Common Contracts
1 similar Lease Purchase Agreement contracts
Topic: Public Safety Facility Lease Purchase AgreementLease Purchase Agreement • January 21st, 2021
Construction of the public safety facility will be paid from proceeds of the Lease Purchase Agreement to be repaid over 20 years. After going through a competitive process, the financing will be provided by First State Community Bank as Lessor, who in turn will participate a portion of the financing with Heritage Bank. The tax-exempt interest rate on the lease is 2.70% which will be fixed for the entire 20 years. The lease payments are subject to an annual appropriation of the Council and equal approximately $200,000 annually. Presently the intent is that the lease payments will be paid from the 1/2% capital improvement sales tax.
