Angie Deming from Republic First National in Rochester presented the Marshall County Commissioners with a proposal to purchase six new single and tandem axle trucks with plows on a lease program.
During Monday’s meeting Deming said the cost to purchase the six vehicles is approximately $1.2 million. The proposal included terms to pay off the purchase in 3, 4 or 5 years with interest rates of 2.39% up to 2.49%. She also told them if an issued came up and they money couldn’t be allocated for the payment the lease agreement could be terminated.
Commissioner Kevin Overmyer said increasing the rate on the Cum Cap Development Fund will bring in an estimated additional $400,000 that could be used to pay the lease payment.
The commissioners are sending a favorable recommendation to the County Council to purchase the needed vehicles using a lease to purchase program instead of having to lay out large amounts of money each year.
