The Primary Goal of the League’s Program Services Board is to operate and endorse programs that provide cities a cost savings and/or reduction in administrative budgets. With the endorsed Insurance Program, member cities enjoy a program designed specifically for cities without being forced to fit into a program that does not have needs or budgets in mind.
Serviced by Commercial Insurance Services, Inc.
CIS is an independently owned insurance agency founded in 1932. For many years, CIS has specialized in providing property and casualty insurance services for West Virginia municipalities including cities, towns, counties, public service districts or any other governmental organization. CIS is the West Virginia Municipal League’s (WVML) exclusively endorsed insurance agent for property and casualty insurance services for its municipal insurance members in West Virginia.
CIS currently places property and casualty insurance and provides related risk management services for the state’s largest municipality all the way down to some of its smallest towns and political subdivisions managed by our Municipality Insurance Director, Janet Buckley, CIS’s Municipal Division continues to provide insurance and risk management solutions to all municipal entities and other political subdivisions.
For more information please contact: Janet Buckley at 1-800-827-8116 or
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The Municipal Lease/Purchase Agreement was developed as a financing alternative to cash purchases and the outright issuance of long-term municipal bonds. The use of municipal leasing by state and local finance officers has increased substantially over the last several years because of the flexibility of the lease purchase as a financing instrument and the ability to spread the cost of the equipment or capital asset acquisition over a period of time.
The Municipal Lease/Purchase Agreement is in effect an installment purchase agreement whereby the municipality acquires title to the equipment. The municipality makes periodic lease payments of principal and interest. Upon receipt of the final payment, a bill of sale is released to the municipality, free and clear of any lien or security interest.
The Municipal Lease/Purchase Agreement can be set on monthly, quarterly, semiannual or annual payments. This flexible payment mode will allow the municipality to plan their budget in a more realistic way. The municipal lease is also subject to annual budgeting appropriations. The municipality has the right to terminate the lease if nonappropriation for the equipment being leased should occur.
Eligibility
Lease purchase financing can work for numerous municipal and governmental entities. They include:
- Local, County and State Governments
- Public Service Districts
- Public Utilities
- Paid and Volunteer Fire Departments
- Emergency Rescue Units
- Boards of Education
- Hospitals
What can I lease/purchase?
West Virginia Municipal League Leasing can finance fire trucks, emergency vehicles, waste disposal trucks, police cruisers, dump trucks, back hoes and other equipment. We can also finance new utilities, sewer and water lines, health clinics and other facilities, all vital to your operations.
Why use lease financing?
Leases are used to conserve capital and avoid legal restrictions on the use of general obligation debt. Because the typical lease purchase does not create an ongoing legal obligation for the lessee, the transaction is often not subject to constitutional limitations, voter approval or competitive sale requirements. Also, some governments feel more comfortable using the lease option for certain types of projects, such as equipment.
How can the West Virginia Municipal League Leasing solve your equipment problems? The Leasing Program can help you structure the most for your financing dollar. It will help create the proper financing for current and future needs. Our objective is to assist you in acquiring the equipment you need at the lowest cost.
How much can I finance?
WEST VIRGINIA MUNICIPAL LEAGUE LEASING will finance projects in various price ranges. These may range from a $75,000 rescue truck to a multi-million dollar municipal waste or water treatment facility. When funds are limited and revenues are short, contact us.
Benefits
• A Solution to Your Capital Budget
Lease payments can be structured to meet budget constraints through flexible repayment structures and lease terms.
• Cash Conservation
Leasing provides 100% financing & structured payments conserve cash.
• No Debt Created
Since the lease payments are subject to annual appropriations, no long term debt obligation is created.
• No Voter Referendum
A properly structured lease/finance program does not constitute debt under most state constitutions, therefore, no voter referendum is required to enter into a lease contract.
• Alternative Source of Funds
Leasing leaves other credit lines untouched and available for daily operations.
• There Are No Surprises
West Virginia Municipal League Leasing offers competitive fixed rates with set payments structured to meet your capital budget needs with simple straight forward documentation. No additional costs. No hidden fees.
"We have been working with Comvest for well over a decade, and we have never been disappointed. They are quick to offer the best solution to any financial need, without the headaches." -
Tom Armstead, Finance Director, City of Ripley
Contact:
Jeff Smell, Financing Specialist
Pat Curry, Financing Specialist
Comvest Ltd., Inc
PO Box 2025
Clarksburg, West Virginia 26302
1-800-638-6276
304-677-0332 (mobile)
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or
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http://comvestltd.com/citystat.htm
Programs 
The West Virginia Municipal Revenue Collection Program, a West Virginia Municipal League member service, is a one-stop source concerning municipal revenue administration, procedures, policies and issues.
