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Blowing Rock approves $709,000 equipment installment loan at 3.45% for municipal vehicles
Summary
Council approved a four-year installment financing agreement for $709,000 to cover capital equipment including police vehicles, a chipper and snow plows; the low bid was 3.45% from First National Bank.
The Blowing Rock Town Council approved a resolution on Aug. 12 to accept a low bid of 3.45% for a four-year $709,000 installment financing agreement to fund capital equipment purchases identified in the 2025-26 budget.
A staff presenter summarized the solicitation process: bids were advertised on July 15 with a closing date of Aug. 5; First National Bank submitted the lowest qualified bid (3.45%). The financed items listed in the staff report include software, a police vehicle, a chipper truck, a dump truck, snow plows and other capital equipment identified in the FY2025-26 budget.
The loan term is four years and the first payment is scheduled for Aug. 1, 2026, placing the payment in the next fiscal year. Staff said the municipality's strong credit rating and use of financial advisers generated multiple qualified bids.
Council voted to accept the financing resolution. The vote was unanimous: Kat Berry, David Arwood, Melissa Pickett, Doug Matheson and Mayor Pete all voted in favor.
Next steps: Staff will finalize and close the financing agreement as described in the resolution and record the related financing documents.
