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Ottawa County approves $1.12 million financing package for dump trucks
Summary
The Ottawa County Commission voted 3-0 to accept a four-year, 4.779% lease-purchase with Bennington State Bank to finance three MasterTech dump trucks and to buy a fourth outright from the Road and Bridge Special Machinery Fund.
The Ottawa County Commission voted unanimously to accept Bennington State Bank's lower financing bid to lease-purchase three MasterTech snow-and-ice dump trucks and to purchase a fourth outright. Commissioner Carla Grund moved the motion, which Commissioner Duane Morris seconded; the motion passed 3-0.
The financing package totals $1,118,913.00 for the lease-purchase at a four-year rate of 4.779%, with annual payments reported as $313,928.00. The county will purchase one truck outright for $372,971 from the Road and Bridge Special Machinery Fund. Public Works Director Chris Smith had presented bids from Bennington State Bank and Citizens State Bank and explained the county rebid the package for three trucks rather than four. Commissioner Grund said the shorter or longer lease terms would change interest expense, estimating about $27,000.00 in additional interest when comparing three- or five-year terms to the chosen four-year term.
The commission recorded no dissent and no further conditions were attached to the motion. The decision follows earlier public comment from a resident urging the county to consider alternate vehicle options before finalizing purchases.
