Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Procurement topic
No spam. Unsubscribe anytime.
Finance staff recommends Camden National Bank rate for approved van purchase; some councilors seek full council review
Summary
Finance staff said local banks were solicited for bids on financing tied to an earlier council-approved purchase; the lowest bid was 4.43% from Camden National Bank and staff recommended proceeding with that rate, though some members said the terms should be taken back to the full council for public notice.
Nate, a finance staff member, reported that following a prior council authorization to borrow for an approved purchase (a van tied to a community band and school track project), the finance office solicited bids from local banks. He said five banks responded and the lowest rate presented was 4.43 percent from Camden National Bank, which he recommended as the financier.
Nate said the underlying authorization was already approved at a council meeting and that only interest-rate terms remained to be settled. "We're looking to go to Camden for that 4.43% rate," he said, adding he was open to putting the rate on a council agenda if members preferred.
Councilor Steve and others argued for transparency and recommended that the rate and bank selection be placed on a public council agenda even if the borrowing itself had been previously authorized. Other members noted the prior public discussion and said returning it to the full council might be redundant but could increase visibility.
Why it matters: The recommendation affects the city's financing costs for an already-approved purchase; selecting a local bank also factors into local economic relationships and visibility to taxpayers. No binding vote was recorded at the finance meeting; staff will proceed administratively or, if requested by councilors, place the item on a council agenda.
