FINANCIAL_SERVICESONGOING

Newton Falls City Council Regular Meeting Agenda 2026-05-20

City Uses Master Lease for Police Vehicle Financing

$62,757.00 principal; four annual lease payments of $17,885.06 (total payments $71,540.24)Town of NewtonSTATEWIDE EMERGENCY PRODUCTS LLC DBA STATEWIDE MUNICIPAL LEASINGMay 20, 2026

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Description

Newton Falls is utilizing a Master Equipment Lease‑Purchase Agreement with Statewide Emergency Products, LLC dba Statewide Municipal Leasing to finance law enforcement vehicles over multiple years. The sample schedule reflects $62,757 financed with four annual payments of $17,885.06 under Lease No. 31404.

Contract Details

Contract Amount

$62,757.00 principal; four annual lease payments of $17,885.06 (total payments $71,540.24)

Vendor

STATEWIDE EMERGENCY PRODUCTS LLC DBA STATEWIDE MUNICIPAL LEASING

Agency

Town of Newton, OH

Contract Type

FINANCIAL_SERVICES

Document Date

May 20, 2026

Contract Term

Master lease term: 3 years for the referenced Schedule A beginning 09/03/2025; cash-flow example shows payments from 02/04/2026 to 02/04/2029 under Lease No. 31404

Renewal Date

2029-02-04

Renewal Info

Master agreement remains in effect until terminated in writing; individual schedules, such as the three‑year Ford Utility Interceptor lease, have defined terms and a $1 end‑of‑term purchase option.

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