The Moberly City Council approved a lease purchase agreement during its most recent meeting.

City Manager Michael Bugalski says the city wants to purchase various equipment with three-to-four year leases, and decided to finance the purchases as a package with local banks to get the best interest rates.

The city wants to purchase various types of equipment to help complete future projects. Bugalski says the council approved the lease purchase agreement with Clayton Holdings in the amount of $663,543.14.

The council’s next meeting is scheduled for Monday, December 2.