Selectmen authorize interim town administrator to sign lease‑purchase agreements for new fire truck, ambulance and dump truck
Summary
The board authorized the interim town administrator to sign two lease‑purchase agreements financing a seven‑year lease for a fire truck and a five‑year lease covering an ambulance and a dump truck after staff identified a low rate from All America Finance Group
Milford selectmen on July 28 authorized Interim Town Administrator Mike Viola to execute master lease‑purchase agreements to finance a new fire truck, a new ambulance and a new dump truck after staff recommended a provider with competitive rates.
Assistant staff described two lease packages: a seven‑year lease for the fire truck and a five‑year lease covering the ambulance and dump truck. Staff said they reviewed multiple providers and recommended All America Finance Group because it offered the lowest interest rate and a structure that uses private investors to lower costs. The leases comply with warrant article language voters previously approved: the fire truck and ambulance were authorized in 2022 and the dump truck in 2024.
Board members asked about prepayment and payoff options; staff said the lease documents include payoff figures and that the agreements show year‑by‑year payoff amounts. The stated interest rate in the meeting was 4.97 percent.
Action: Selectman Friel moved to authorize the interim town administrator to sign the lease documents; Miss Filbrick seconded. The board approved the authorization by voice vote.
Why it matters: the lease authorizations enable procurement of vehicles voters previously approved in warrant articles while locking in a competitive interest rate. Staff said the leases allow payoff schedules and showed anticipated payoff figures for planning.
Ending: the interim town administrator will sign the documents after legal review and finalize financing for the approved vehicles.
