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Newton City Council awards two financing packages to Truist Bank for equipment and infrastructure
Summary
The Newton City Council unanimously approved two loans with Truist Bank — a 15-year, up-to-$1,318,069 loan at 2.39% for infrastructure and equipment and a 10-year, up-to-$752,677 loan at 2.21% for vehicles and equipment — after a public hearing and staff recommendation.
Newton City Council unanimously approved two financing packages with Truist Bank on Feb. 1, 2022, to fund city infrastructure, vehicles and equipment.
Finance Director Vickie Thomas told the council during a public hearing that the city solicited bids from six financial institutions and received offers from two. "Truist Bank provided the lowest bid," Thomas said, and staff recommended awarding both the 15-year and 10-year amortizations to Truist. The 15-year package was…
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