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Morganton approves $1.48 million installment financing; First Citizens to provide municipal vehicle loans
Summary
Council authorized installment financing of $1,481,925 at a 3.8% interest rate with First Citizens Bank to purchase public safety, public works, electric fleet and other vehicles. The council also awarded the financing contract to First Citizens and approved a $400,000 budget amendment to increase electric fund proceeds.
The Morganton City Council on Sept. 8 approved installment financing to fund planned vehicle and equipment purchases, awarding the financing to First Citizens Bank and approving related budget adjustments.
Finance Director Jesse presented bids solicited from three…
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