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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 specific vehicles/equipment including two 2023 police interceptor SUVs and equipment ($154,647), a 2024 MT55 Freightliner fire utility van ($175,558), a 2023 vacuum leaf truck ($305,311) and a 2023 Peterbilt 520 sanitation truck ($379,484). The resolution was adopted as part of the consent agenda.
Resolution #2023‑14 approves financing terms for the proposed project, identifying Lumbee Guaranty Bank as the lender option in the proposal dated June 22, 2023, with an amount not to exceed $1,015,000, an annual interest rate not to exceed 4.19% (absent default or tax‑status change), and a financing term not to exceed five years. The resolution authorizes city officers to execute financing documents consistent with those terms.
Council also adopted Resolution #2023‑15 declaring certain personal property surplus and authorizing its sale via electronic auction (GovDeals.com), and passed Budget Amendments #1 and #2 to amend the FY2023–24 budget to reflect salary adjustments, encumbrances from FY2023, insurance proceeds for the fire department, and the planned vehicle/equipment purchases.
All motions related to the consent agenda and financing measures were carried unanimously during the Aug. 7 meeting. The financing resolutions provide the city authority to proceed with standard closing and procurement steps consistent with the stated terms; specific vendor selection remains subject to the city’s bid process.
