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Council OKs two master leases: $40.5M for vehicles and $41.5M for refuse/recycling bins; votes split on bins
Summary
Council approved two master lease ordinances to finance city vehicles ($40.5M) and replacement refuse/recycling containers ($41.5M). The vehicle financing passed 8-1; the bins financing passed 6-3 after debate over scale, procurement and local labor.
The City Council voted Nov. 3 to approve two separate master lease ordinances with Bank of America Public Capital Corporation to finance city vehicles and refuse/recycling containers.
Debt Management staff said the first agreement (subitem A) will provide up to $40,500,000 to finance approximately 313 add-on and replacement vehicles across the general fund, with projected semiannual payments and terms ranging from three to ten years. Fleet purchases will be cash-funded for outfitting and sales tax, with reimbursement from lease proceeds following acquisition.
The second agreement (subitem B)…
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