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Newton awards infrastructure and equipment loans to Truist Bank
Summary
Newton City Council voted unanimously Jan. 5 to award municipal financing bids to Truist Bank for a 15-year infrastructure loan (up to $1,529,920 at 1.92%) and a 10-year equipment loan (up to $108,870 at 1.61%). Council adopted resolutions approving the financing terms.
Newton City Council unanimously voted Jan. 5 to award two municipal loans to Truist Bank to finance capital infrastructure and equipment.
Finance Director Vickie Thomas told the council that the city solicited proposals from seven lenders and received competitive quotes from Truist Bank and Peoples Bank. ‘‘Truist Bank provided the lowest bid,’’ Thomas said, recommending the city accept Truist’s offers: a 15‑year amortization for the infrastructure loan at 1.92% (not to exceed $1,529,920) and a 10‑year amortization for the equipment loan at 1.61% (not to exceed $108,870). Thomas said the resolutions will reflect the bid request numbers but noted the actual borrowed amounts will be reduced if project costs come in lower.
On a series of unanimous motions, council awarded both bids to Truist and adopted the resolutions approving the stated financing terms.
The council’s action follows staff work to streamline the Local Government Commission review; Thomas said the city sought to present consistent bid-request numbers to lenders to expedite that oversight step. No public comments were offered during the financing public hearing.
The council’s adopted motions and resolutions were entered on the record and are on file in the city clerk’s office.
