How long does the equipment financing take?
Each local unit must adopt a resolution or ordinance in the same manner that it typically would follow for normal leasing transactions – an ordinance for a municipality or a board resolution for a school district 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 Commercial Leasing, LLC, the transaction can take as little as two days to process, after the adoption by the local unit of its resolution or ordinance.
