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The Dewey City Council approved a 12 month note with Arvest Bank for the lease purchase of vehicles this week.

City Manager Kevin Trease said the council approved for the City of Dewey to go out and lease purchase five vehicles in 2019. Then the coronavirus pandemic hit, disrupting the process.

The Ford plant was shut down, and all five vehicles that went through the bidding process with Ford. Currently, one of the five trucks is complete and ready to go.

Trease said Arvest and the City of Dewey were doing the lease purchase of the vehicles as a group. He said they do not want to take every single vehicle out on a single note and have five separate payments. They'd rather make one collective payment.

Arvest suggested the 12 month note. Trease said it could be six months, or it could be three months. As the trucks come down the line and the City of Dewey receives them, Trease said they will pay interest on those monies.

Once all five vehicles are satisfied, Trease said they would start the lease purchase process. He said they hope to see more trucks come in real quick.