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Morganton authorizes $1.48 million in installment financing for vehicles and adjusts budgets
Summary
Council authorized issuance of $1,481,925 in installment financing to First Citizens Bank to purchase public safety, public works, sanitation and electric vehicles (including an electric digger truck), awarded the financing contract to First Citizens, and approved related budget amendments including a $400,000 increase to the electric fund.
Finance Director Jesse told council the city solicited financing proposals from three banks for a package of vehicles and equipment, including an electric digger truck that required timing adjustments. He said First Citizens Bank offered the…
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