Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
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 lowest interest rate — 3.8% — for the three‑ and five‑year terms requested.
"So our recommendation is to approve that financing suit," Jesse said, and council moved to authorize issuance of installment financing in the amount of $1,481,925 to First Citizens Bank. The council voted to award the financing contract to First Citizens and approved a series of related budget amendments, including a $400,000 amendment to accept increased installment purchase proceeds in the electric fund.
Council members noted rates have risen since prior years but said the rate reflected the city’s credit strength and the practical need to finance vehicles and Hurricane Helene‑related capital needs.
All financing and budget motions passed by voice vote.
