Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Financing topic
No spam. Unsubscribe anytime.
Village approves DPW truck financing with ROC Leasing through Greene County Community Bank
Summary
Board approved financing for a DPW truck after comparing KeyBank and Greene County Community Bank/ROC Leasing proposals; the board accepted a Greene County/ROC offer with lower annual payments tied to a $86,768 financing package.
The board approved financing for a Department of Public Works truck after comparing competing proposals and selecting a lease-purchase arrangement through Greene County Community Bank and ROC Leasing.
Chair presented competing offers and numbers: KeyBank’s proposal was discussed at about 6.5% (annual-payment framing), while the Greene County Community Bank offer through ROC Leasing was presented with an annual rate of 5.085% and annual payments of $20,086.07 based on $86,768 borrowed. Chair recommended the Greene County/ROC Leasing option as the lower-cost alternative.
Charlie moved to accept the Greene County Community Bank/ROC Leasing proposal for the DPW truck financing; Guy seconded the motion and the voice vote carried. Board members clarified that the lease arrangement is a financing mechanism that results in the village holding title once payments are complete and that the leasing firm functions as a lien holder until payoff.
