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Eliot Select Board approves lease-to-purchase for new 2025 fire pumper
Summary
The Select Board authorized a lease with option to purchase for a 2025 Spartan Smeal pumper truck and designated the lease agreement as a qualified tax-exempt obligation under federal tax code section 265(b)(3).
The Eliot Select Board on April 27 approved a capital acquisition project to lease a 2025 Spartan Smeal pumper truck to replace outdated firefighting equipment.
Fire Chief Muzeroll addressed the Board and reported the department is in the final stage of the purchase; he told members that all legal and financial paperwork for the vehicle was in order. The Select Board then voted to approve the lease and adopt the Lessee Resolution attached to Lease with Option to Purchase Agreement #TE 2300 with All American Investment Group, LLC. The motion authorized the Town Manager to execute the lease and related documents and designated the lease as a "qualified tax exempt obligation" of the Town for the 2026 calendar year under section 265(b)(3) of the Internal Revenue Code. The motion passed unanimously.
The action authorizes the Town Manager to sign the lease documents and take the steps needed to complete the acquisition. The minutes record no amendments to the agreement and no public comment in opposition.
