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Newton awards $1.94 million financing to Truist for capital infrastructure
Summary
The council voted to award up to $1,940,300 in installment financing to Truist Bank at a stated rate of 4.02% over seven years, and adopted a resolution approving financing terms; the action followed a re‑bid after earlier solicitations produced limited responses.
The Newton City Council voted March 14 to award installment financing for equipment and infrastructure to Truist Bank and to adopt financing terms based on a seven‑year amortization at a stated interest rate of 4.02.
Finance Director Kim Robinson told council the total amount being financed is $1,940,300 and that two institutions submitted proposals on the latest solicitation: Truist Bank at 4.02% and Peoples Bank at 4.90%. Robinson said staff rebid the package and recommended Truist as the lowest bidder and to streamline the Local Government Commission process by presenting the bid as submitted; if project costs are lower the borrowed amount would be reduced.
Council approved the award by motion and adopted the resolution approving financing terms; the motions and votes were recorded in the minutes and carried unanimously.
The minutes list the award amount as not to exceed $1,940,300 with a seven‑year amortization; detailed project line items were referenced in an attachment to the staff report and are on file with the City Clerk.
