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Fairview authorizes up to $1.01 million note to fund new fire truck
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Summary
The city approved a capital outlay note resolution for up to $1,010,000 to fund a new fire truck. Municipal adviser Cumberland Securities reported a best bid of 3.85% for a 12‑year note; the board approved the resolution 5–0 so funds will be available before the scheduled truck delivery.
The board approved a resolution authorizing a general obligation capital outlay note, not to exceed $1,010,000, to finance a new fire truck needed by the city’s fire department.
Municipal adviser John Warner of Cumberland Securities said the city solicited bids and the most favorable quote was 3.85% on a 12‑year note from First Federal, with no closing fees indicated in the presentation. The city manager and municipal adviser said the plan is to have funds available by May 1 so the city can pay for the truck on delivery in May.
Commissioners voted 5–0 to approve the resolution; staff will forward required documentation to the state comptroller for approval and schedule closing details with bond counsel. The city manager said the note will not affect this year’s operating budget and that the city had explored paying cash but required flexibility given other budget pressures.
Next steps: staff to submit certified copies to the comptroller and work with bond counsel to close the note and receive proceeds prior to delivery of the vehicle.
