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Council approves $7.1 million financing lease and CIP amendment for solid-waste vehicles
Summary
The council authorized a financing lease not to exceed $7.1 million to acquire solid-waste vehicles and amended the FY27 CIP to allocate $7.1 million for vehicle purchases; Solid Waste Director Philip Davis answered council questions about incidental costs and closing fees.
Memphis City Council approved two companion items on Aug. 4 to finance and appropriate up to $7.1 million for solid-waste vehicles and equipment.
Council approved a resolution authorizing the execution and delivery of a financing lease in an amount not to exceed $7,100,000 for acquisition of various solid-waste vehicles. Solid Waste Director Philip Davis said that "certain other matters relating thereto" in the resolution typically cover closing costs, insurance, and incidental fees associated with a lease financing. Davis also noted that such language gives finance officials latitude to pay attorney and bank closing costs.
The council then approved a matching amendment to the FY27 capital-improvement program to appropriate $7.1 million to purchase vehicles and equipment through a master-equipment lease. Both measures passed on roll-call votes.
