(A non-technical/non-legal overview)
Tax-exempt municipal leasing is sometimes misunderstood. Municipal leasing is an umbrella phrase that applies to state, county, and municipal governments, special districts, and authorities, not just 
local governments. (very generally, entities funded with tax dollars). “Tax-exempt” municipal leases (subject to annual appropriation) and municipal bonds (debt) are financial “first cousins.” Both financing methods are very low-cost financing tools (created by the IRS as incentives for financial institutions and investors) to offer very low-interest financing to qualifying governments for essential-use equipment like vehicles, hardware, software, police & fire stations, jails, schools, public works, and maintenance facilities. The financial institutions get valuable tax exemptions, while governments like yours benefit from well-below-commercial interest rates and other benefits. (The tax exemption described here is not related to sales, use, or, other taxes a government may be obligated to pay.)
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