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Hollis OKs three-year lease for two police cruisers from TD Equipment Finance; legal review pending
Summary
The Select Board approved a three-year capital lease with TD Equipment Finance totaling $121,761.12 to finance two police cruisers, authorized signing by town staff, and noted legal review of the contract; the meeting record shows inconsistent annual-payment figures that the board did not resolve at the session.
The Hollis Select Board voted 3-0 May 18 to accept a three-year capital lease from TD Equipment Finance to fund two police cruisers approved at town meeting, with a stated total of $121,761.12 and an interest rate noted at 4.44 percent.
Deb presented five quotes and recommended the three-year lease. "I recommend that the board accept the 3 year police cruiser lease from TD Equipment Finance for a total of $121,761.12 to be paid in 3 annual payments," she told the board, and the board moved, seconded and approved the lease.
Deb told the board the annual payment would be $40,005.87 (as presented), but the motion recorded by a Select Board member stated three annual payments of $40,587.04. The board approved the motion and then amended it to authorize Deb and Tracy (also referenced as Chrissy/Tracy during discussion) to sign the lease documents when they become available. The lease remains subject to legal review before final execution.
The board discussed whether rising interest rates make leasing less attractive than purchase for future vehicles; members asked staff to consider purchase options for future replacements. No vote was taken on purchase vs. lease policy.
