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Vortek® provides competitive Municipal Leasing quotes from $35,000 - $20,000,000+ on all equipment that is of essential use to the municipal entity. The leasing option is not limited to the Vortek Automated Rigging System. The leasing option can be expanded to include additional equipment, as required by the theatre.
Vortek Leasing has a dedicated team of government leasing specialists with 20+ years of experience in structuring municipal leases. This allows us to deliver customized financing solutions that meet the needs of our equipment vendors.
Vortek Leasing provides all documentation for the transaction. On occasion, the lessee will be required by law to employ local jurisdiction lease documents and supporting legal instruments. When this occurs, Vortek Leasing makes every reasonable effort to accommodate these requirements. In all cases, as a Municipal Lease specialist, Vortek Leasing provides appropriate documentation to support the transaction.
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Who Qualifies for a Municipal Lease?
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Municipal Lease Transactions can be provided for states and their political subdivisions such as counties and cities. Departments or agencies such as state universities, school districts, or special districts are also eligible. To be qualified, a governmental entity must possess one of three characteristics of a government; they must possess the power of eminent domain, police powers, or the power to levy taxes. The fact that an agency is supported by government funds or is tax exempt does not always ensure qualification. Non-profit corporations do not qualify for Municipal Leasing.
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Why Choose a Municipal Lease?
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Due to budgetary shortfalls, leasing is becoming a Standard way for cities, counties, states, schools and other municipal entities to get the equipment they need today without spending their entire annual budget to acquire it.
Municipal leases are different from standard commercial lease paper because of the mandatory non-appropriation clause, which states that the entity is only committing to funds through the end of the current fiscal year (even if they are signing a multi-year contract). This way, when the fiscal year is over, if the funds are not appropriated, they can terminate the agreement. In addition, the signer of lease is not encumbering funds past the current fiscal year (since this is tax payer money, they can not encumber funds that are not received yet).
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