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Newton Council awards $3.46 million in financing to Truist Bank for equipment and vehicles
Summary
Council unanimously awarded two financings to Truist Bank — a 7-year equipment loan of up to $787,350 at 4.85% and a 15-year vehicles loan of up to $2,675,050 at 4.90% — and adopted resolutions approving the financing terms.
Newton City Council voted unanimously on May 6 to accept the lowest proposals for two financing packages and adopted resolutions approving the terms.
Finance Director Kim Robinson told council that the city solicited bids to finance vehicles, equipment and infrastructure improvements with a combined financing amount not to exceed $3,462,400. Of nine solicited institutions, two submitted proposals (Truist Bank and First Horizon). Truist offered the lowest rates: a 7-year amortization for equipment ($787,350 at 4.85%) and a 15-year amortization for vehicles ($2,675,050 at 4.90%). Robinson recommended awarding both financings to Truist.
After a brief public hearing with no speakers, Council Member Jody Dixon moved to close the hearing and council voted to award the financings and adopt resolutions approving the stated financing terms. The motions were recorded as unanimous.
The staff packet indicates the resolutions and bid documents were prepared to streamline the Local Government Commission review. The council did not discuss alternatives at length during the meeting; staff recommended the Truist proposals based on the stated interest rates.
