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Wayne County board selects Truist Bank for $9 million Rosewood school financing
Summary
After reviewing five bids, Wayne County staff recommended and the board unanimously selected Truist Bank to provide installment financing for Rosewood Middle and Rosewood Elementary, citing a slightly lower rate and lower closing costs; the Local Government Commission review remains part of the schedule.
Wayne County commissioners unanimously approved selecting Truist Bank as the lender for installment financing to fund improvements at Rosewood Middle School and Rosewood Elementary School.
Ted Cole of Davenport & Company told commissioners Davenport issued an RFP seeking up to $9,000,000 and received five proposals. He said Truist offered the lowest fixed 20-year rate, quoted at 4.30%, while Webster Bank’s competing proposal was 4.32%. Davenport recommended Truist based on the lower rate and lower closing costs, noting Truist would not require title insurance — an estimated $15,000 savings — and would hold project proceeds in a Truist…
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