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Committee approves State Trust Fund loans for DPW bucket truck and Oshkosh Street project
Summary
The Finance Personnel Committee approved requests to borrow $214,000 for a DPW bucket truck (3-year note, ~5.5% interest; general fund/tax roll) and $386,000 for the Oshkosh Street project (10-year note, ~6% interest; paid from TID increment). The loans will be submitted to the state for disbursement.
The Finance Personnel Committee voted to request two State Trust Fund loans to cover vehicle and street work costs, sending resolutions to the full council for final approval. Finance Director Judy presented the loan request paperwork and related resolutions and said the state reserves the funds once requested. The first loan is for $214,000 to purchase a Department of Public Works bucket truck. The committee approved a three-year note and committee members noted the interest rate of about 5.5 percent. Judy said those payments are general fund…
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