Andrew Martins, Managing Editor
A pair of lease purchase agreements totaling more than $1.1 million were approved by the Hillsborough Township Board of Education this week in a bid to bolster the district’s technological capabilities and provide new equipment to various departments.
Business Administrator Aiman Mahmoud told the public during the school board’s meeting on Monday that the leases were already accounted for in the 2017-18 budget.
“This is all board approved, but now what we’re doing is going for the financing of these items,” Mahmoud said.
Both lease purchase agreements are tax-exempt in nature, officials said.
According to official documents provided by the school district, the first lease purchase agreement, totaling $444,280, will cover the acquisition of 1,205 Chromebooks for use in district classrooms. The lease is for four years.
The lease, according to officials, was sought through the Hunterdon County Educational Services Commission. The board received bids for the lease purchase financing on July 11 and ultimately went with a bid from TD Equipment Finance, Inc. for the aforementioned amount.
Officials said the Chromebooks were needed for a planned expansion of their use into earlier grades within the district. The units purchased through the four year lease will be a combination of new models and repaired and refurbished ones to replace existing models already in rotation.
The second lease will cover a wider range of purchases and upgrades within the district over the course of five years. According to the accompanying document, the board is seeking to acquire instructional technology equipment “at a cost not to exceed $676,266.72.”
Through this lease, the district will utilize approximately $102,000 of those funds for technology infrastructure upgrades, $129,000 for the purchase of two buses for the transportation department and $445,000 for buildings and grounds equipment.
Much like the four year lease, the five year bid is being awarded to TD Equipment Finance, Inc.
