Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Wells approves $906,882 lease-purchase for new fire truck after questions about effective yield
Summary
The Select Board adopted a resolution authorizing a lease-purchase agreement for a new fire truck with a principal of $906,882. One member questioned the effective yield (cited at 4.68%) and whether the arrangement affects the town's bonding capacity; staff said the resolution was a legal requirement and the motion passed 4'0to'0.
The Wells Select Board adopted a resolution on Dec. 16 authorizing the lease-purchase of a new fire truck with a principal amount of $906,882 and authorized town staff to execute the master equipment lease-purchase agreement.
A board member noted surprise at the financing structure and questioned the effective…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
