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Greer council approves lease-purchase financing to fund FY27 vehicles and equipment
Summary
Council approved Resolution 16-2026 to authorize lease-purchase financing to close FY27 vehicle and capital equipment purchases; staff said the city’s bond rating will affect borrowing costs and anticipated closing is in early July.
Greer City Council on June 23 authorized lease-purchase financing to fund vehicles and capital equipment planned for fiscal year 2027, approving Resolution 16-2026 during the meeting.
Mr. Klein told council the resolution is the final piece needed to close on the FY27 lease purchase and noted the authorization is an annual step following budget adoption. "We do have this resolution every year after budget is officially passed for our lease purchase for the following year," he said, and staff said an early July closing (staff referenced July 9) would allow the city to order equipment sooner and put assets into service faster.
Council members asked whether the city's bond rating would change the cost of borrowing; Mr. Klein confirmed the rating influences interest costs and offered to provide a more detailed breakdown upon request.
The resolution passed on a unanimous roll-call vote. Council members were told the principal amount discussed in staff remarks was approximately $3 million; the formal resolution text as read at the meeting included a garbled numeric figure that staff clarified during discussion. The council approved the measure to proceed with the lease-purchase and closing steps.
Why it matters: approving the lease-purchase financing allows staff to finalize borrowing and begin ordering capital equipment earlier in the procurement timeline, improving service delivery timing for city operations and affecting future debt service costs depending on interest rates and the city’s bond rating.
