BETHANY, MO — After several weeks of negotiations on financing options, the City of Bethany is entering into a lease-purchase agreement to install an automated meter reading (AMR) system for residential and commercial utility customers in Bethany. The new AMR meters, also called “smart meters,” will allow city hall to remotely read water, electric and natural gas use. The financing questions hinged on the issue of “guaranteed financing,” which would enable the city to absorb the cost of the meters through operating efficiencies and improved billing. The city has now reached the threshold that would pay for nearly all of the cost of the meters. The lease-purchase transaction approved by the city council is with Greyhawk Commercial Finance, LLC, to install meters at a cost not to exceed $1.5 million. Meters will be leased at an interest rate of 2.55% for five years with an adjustment up to 3.35% for the next 10 years when the city would then have the option to purchase the meters.
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