Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
Guilford board waives bid, authorizes $635,000 capital lease and awards contract to Cogent Leasing
Summary
The board waived formal bidding for a $635,000 five‑year capital lease, approved a resolution authorizing the lease purchase agreement, and awarded the lease to Cogent Leasing and Financing (3.95% with payments in advance $137,025.42). The board also ratified retirements and resignations and accepted a $2,717 donation for student lunch debt.
The Guilford Board of Education on July 13 voted to waive a formal bidding process, approved a resolution to enter a five‑year lease purchase agreement for up to $635,000 (technology equipment and a facilities maintenance vehicle), and awarded the capital lease to Cogent Leasing and Financing at a 3.95% rate.
Superintendent Dr. Grama explained the request to waive bidding: banks willing to enter tax‑exempt municipal leases at this scale are limited, and the district received two proposals. The board moved and approved waiving the bid requirement before considering the resolution.
The resolution authorizes the town and the Board of Education to be co‑lessees on a principal amount not to exceed $635,000, and authorizes the superintendent and the business manager to negotiate and execute the lease documents on behalf of the board.
Two proposals were presented: Huntington National Bank (5.09% with payments in advance $139,912.53; in arrears $146,519.75) and Cogent Leasing and Financing (3.95% with payments in advance $137,025.42; in arrears $142,638.22). The board voted to award the lease to Cogent Leasing and Financing for the 3.95% option with payments in advance of $137,025.42.
Separately, the board ratified retirements of three teachers (Tara Beatty, Susan Bohan, Michelle Pacienza) and approved resignations of six staff members as presented. The board also approved a $2,717 donation from the Guilford Newcomers to offset student lunch debt; the superintendent said dining services will apply the funds to student accounts.
All listed motions were approved by voice vote; the meeting moved on to committee reports and then into an executive session on the superintendent’s evaluation and contract.
