify the total dollar amount, the identities of the two dealerships beyond a reference to Chevrolet Tahoe dealers, or detailed payment terms. No public comment was offered at the meeting.