Financing for the replacement of the Hillsborough Rescue Squad’s 16 year old emergency rescue vehicle, in the amount of $693,000 through the Somerset County Improvement Authority’s lease purchase program, and the lease purchase of the 62,800 gross vehicle weight vehicle and related emergency equipment, including a new, more powerful jaws of life, were approved by the Hillsborough Township Committee Tuesday evening.
Pierce Manufacturing was awarded the bid for the emergency vehicle in the amount of $556,503, while the related emergency equipment contracts were awarded to Continental Fire Equipment in the amount of $53,360 and TASC Fire Equipment in the amount of $81,123. The new vehicle will be ready in approximately nine months.
Mayor Anthony Ferrera stated, “There is no argument that this is a necessary major capital improvement, which provides the best life saving technology available. And that the County Improvement Authority program is the most cost effective method of obtaining the vehicle and equipment.”
Ferrera pointed out, “Because of the County’s triple A bond rating, the Township gains the advantage of the lowest possible interest rate for the lease program.”
The new vehicle is expected to have a 15 to 20 year service life.
Under the Somerset County Improvement Authority program, the vehicle will be leased over a period of 10 years and the cutters and other emergency equipment will be leased over 5 years. The Improvement Authority interest rate is 3.75% for the 10 year lease and 3.24% for the five year lease. The Township can buy the equipment for one dollar at the end of the lease term.
Committeeman Bob Wagner, liaison to the Hillsborough Rescue Squad, stated, “Simply put, the new vehicle and equipment is the best way to save lives. Even a matter of seconds matter in many situations, so to be able to improve the Rescue Squad’s ability to more quickly get someone out of wreckage is very important.”
Wagner, who is also liaison to the Capital Planning Committee, said, “The replacement of the older vehicle was ranked as the #5 priority by the Township’s Capital Planning Committee in 2007, which also recommended financing the acquisition, because of its significant cost and expected long term service. They recognized this is not a routine capital expenditure.”
Deputy Mayor Frank DelCore noted, “The Township’s debt reduction program over the past three years has prepared for this type of major capital outlay. The lease purchase of the rescue vehicle will not add to the debt load which has been reduced by $1.8 million. And the best news is Hillsborough will remain in the forefront of the best technology available to protect our residents in emergency situations.”
