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Newton awards equipment financing to Truist Bank/BB&T; approves budget amendments to cover vendor price increases and landfill overages
Summary
Finance Director Vickie Thomas recommended and the council approved Truist Bank/BB&T to provide financing for city equipment (5-, 7- and 15-year amortizations) and adopted budget ordinance amendments to cover vendor price increases; council also approved a $25,000 amendment to cover Blackburn Landfill fee overages.
Newton City Council on June 1 approved staff recommendations to award bank financing for equipment purchases to Truist Bank/BB&T and adopted related budget amendments to account for vendor price increases. Finance Director Vickie Thomas explained quotes obtained in April were exceeded by vendor price increases and presented three financing proposals: a 5-year amortization not to exceed $240,473 at 1.22%; a 7-year amortization not to exceed $529,371 at 1.57%; and a…
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