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Board authorizes $391,000 technology lease; low bid at 3.5%
Summary
The board voted unanimously to authorize a lease-purchase agreement for technology equipment (approximately $391,000 financed) with Cogent Bank after competitive bidding returned a 3.5% rate; the superintendent was authorized to execute documents.
The Weston Board of Education authorized the superintendent to execute a lease-purchase agreement with Cogent Bank for district technology equipment at its March 16 meeting.
Phil explained the financing: the amount financed is approximately $391,000 and the district solicited bids for a lease; the lowest responsive rate was 3.5%. The board approved the motion and authorized the superintendent or designee to sign necessary documents; the motion carried unanimously.
Board members asked about recent price volatility in technology hardware and whether the amount will be sufficient for FY27 needs; Phil said the purchases covered by this authorization had already been bought for the current fiscal year and noted the district is monitoring FY27 pricing and may need additional planning for next year.
The authorization will move to the board of selectmen for its routine approval steps.
