Hefty Lease to Fund 11 Buses and 410 Computers for FRHSD

The adopted a resolution on Monday authorizing a substantial lease purchase agreement to fund school buses and district computers.

The district and the Board decided to finance the acquisition of 11 school buses, 410 computers and other miscellaneous equipment and costs through a lease purchase agreement in the amount of $1,155,791.50, the resolution said; the lease purchase agreement will not last longer than five years.

Middlesex Regional Educational Services Commission Lease Purchase Bidding/Financial Advisory Service served as the district’s financial advisor in this case, went out to bid, and recommended the Board enter into an agreement with Global Strategic, LLC - which it did Monday night. Global Strategic, LLC was the lowest bidder.

According to the resolution, the district awarded the lease purchase financing to Global Strategic, LLC at an interest rate of 1.433 percent and also entered into a lease with them.

Board President Heshy Moses and Board Secretary Sean Boyce are authorized to make any changes to to the lease agreement if necessary. The lease proceeds will be deposited into an escrow account in accordance with the Governmental Unit Deposit Protection Act, the resolution stated. The lease is also designated a “qualified tax-exempt obligation”.