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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 banks. First Citizens Bank offered a 3.8% interest rate for both three‑ and five‑year terms; First National quoted 3.92% for similar terms. Council approved a resolution authorizing installment financing in the amount of $1,481,925 at 3.8% interest to First Citizens.
Council then voted to award the contract for financing the purchase of public safety, public works, electric and other vehicles to First Citizens Bank and approved a budget amendment to accept an increase in installment purchase proceeds in the electric fund in the amount of $400,000. City staff said most vehicle purchases were included in the current budget but timing required adjustments to accept proceeds and take delivery on the electric digger truck this year.
No roll‑call vote was recorded; council approved the financing by voice vote.
