COURT HOUSE – Middle Township Chief Financial Officer Susan Quinones plans to avoid additional capital borrowing by entering into tax-exempt leasing arrangements for vehicles and equipment needed by police, animal control, code enforcement, and public works departments.
At Middle Township Committee’s Sept. 5 meeting, Quinones explained that the arrangement allows the township to pay for vehicles needed over time with low, fixed-interest lease payments rather than utilizing capital reserves or taking on new capital borrowing.
Quinones said the leasing arrangement does not impact ownership of the vehicles since title passes to the municipality at lease signing. There are no residuals at the end of the lease and no end-of-lease buyout requirement. Due to use of a state contract, competitive bidding is not required.
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