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Geneva County approves $579,600 lease-purchase for two garbage trucks
Summary
The commission authorized a lease-purchase contract with Cadence Equipment Finance for two 2026 Kenworth garbage trucks totaling $579,600 at 4.84% interest; payments are structured as ten semiannual payments of $66,034.71. Resolution passed 3-0.
Geneva County commissioners on Nov. 24 authorized a lease-purchase financing agreement with Cadence Equipment Finance to acquire two new 2026 Kenworth refuse trucks.
County Attorney W. Phil Eldridge reviewed the financing terms with the board: "The total financed amount is $579,600.00 at 4.84% interest, a five-year term with ten semi-annual payments of $66,034.71," he said. The delivery order and supporting lease documents were appended to the meeting record, including a master lease, delivery order (No. 015), payment schedule and legal opinion from county counsel.
Commissioner Todd Brannon moved to adopt a resolution authorizing execution of the contract with Cadence Equipment Finance; Commissioner Jeff Hatcher seconded. The motion passed 3-0. The lease schedule in the record lists semiannual payments beginning May 12, 2026, and a nominal annual rate of 4.84% over the financing term. Insurance, title, and disbursement instructions were included in the contract exhibits.
Why it matters: the trucks will replace existing equipment in the county Solid Waste fleet and the contract includes a standard purchase option and documentation required by Cadence. The meeting record also contains the county attorney's legal opinion and related IRS Form 8038-G filings attached to the lease package.
What happens next: county staff will finalize contract execution, confirm insurance and title arrangements, and proceed with vehicle delivery and equipment acceptance procedures documented in the contract exhibits.
