City council purchases rescue pumper on lease program
Published 5:05 pm Tuesday, February 20, 2024
TIFTON — Tifton city council approved the purchase of a rescue pumper truck at their most recent meeting.
The new vehicle, totaling $606,971, is planned to be paid through leasing funds from the Georgia Municipal Association.
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During the previous city council meeting Feb. 5, chief financing officer Larry Lawrence explained that the city had budgeted the purchase and were in the process of buying the truck, but recommended that the city use this method over their initial plans to purchase the truck.
Lawrence explained that the city would be able to accrue interest on their funds in the bank through the leasing, and that once the interest rates began to decline, the city would most likely be able to pay off the remainder of the leasing at no penalties.