Chickasha council selects local bank to finance new aerial fire truck amid interest-rate concerns

Chickasha — The City Council approved financing for a 100‑foot aerial fire truck and an engine pumper on Dec. 16 and selected Liberty Bank as the recommended lender.

Staff presented proposals from local banks and leasing companies and recommended Liberty Bank, citing the bank’s willingness to work through the city’s delayed audit schedule. "My recommendation is Liberty Bank," the presenting staff member said, noting Liberty’s accommodation for the audit timeline. Staff and councilors discussed delivery timelines (estimated at 36–38 months), origination fees and the trade‑offs of leasing versus direct financing. One councilor expressed concern about locking in rates if Federal Reserve decisions lower market rates soon, but staff explained that the rate offered (roughly 4.75 percent on the paper presented) was competitive and that some loan terms allow limited variability.

The council adopted a motion to approve financing through the recommended bank as presented; one councilor recorded an abstention. Staff said no down payment is required until truck delivery and that audit work (2022 audit in progress) will be provided to satisfy lender requests.

Why it matters: Fire‑truck purchases are high‑cost capital investments that affect response capability and the city’s long‑term debt profile. The council prioritized securing a procurement path while minimizing the risk that audit timing would block financing options.

Next steps: Staff will finalize the financing documents with Liberty Bank and execute the purchase agreement; estimated delivery is multiple years from order placement.