This is the first time I've done a loan to a local fire district for the purchase of a new Fire Truck. I'm thinking these are not titled like a truck. How do we perfect our lien on a fire truck? Thanks!

Given this highly unusual nature and (probably) size of this credit, you should consider having the documents produced or reviewed by legal counsel.

Agree with Richard.

Was examining a bank that made a loan to a small town that purchased a helicopter for their PD. We wrote it up as Doubtful for several reasons. The bank ended up charging it off, and the bank made local press (TV & paper) because it was an unauthorized purchase by their chief, and had to be repossessed.

Ouch!

Good point about the bad ink, Rocky. Loans relating to high profile local projects will get public attention & banks can't afford for it to be bad.

What about securing the collateral? Anyone have any clue how to perfect a lien on a fire truck and all the accessories that are attached to it?

This will vary by jurisdiction. Do not even attempt that without legal advice. If you are wrong, the bank is unsecured. Once the bank has done it once, you can develop a procedure in case it ever comes up again, but the procedure must be updated as laws change.

I concur with getting legal advise. These loan could or could not be tax exempt. The district could have a limitation on term on borrowings. You must determine appropriate authorized signatures. You'll want minutes of the meeting approving the loan from your bank. In Oklahoma this would have to be a Lease Purchase Agreement if the transaction is with a State or County because of the restrictions Oklahoma has on it's state or county borrowing money.