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Paoli council approves three-year lease-purchase for digger truck
Summary
The Paoli Town Council voted unanimously to accept a Beacon Credit Union lease/purchase option requiring three annual payments of $91,129.38 at 5.25% with the first payment due May 1, 2027, and authorized the council president to sign the agreement.
The Paoli Town Council voted 5-0 on April 23 to proceed with a lease-purchase through Beacon Credit Union for a digger truck, selecting a three-year payment schedule requiring annual payments of $91,129.38 at 5.25% interest, with the first payment set for May 1, 2027. Town Attorney Lyn Tucker Fullen opened the sealed quote and read the terms aloud to the council: "3 years with annual payments of $91,125.24 at 5.25% interest" as well as the alternative schedules, and the council chose the three-year option with the $91,129.38 annual payment.
The motion to accept the Beacon Credit Union proposal was made by Council Member Brian Shipman, seconded by Bobbie Bostock, and passed unanimously. The council also approved a separate motion allowing the Town Council President to sign the lease-purchase agreement once it is prepared. Attorney Fullen said she would contact Greg Lamb to prepare the lease-purchase paperwork for council signature.
The decision clears the way for the town to add the digger truck to its fleet under a short-term financing arrangement. The council did not specify which department will operate the truck in the meeting minutes; financing and signature authority were the items acted on during the special session.
