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Page 3 <br /> Mr. Dunivan MOTIONED that the Finance Committee rule in favor of <br /> attending negotiations subject to chairman's approval of certain <br /> meetings and that an appointed member attend those meetings. Mr. <br /> Baker seconded the motion and members voted 6-0 in favor. Ms. <br /> Greelish then stated that she thought the liaison, Mr. Ferriday, <br /> could use his own discretion as to which meetings should be <br /> attended. And if he could not attend, another member of the <br /> Finance Committee would attend. <br /> Greg Taylor from the Department of Public Works was present at the <br /> meeting and discussed the possibility of leasing to purchase a back <br /> hoe in the future rather than continue renting the equipment. He <br /> was not asking the committee to make a decision on this, he was <br /> just informing the committee that this is something he would be <br /> proposing in the future. Currently the department is paying $350 <br /> per day for rental of this equipment. They have rented it for 68 <br /> days since September totalling $24,000. Mr. Taylor explained that <br /> the lease to purchase cost would be $1,169. 36 per month for 36 <br /> months, equivalent to 4 days rental per month. Mr. Taylor <br /> explained that he dealt with 3 companies and the least expensive <br /> was Southworth. With the trade in of an old piece of equipment, <br /> the purchase price would be $38, 360. This works out to $1 ,170 per <br /> month for 36 months at an interest rate of 6 1/2 percent fixed <br /> interest rate. The committee asked Mr. Taylor whether Chapter 90 <br /> money would help to pay for this equipment, because it does help <br /> with rental costs. Mr. Taylor was going to look into that. Mr. <br /> Taylor felt that if the town owned a back hoe, the town would <br /> easily use it 10 days each month. He has also considered renting <br /> it to the Water District at a cheaper rental cost than they are <br /> paying now. Mr. Goggin and Mr. Dunivan asked Mr. Taylor to <br /> research and copy for the committee last years purchase order <br /> numbers and events for use of a back hoe,L so that when asked to <br /> make a decision they will have that information. There was a <br /> question whether or not the approval. would be circumventing town <br /> meeting. Mr. Goggin mentioned that he had a problem with a lease <br /> purchase arrangement. He thought it should be voted at town <br /> meeting. Ms. Greelish mentioned that the committee speak to the <br /> Town Accountant and the Department of Revenue. The question is <br /> whether a lease purchase can go inside a normal budget? Mr. Taylor <br /> felt that he could not wait until October Town Meeting. <br /> Ms. Greelish stated that next week the members should come prepared <br /> to make recommendations on contracts. Mr. Baker also asked each <br /> liaison to verify what their department's holiday schedule is with <br /> the person in charge so that it can be issued to the newspaper. <br /> Mr. Baker also felt that the session which the committee talks <br /> about contracts should be in executive session. <br /> Members agreed that the meeting on Tuesday, June 2 , 1992 would be <br /> in executive session. The meeting adjourned at 9:40 P.M. Minutes <br /> were taken by Jean M. Mooney, Recording Secretary. <br />