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Council approves $1.137M lease-purchase for Fire Engine 53, truck expected next month
Summary
The Council approved a seven-year lease-to-own agreement with Zions Bank for $1,137,152 at 4.47% to acquire Fire Engine 53, which staff said has been on order since April 2023 and will arrive next month.
The American Fork City Council on Jan. 13 approved a lease-purchase agreement for Fire Engine 53 in the amount of $1,137,152, structured as a seven-year lease with a 4.47% interest rate through Zions Bank Corporation. Finance Officer Anna Montoya reported the apparatus, ordered in April 2023, is expected to be received early next month and will be fitted with related equipment prior to service.
Council Member Ryan Hunter confirmed the agreement is a lease-to-own arrangement with a $1 buyout at the end of the term. The motion to approve Resolution No. 2026-01-04R was seconded by Tim Holley and passed unanimously. Staff indicated debt service begins Jan. 27 and procurement and outfitting will follow upon delivery of the truck.
