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Florence board approves 4.00% lease-purchase for police vehicles
Summary
The Florence mayor and board unanimously approved Community Bank's 4.00% lease-purchase quote — the lowest of four bids — and authorized Mayor Trey Gunn to execute the agreement pending city attorney approval.
The City of Florence board voted unanimously Oct. 7 to accept Community Bank’s 4.00% lease-purchase quote to finance the purchase of vehicles for the Police Department, the lowest of four proposals received. The board recorded competing rates from Copiah Bank (4.25%), Cadence Bank (4.84%) and Trustmark Bank (5.45%).
The motion to approve the quote was made by Alderman Mason Herrin and seconded by Alderman Grantham. The board also authorized Mayor Trey Gunn to execute a Lease Purchase Agreement with Community Bank pending review and approval of the documents by City Attorney Bobby Lingold. The action follows a recommendation from Chief Burns of the Police Department and will allow the department to proceed with vehicle procurement under the approved financing terms.
