Council authorizes lease-purchase financing for new fire truck, discusses related appropriations

Madison — The Madison City Council on Feb. 17 approved resolution 2026-2c to enter into lease-purchase financing for a new fire apparatus, following a presentation from the director of finance and the assistant fire chief.

Mindy, the city's director of finance, told council members the Board of Public Works recommended purchasing a replacement for the Quint 6. She said the vehicle's asking price was negotiated from $475,000 down to $400,000, with $370,500 to be financed through an Indiana Bond Bank HELP equipment leasing program and $26,009.10 to come from the city's fire apparatus fund.

"We are financing 370,500 through the leasing program, and then we will be paying $26,009.10 out of the fire apparatus fund," Mindy said. She said US Bank won the leasing bid, the lease runs five years and the city will make five annual payments of $83,180.76, with the first payment not due until 2027; the city also retains the option to prepay and would be able to purchase the vehicle for $1 at lease-end.

Council members asked whether maintenance or service was included in the financing; Mindy said maintenance responsibility remains with the city and warranty coverage would be provided by the purchaser.

Earlier in the meeting finance staff described an additional-appropriations ordinance (ordinance 2026-3) that would reinstate the budget for a full-time Madison Fire Department chief and cover an approximately $34,000 true-up to meet commitments for 911 dispatch for 2026. The ordinance was read for first reading; no final vote on the ordinance took place at this meeting.

A motion to approve resolution 2026-2c was moved, seconded and approved by roll-call. Recorded votes listed Patrick Tevano, Carla Krebs, Lucy DeTillo, Josh Schafer, Joel Storm, Jim Bartlett and Josh Wilford voting yes.