Council approves $257,750 excavator purchase and 10‑year financing

Newcastle — The City Council approved purchase of a new Caterpillar 320 hydraulic excavator and authorized financing through First National Bank for $257,750 over 10 years.

Staff said the Komatsu model originally considered was no longer available and the Caterpillar model provides comparable capabilities at a lower quoted cost. First National Bank offered financing with an interest rate in the range of 4.09–4.11 percent for a 10‑year term. Council moved and seconded the financing approval and voted in favor by roll call.

The purchase replaces equipment in the city’s fleet and staff reported the necessary appropriation and finance terms in the meeting packet. The equipment will be used by public works for capital and maintenance projects.

Next steps: Finance will finalize loan documents with First National Bank and schedule delivery coordination with the vendor once contracts are executed.