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Newton Council approves financing, major equipment purchases and multiple budget amendments
Summary
Council awarded financing to Truist Bank, authorized procurement of an aerial fire truck, approved land purchase for a replacement fire station, and adopted several budget amendments for water meters, wet-well cleaning, subdivision utility materials and other capital items; most measures passed unanimously while the solar stop-sign purchase passed 4–2.
At its March 5 meeting the Newton City Council approved a package of financing, equipment purchases and budget ordinance amendments covering multiple city departments.
Finance Director Kim Robinson reported Truist Bank was the lone bidder and the council approved awarding a vehicle and equipment loan not to exceed $1,972,950 at a stated interest rate of 4.73% amortized over 10 years; the city declined to finance a separate $1,851,150 infrastructure loan. The council adopted the financing terms and resolutions to facilitate the borrowing.
Public Utilities Director Dusty Wentz told council that rapid residential growth requires ordering AMI-compatible water meters with 419 meters…
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