Ingleside TX Puts Financing for Fire Apparatus on Hold

Ingleside TX City Council reviewed financing options for a pumper truck that was requested by the fire department.

Andrew Friedman of Southwest Securities presented the two options supported by city staff, the issuance of tax notes or a lease-purchase agreement.

Out of those options, the tax notes bid by BB&T Governmental Finance was the most cost-effective with a 2.4% true interest cost and a total cost of $602,000.

City staff had requested that the pumper truck be financed because of current low interest rates and to keep the amount of unspent swept funds from the 2012 fiscal year to around $700,000.

Paying for the truck up front would reduce those funds to under $200,000.

Mayor Pete Perkins motioned to approve the tax note option but the motion died for lack of a second.

An option to purchase the truck with cash will be presented at the next council meeting on March 12.

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