Mount Laurel Township School District Agenda Regular Board of Education Meeting 2026-05-19
Santander Selected for School Bus Lease-Purchase Financing
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Description
The Board approved a municipal lease-purchase agreement with Santander Bank to finance four school buses, totaling $343,380.00 for two 54-passenger units and $258,332.00 for two 24-passenger units over five years. Both leases allow early buyout without penalty.
Contract Details
Contract Amount
$343,380.00 for two 54-passenger buses (5-year lease-purchase); $258,332.00 for two 24-passenger buses (5-year lease-purchase)
Vendor
SANTANDER BANK
Agency
Mount Laurel Township School District, NJ
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
5-year municipal lease-purchase
Renewal Info
Five-year lease-purchase term with option for early buyout without penalty; no automatic renewal described.
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