The Marshall County Commissioners will look at an alternative way to finance vehicles and equipment that would avoid having a large outlay of money at one time.
Angie Deming from Republic First National specializes in governmental financing of capital needs. She presented information on a lease purchase plan with a non-appropriation clause in it. If the county determined is was unable to appropriate funding for the following year on the agreement the equipment could be returned and the county wouldn’t be penalized.
Deming also noted that Republic First National will design a payment plan the county feels it can afford. The lease plan could be 5, 7 or even 10 years with interest rates of 2% to the low 3%.
The County Highway Department has about $585,000 of equipment they would like to consider for the lease purchase plan.
Although the commissioners didn’t take any action they are interested in looking at the possibility.
Commissioner Deb Greiewank also suggested looking at a fleet lease management program for the vehicles at the highway department, probation, surveyor, EMA and building commissioner. There was not commitment but the commissioners did decide to look at the possibility for pick-up trucks and cars. They will send requests for proposals to companies in the county who offer such a service with information due at their August 17th meeting.
