City of New Franklin Regular Meeting Agenda Packet May 2026
City enters lease-purchase with Magnolia Bank for trucks
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Description
New Franklin Council approved an equipment lease/purchase agreement with Magnolia Bank, Incorporated for three 2026 Kenworth T480V trucks and related equipment, with payments up to $15,755.50 per month over 60 months starting June 20, 2026. The acquisition supports road maintenance, snow and ice control, and public safety operations.
Contract Details
Contract Amount
Not to exceed $15,755.50 per month for 60 months
Vendor
MAGNOLIA BANK INCORPORATED
Agency
City of New Franklin, OH
Contract Type
FINANCIAL_SERVICES
Document Date
May 6, 2026
Contract Term
60 months, starting June 20, 2026
Renewal Date
2031-06-20
Renewal Info
Lease-purchase payments are authorized for a 60-month term beginning June 20, 2026; no renewal options are stated.
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