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Council approves 5-year fixed financing from Community Bank Delaware for FY26 vehicle purchases
Summary
Seaford awarded FY26 vehicle financing to Community Bank Delaware at a 5-year fixed rate of 3.63%, the lowest responsive quote, per staff recommendation; council approved the award unanimously.
Seaford City Council approved a financing award for FY26 vehicle purchases to Community Bank Delaware at a 5-year fixed rate of 3.63% after staff solicited quotes from local financial institutions.
Finance staff (June Merritt) reported she solicited proposals from eight institutions and received four responses; Community Bank Delaware offered the lowest 5-year fixed rate at 3.63%, and staff recommended a fixed rate given current market volatility. Council debated briefly about alternative manufacturer financing offers with higher rates and concluded a fixed-rate loan was prudent.
A motion to award the financing to Community Bank Delaware was made and seconded; council voted unanimously to approve the instrument. Staff indicated the city expects to execute the financing before month-end as planned.
