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Epping board adopts lease-purchase resolution to finance equipment and authorizes auction of surplus tanker
Summary
The board adopted a lessee resolution authorizing equipment lease-purchase financing up to $180,000 with TD Equipment Finance and designated the agreement a qualified tax-exempt obligation; it also authorized auctioning a 1981 tanker truck parked at the transfer station.
Epping — The Select Board on June 8 adopted a lease-purchase resolution to permit the town to enter a Lease Purchase Agreement with TD Equipment Finance, Inc. for acquisition and financing of equipment with principal rental payments not to exceed $180,000, and designated the agreement a qualified tax-exempt obligation under Section 265(b) of the Internal Revenue Code.
Chairman Pamela Tibbetts read the resolution aloud and the board adopted it during the meeting. The resolution authorizes town officers to execute documents necessary to consummate the transaction and includes standard clauses that state the agreement will not impose general-taxing liabilities beyond the rental payments described in the contract.
Separately, Town Administrator Jake T. Roger asked the board for permission to auction a 1981 tanker truck parked at the transfer station because it is not being used; the board voted to authorize the auction (motion by Selectman Gauthier; seconded by Vice Chairman McCormack; carried 4-0).
Why it matters: The resolution allows the town to finance equipment needs through a lease-purchase arrangement up to the stated amount, which can accelerate procurement while spreading payments; the auction of the idle tanker clears surplus property and may recover funds for the town.
Next steps: Town officials are authorized to execute financing documents and proceed with auction preparations for the surplus tanker.
