Are we violating the Bona Fide Needs rule?
While the Bona Fide need rule would suggest that you wait until the old chiller dies, you may want to look at the costs to replace it at a later date- will they be substantial over what you would spend now? The fiscal "need" may be so great and immediate, to the extent that it would allow you to make the replacement now, rather than incur a lot of extra costs and re-construction later.
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Please check with both your RM and legal offices and get their concurrence before you spend any funds on replacing the chiller.