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Winterville council approves $631,000 equipment financing, utility relay work and several appointments
Summary
Council approved financing with First Citizens Bank for $631,000 of budgeted equipment at 4.37%, authorized relay/breaker work at the Church Street substation, appointed a stormwater alternate, and retained legal counsel for contract negotiations following a closed session.
The Winterville Town Council approved a package of administrative and financial items including equipment financing, utility relay work, a board appointment and legal representation.
Finance staff (Ron) presented results of a competitive request for proposals to finance $631,000 in budgeted equipment and vehicles. First Citizens Bank offered the lowest rate at 4.37% and could combine loans while providing separate amortization schedules for shorter- and longer-term items. A motion to move forward with First Citizens Bank and to adopt individual resolutions for each financed item was made and carried.
Council also approved authorizing replacement of four relays/displays at the Church Street substation to restore switching and reliability. Staff said the town ran RFQs and selected Aubrey as the qualified firm for substation relay work; council authorized the contract.
In other business, the council appointed Raymond James as an alternate to the stormwater advisory board after staff noted an alternate application had been submitted. Staff was directed to notify Mr. James.
After a closed session under North Carolina General Statutes 143-318.11(5) to discuss negotiation strategy for acquisition/contract terms, the council voted to retain Smith & Anderson to represent the town in contract negotiations. The council then adjourned.
Next steps: staff will finalize financing paperwork with First Citizens Bank, proceed with the substation relay contract, contact the appointed stormwater alternate and work with retained counsel on negotiation tasks.
