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Lampasas council authorizes equipment lease, trade and excavator buyback
Summary
Council approved a new five-year lease for two pieces of equipment, authorized the trade/buyback of a current excavator for $75,750 and approved monthly lease payments of $4,417.94 (approx. $53,000 annually); staff said one current machine is no longer dependable.
The Lampasas City Council authorized a new five-year lease arrangement for two pieces of equipment and approved a trade/buyback that will purchase an existing excavator for $75,750.
A city staff presenter said the two pieces of equipment had been on lease and that the city has the option to return both and start a new lease for replacements, or to buy one machine and continue with one. “Cat's gonna buy back the 308 excavator for $75,750, which covers both balloon payments,” the presenter said, and staff advised the council the new monthly payment would be $4,417.94 (about $53,000 annually).
Council members confirmed the purchases are to be charged to the appropriate water and wastewater line items; a motion to approve the five-year fiscal transaction, authorize the trade and empower the city manager to execute related documents was moved and seconded and carried with a recorded 'Aye.'
