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Town approves $709,000 installment financing for equipment at 3.45%
Summary
Council approved a four-year, $709,000 installment financing agreement with First National Bank at a 3.45% interest rate to fund vehicles and equipment; first payment due 08/01/2026.
The Town Council approved a resolution awarding a $709,000 four-year installment financing agreement to First National Bank at an interest rate of 3.45% to purchase equipment identified in the FY 25/26 capital plan.
Finance staff said the loan covers a list of capital items including police vehicle(s), a chipper truck, dump trucks, snow plows, and related equipment and will be apportioned among the general fund, water fund and capital equipment line items. Staff reported seven qualified bids and noted that the low bid of 3.45% reflects the town's strong credit profile.
The resolution was moved and seconded and passed by unanimous voice vote; staff said the first payment is due Aug. 1, 2026 and that closing is expected the following week. The installment term is four years and approximate annual payment figures were included in the staff term sheet provided to council.
