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Raeford council adopts financing resolutions and budget amendments to fund vehicles and equipment
Summary
The council adopted Resolution #2023‑13 (official intent to reimburse expenditures) and Resolution #2023‑14 (financing terms with Lumbee Guaranty Bank) authorizing financing not to exceed $1,015,000 for vehicles and equipment, approved Resolution #2023‑15 declaring surplus property for auction, and adopted budget amendments to cover capital purchases.
At its Aug. 7 meeting the Raeford City Council adopted several finance and budget measures designed to support planned vehicle and equipment acquisitions.
Resolution #2023‑13 (official intent to reimburse) states the city’s intent to use proceeds of tax‑exempt indebtedness or other debt to reimburse capital expenditures for identified projects and equipment, with an amount not currently expected to exceed $1,015,000. Exhibit A attached to the resolution lists…
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