FINANCIAL_SERVICESDISCUSSED

Farmington Considers State Bank Excavator Financing

Farmington discussed a potential State Bank lease-purchase arrangement for a Volvo 130 EL excavator priced at approximately $237,000. The Board considered multi-year payment and deferral options but postponed authorization pending legal review.

Document date · September 14, 2026

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Approximately $237,000 equipment purchase; lease payments discussed at approximately $50,000 per year
Contract type
FINANCIAL_SERVICES
Contract term
Lease-purchase options of 5, 6, or 7 years, with possible payment deferral until the following year; interest rates discussed from approximately 5.3% to 5.57%
Renewal
Potential 5-, 6-, or 7-year lease-purchase structure; early buyout without penalty and payment deferral options were discussed. Authorization remained pending.
Document type
Minutes
Source document
Town of Farmington Minutes Board of Selectmen Meeting 2026-09-14

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Farmington School District?

State Bank was awarded this financial services contract by Farmington School District, as recorded on September 14, 2026. The contract value is Approximately $237,000 equipment purchase; lease payments discussed at approximately $50,000 per year.

How much is the State Bank contract with Farmington School District worth?

The State Bank contract with Farmington School District is valued at Approximately $237,000 equipment purchase; lease payments discussed at approximately $50,000 per year, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in Town of Farmington Minutes Board of Selectmen Meeting 2026-09-14 (Minutes), dated September 14, 2026 from Farmington School District. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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