FREEHOLD TOWNSHIP – Municipal officials in Freehold Township are planning to lease capital equipment from the Monmouth County Improvement Authority (MCIA).
On July 9, Township Committee members introduced an ordinance that, if adopted, will authorize the leasing of capital equipment from the MCIA and the execution of a lease and agreement with the county.
A public hearing on the ordinance is scheduled for July 23 and committee members may adopt the ordinance that evening.
If the ordinance is adopted, Freehold Township will cover the cost of leasing the equipment through the issuance of bonds in an amount not to exceed $1.77 million. The interest rate on the bonds will not exceed 5.50 percent, according to the ordinance.
The equipment to be leased includes single-axle dump trucks at an estimated cost of $430,000; a sewer cleaner from Vactor at an estimated cost of $350,000; five F350 and F450 dump trucks at an estimated cost of $225,000; a loader at an estimated cost of $200,000; and two tractors at an estimated cost of $115,000.
Additionally, according to the ordinance, Freehold Township will lease two pickup trucks at an estimated cost of $70,000; a leaf machine at an estimated cost of $65,000; sport utility vehicles at an estimated cost of $60,000; two utility task vehicles from Workman at an estimated cost of $45,000; a 12-passenger van at an estimated cost of $24,000; and two trailers at an estimated cost of $20,000.