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USDA financing clears way for Fayetteville fire truck; department faces costly engine repairs
Summary
A USDA representative told the board the city’s planned fire-truck loan will be a 15-year note at up to 3.5% interest and staff budgeted closing fees; Fire Chief Bergman also reported two engines out of service and estimated repairs starting well above $40,000.
Fayetteville staff asked the Board of Mayor and Aldermen on May 7 to authorize an engagement letter to bond counsel to secure USDA financing for a new fire truck while the Fire Department also reported significant repair needs on existing apparatus.
Vance, representing the U.S. Department of Agriculture, told the board the financing will be secured with a general-obligation bond and that the loan will carry a 15-year term. "Three and a half percent is the most it could be," he said, adding…
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