Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fire Truck Financing topic
No spam. Unsubscribe anytime.
Council OKs resolution to allow reimbursement for replacement fire pumper
Summary
Council approved Resolution 19-12 allowing the city to reimburse itself from proceeds of a future debt issuance for a replacement fire pumper already ordered; staff said the truck should arrive in two to four weeks and the debt will be issued this summer.
Council members on April 28 approved Resolution 19-12, which authorizes the city to reimburse itself from proceeds of a future debt issuance for the cost of an already-ordered replacement fire pumper. Clayton, speaking for the fire department procurement, told council the truck was ordered on a cash-on-delivery basis and is expected to be delivered in the next two to four weeks; he said the city had planned to finance the apparatus with bond/CO proceeds once the truck is on the road.
Clayton emphasized fiscal prudence in delaying debt issuance until the equipment is available, noting typical financing terms for fire apparatus are seven to 10 years while the apparatus is kept in service for roughly 20 years. A council member moved approval of the resolution and the motion carried by voice vote.
