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Red Bank will lease equipment through county improvement authority

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RED BANK – Officials in Red Bank have authorized the lease of $1.73 million worth of capital equipment for municipal use.

On July 21, Borough Council members adopted an ordinance that authorizes the leasing of the equipment from the Monmouth County Improvement Authority (MCIA). The ordinance also authorizes the execution of a lease agreement for the equipment.

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According to the ordinance, the MCIA will issue bonds to Red Bank to help finance the acquisition of the leased equipment and the equipment’s interest payment. The amount of bonds issued by the county will not exceed $1.9 million and the interest rate will not exceed 5.50% per year.

The lease period for the equipment ranges from five to 10 years, according to the ordinance.

An aerial truck has the highest estimated cost at $265,000, according to the ordinance, and has a lease term of 10 years. Five patrol vehicles will also be leased in the estimated amount of $250,000 with a lease term of five years.

The lease of four utility trucks, according to the ordinance, will total an estimated $200,000 for a five-year lease term.

The borough will lease a roll-off dumpster with an estimated cost of $195,000 and a lease term of five years. Two mason dump trucks also with a lease term of five years will have an estimated cost of $150,000, according to the ordinance.

According to the ordinance, communications/dispatch consoles have an estimated cost of $120,000 and a lease term of 10 years. A Ford F-450 pickup truck with hoist assembly will have an estimated cost of $100,000 for a five-year lease term.

The equipment also includes turnout gear with an estimated cost of $75,000 and a lease term of five years; a 60kw generator for the Red Bank First Aid Squad and Rescue building with an estimated cost of $65,000 and a lease term of 10 years; a chief vehicle with an estimated cost of $65,000 and a lease term of five years; radios, pagers and repeaters with an estimated cost of $50,000 and a lease term of 10 years, according to the ordinance.

Additionally, according to the ordinance, there will be eight mobile data computers that have a total estimated cost of $48,000 and seven-year lease terms, and an administrative/detective vehicle with an estimated cost of $40,000 and a lease term of five years.

According to the ordinance, the remaining leased equipment will be a utility tractor for a 10-year period and an estimated $35,000 cost; a 2021 Ford Explorer sport utility vehicle for a five-year period and an estimated $30,000 cost; an enclosed trailer for a 10-year period and an estimated $11,000 cost; radar equipment for a five-year period and an estimated $10,000 cost; 12 mobile radios for a 10-year period and an estimated $8,000 cost; and radios and repeaters for a five-year period and an estimated $8,000 cost.

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