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Board approves $575,000 financing for four school buses
Summary
Supervisors approved a $575,000 equipment lease/purchase to finance four 65‑passenger school buses through United Financial (Home Trust Bank) with a five‑year term and a 4.76% interest rate; the motion passed unanimously.
The board unanimously adopted a resolution authorizing financing for four 65‑passenger school buses previously approved in the FY24 budget. Bob Lauterberg of VMLVECO Finance (municipal advisory services) explained the county solicited bank quotes and selected United Financial (a Home Trust Bank division) for a $575,000 tax‑exempt, bank‑qualified lease purchase. The structure has six annual principal payments beginning 06/01/2024, a 4.76% interest rate and prepayment terms (1% penalty in the first three scheduled payments, none thereafter). Staff said there are no bank closing or anticipated legal fees at their end and that the anticipated closing date was April 30.
