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Toccoa approves GMA Direct Lease financing option for vehicles and equipment
Summary
The commission approved participation in the Georgia Municipal Association Direct Lease Program, which the city described as flexible, cost‑effective financing with no prepayment penalties or final balloon payments and interest rates quoted 30 days before loan origination.
City Manager Fredda O. Wheeler presented the Georgia Municipal Association (GMA) Direct Lease Program as a financing option for vehicles and large equipment. Wheeler said the program is flexible and cost effective, with features that include interest‑rate quotes issued 30 days before loan origination, no prepayment penalties, no final balloon payments and no up‑front fees.
Commissioner Terry Carter moved to approve participation in the GMA Direct Lease Program and Vice‑Mayor Michelle Jamieson seconded; the motion was adopted unanimously. The minutes do not include an illustrative financing example (interest rates, term, or estimated annual payments) — Wheeler said the quoted rate will be provided 30 days before loan origination. Staff will pursue the program for future vehicle and equipment financings as appropriate.
