In This Section
Municipal buildings, police and fire stations, local courts, libraries, park improvements, wastewater and water supply infrastructure, redevelopment projects and non-profit facilities. All projects that qualify for long term bonding.
The MCIA can assist municipalities in the permanent financing of notes and providing funding for authorized but not issued ordinances and approved bond referendums.
Contact the MCIA and their professionals who will meet with you to evaluate your needs and will provide financing options for your review.
Examples of items that qualify as equipment: Fire trucks, police cars, computer and office equipment, school buses and vans, DPW equipment, technology equipment, snowplows, ambulances, etc.
The MCIA is authorized to lend up to $30 million through the CGLP. The funds are used on a "first come, first served" basis. As participants re-pay leases, the funds are recycled and are available again for lending.
Each local unit must first complete the application for funding and certification page located on the Authority website. Each local unit must then adopt a resolution for a school district, fire district and authority, or a lease ordinance for a municipality, approving participation in the leasing program. Because the leasing program documents (a master lease with the Authority and a sublease for each local unit) have already been examined by the Authority and by the Lessor Bank, the transaction time can be shortened to several weeks, after the adoption by the local unit of its resolution or ordinance.
You have all of the benefits of ownership with respect to warranties and guarantees and may exercise them as needed. This extends to the vendor and the manufacturer.
Under the terms of the leasing program documents, the equipment will be sold by the Lessor Bank through the Authority to the local unit for nominal consideration, after which the local unit will hold clear title to the equipment.