Municipal leases are a strong source of financing for the municipality. Municipalities include city, county and state agencies. Public school systems, hospitals, colleges and universities, libraries, museums, courts, correctional facilities, law enforcement agencies, port, housing, transportation and airport authorities all qualify under municipal lease funding.
Municipal leases enable the municipality to obtain important equipment immediately without having to pay cash, which is often unavailable without board approval or bond elections. This leasing program is a "pay-as-you-go" financing program, tied directly to the useful life of the equipment. It can offer a flexible solution to unanticipated purchase requirement not included in the current capital budget.
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