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Peninsula board approves $4.8 million Apple lease-to-own for student devices
Summary
The Peninsula School District board voted April 21 to approve an Apple Financial Services lease-to-own package for district devices, a $4.8 million procurement to equip students in grades 1–12; the CFO said the 1.7% lease rate makes borrowing preferable to paying cash now, and staff outlined a fall rollout and training plan.
The Peninsula School District Board of Directors on April 21 approved an Apple Financial Services lease-to-own package to equip students in grades 1–12 with new Apple devices, with a lump-sum purchase price discussed at $4,800,000 and payments structured over four years.
Ashley Murphy, the district’s chief financial officer, told the board Apple Finance offered a 1.7% lease option and recommended the lease because the district expects to earn more holding its fund balance in a local government investment pool than it would pay in interest on the lease. "Apple Finance came forward with a package deal offering us a 1.7% lease option," Murphy said. "The district has the funds to purchase lump sum $4,800,000…
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