I. Council Action Requested.
Title
To authorize the Town Treasurer to negotiate the terms of an equipment purchase and the financing of said purchase through an Equipment Lease Purchase Agreement for an estimated amount not to exceed $915,000, plus interest and inflation, as well as the maturity date and other terms and conditions of the equipment purchase and financing of said purchase with the vendor and financial institution the Treasurer deems appropriate; and to award the Equipment Lease Purchase Agreement to such financial institution as the Treasurer deems to be in the best interests of the Town for the following budgeted items: 1) Public Works Dump Truck #9 (PW-2025-002) and related plowing equipment, 2) Public Works Non-CDL Rated Dump Truck (PW-2024-006) and related plowing equipment, 3) Public Works Trackless Sidewalk Tractor #24 (PW-2024-005) and related equipment, 4) Public Works One Ton Pickup replacement for Pickup #99 (PW-2028-003).
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. The Council has authority to enter into contracts as the legislative body of the Town pursuant to Article II, Section 3(1) of the Charter, and
b. The purchase involves lease-purchase financing, requiring Council approval in accordance with Section 5.4 of the Town of Windham Purchasing Policies (2024), as amended.
III. Issue Summary.