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Geneva County approves $445,640 lease-purchase to buy two dump trucks
Summary
The commission approved a Trustmark Bank lease-purchase and finance documents for two 2026 Kenworth T880 dump trucks with Logan bodies. The financing is $445,640 with five annual payments of $101,549.86 and required lease exhibits were entered into the record.
Geneva County commissioners on April 13 approved a lease-purchase financing agreement with Trustmark Bank to acquire two 2026 Kenworth T880 dump trucks equipped with Logan 16-foot dump bodies.
County Attorney Phil Eldridge introduced financing documents from Trustmark Bank showing a total amount financed of $445,640 with five annual payments of $101,549.86. Supporting exhibits entered into the record include Exhibit A listing the equipment (two Kenworth T880 chassis with VINs and Logan LE 16' dump bodies), invoices from Logan Corporation for each body ($33,135 each), an amortization schedule, and related lease exhibits (Certificate of Acceptance, Opinion of Counsel, Federal Tax Certificate, and insurance requirements). The Trustmark letter accompanying the paperwork listed deliverables required to finalize execution (equipment invoice on Exhibit A; completed Certificate of Acceptance; Opinion of Counsel; Federal Tax Certificate; Certificate of Insurance; and the county's most recent audited financial statement).
Attorney Eldridge requested a motion to approve the lease and option to purchase and to authorize Chairman Toby Seay to sign the finance documents. Commissioner Jeff Hatcher moved for approval; Commissioner Weston Spivey seconded and the motion passed 2-0.
Key financing points entered into the record - Equipment: two 2026 Kenworth T880 trucks with Logan LE 16' dump bodies (Exhibit A lists VINs 1NKZX4TX7TJ233177 and 1NKZX4TX0TJ233182 and body serial numbers 25818 and 25823). - Total financed: $445,640.00; five annual payments of $101,549.86 per the Trustmark amortization schedule. - Purchase Option Price after the final payment: $1.00 (as stated in Exhibit C).
Next steps: Complete execution of the lease and attach required exhibits: equipment invoice, Certificate of Acceptance after delivery/installation, Opinion of Counsel signed by county counsel, Federal Tax Certificate, and Certificate of Insurance. The county administrator and county attorney will coordinate the paperwork and ensure the required insurance and documentation are on file.
