Equipment manufacturers, vendors, leasing brokers and municipal officials rely on MFC’s responsive and knowledgeable financing specialists to strategically structure and fund municipal equipment needs.
Whether the financing takes the form of a loan, lease/purchase or installment/purchase agreement, below are some important details about our equipment and facilities financing program.
- Financing is a tax-exempt obligation under Section 103 of the Internal Revenue Code.
- Financing may apply to any form of equipment, facilities or real property improvements that are essential to the operations of the public agency.
- Useful life of the financed property exceeds the financing term.
- Creates general or special fund obligation of the public agency.
Cost and Flexibility
- Credit approvals within 7 days.
- Funding within 30 days.
- One point of contact to facilitate financing.
- Interest rates may be held firm for up to 90 days, if required.
- No costs of issuance other than the legal/document review by the public agency’s general counsel.
- No ongoing administration fees apply.
- Financing terms range from 3 to 20 years.
- Financing amounts range from $50,000 to $10,000,000.
- Flexible prepayment provisions are provided.
- Financing may be either escrow funded or structured as a capital credit line.
Requirements of Public Agency
- Credit qualify by submitting annual audit reports for last three years and current budget.
- Obtain authorization of governing body of public agency to enter into financing agreement.
- Obtain legal opinion on financing documents from public agency general counsel.
- Enter into acquisition/construction contracts with vendors/contractors and authorize payments.
- Public agency qualifies as a political subdivision within the meaning of Section 103 of the Internal Revenue Code of 1986, as amended.
- All constitutional and statutory steps have been taken to enter into the financing agreement.
- Public agency assumes risks/rewards associated with ownership of the financed property.
|Modular Buildings||Computer & Peripherals
|Law Enforcement Equipment||Bulldozers
|Fire Stations||Modular Classrooms
|New & Used Fire Trucks||Street Improvement Projects
|Fire & Safety Equipment||Cafeteria Equipment
|Communication Equipment||Air Conditioning & Heating
|Video Equipment||Buses & Transportation Equipment
|New & Used Ambulances||Education Equipment
|Medical Equipment||Telephone Systems
|Garbage handling Equipment||Energy Management Systems
|Street Sweepers||Sewer Treatment Equipment
|Generators||Fresh Water Treatment Equipment
|Maintenance Equipment||Airport Equipment
|Classroom & Office Furniture||Material Recovery Equipment
|Copiers||Traffic Control Systems
|Service Contracts||Parking Meters
|Gas Conversion Equipment||Garbage Trucks
|Water Trucks||Street Cleaners