Morton Community Unit School District 709 Action Item May 2026
Morton CUSD 709 Recommends Bus Lease with Better Banks
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Description
Morton CUSD 709 administration recommends entering a 5-year lease with Better Banks at $153,079.96 per year to finance two large and three small Thomas school buses. The lease carries a 3.89% interest rate, with the district owning the buses at the end of the term and total interest estimated at $55,329.80.
Contract Details
Contract Amount
$153,079.96 annually (estimated $55,329.80 total interest over 5 years)
Vendor
BETTER BANKS
Agency
Morton CUSD 709, IL
Contract Type
TRANSPORTATION
Document Date
May 5, 2026
Contract Term
5-year lease
Renewal Info
Single 5-year lease-purchase term; district will own buses at the end of the lease. No renewal options mentioned.
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