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Newton seeks quotes to finance $4.25 million in infrastructure and equipment; public hearing set Feb. 7
Summary
Finance Director Kimberley Robinson told the council the city will solicit quotes to borrow approximately $4,252,070 for equipment and infrastructure across multiple funds and will hold a public hearing on Feb. 7, 2023.
Newton city staff told the City Council on Jan. 10 that the city intends to solicit financing quotes and seek permission to borrow an estimated $4,252,070 to fund a set of infrastructure and equipment needs across General, Water & Wastewater, and Electric funds.
Finance Director Kimberley Robinson presented the item and listed General Fund needs including a 2023 Freightliner one-man leaf truck ($312,470), a 2020 Freightliner M2 garbage truck ($255,050), a Sutphen fire engine replacement ($906,000), and an E. 5th Street culvert replacement ($300,000). Water & Wastewater fund items included 15th Street sewer rehabilitation ($219,900) and an E. 5th Street culvert allocation ($300,000). Electric Fund requests included distribution automation phase 3 ($514,100), a tree-trimming truck ($215,000), a new delivery station ($700,000), replacement of a 2012 bucket truck ($229,550), and an E. 5th Street culvert allocation ($300,000).
Robinson said the combined total estimated cost is $4,252,070. Staff will solicit quotes from financial institutions and return with a recommendation to award financing on Feb. 7, 2023; the council approved resolutions authorizing the City Manager and Finance Director to file an application with the North Carolina Local Government Commission and calling for the Feb. 7 public hearing.
Council members approved the motions unanimously. The solicitation and subsequent award will determine final terms and which specific projects move forward under financed proceeds.
