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Davie County approves tax-exempt financing to help Advanced Fire Department buy a pumper truck
Summary
The Davie County Board of Commissioners held a required public hearing and unanimously approved a resolution allowing Pinnacle Bank to structure a tax-exempt $975,000 installment financing for the Advance Fire Department to purchase a 2025 Pierce enforcer pumper truck; county staff said the arrangement does not pledge county debt or faith and credit.
Davie County commissioners voted unanimously March 2 to approve a resolution authorizing a tax-exempt installment financing and security agreement that will allow the Advance Fire Department Inc. to secure favorable financing for a 2025 Pierce enforcer pumper truck.
Will Dwakins, senior vice president at Pinnacle Financial Partners, described a $975,000 loan with a 4.90% fixed interest rate for 10 years under a tax-exempt structure that lowers borrowing costs. He told the board the structure requires a governmental unit's public hearing under sections of the Internal Revenue Code and that the agreement "does not constitute a debt of Davie County, nor does it pledge the faith and credit of the county." The financing permits the bank to treat interest income as tax-exempt and pass savings to the fire department.
The county clerk confirmed a public notice was published in the Davie County Enterprise on Feb. 19, 2026 as required. The board opened the public hearing, heard no public opposition, closed the hearing and then considered the resolution.
Commissioner Rittinger moved to approve the resolution; Commissioner Poindexter seconded. Chair Benita Finley called the vote and the resolution passed unanimously. Commissioners noted the action is a formality required to allow the bank to claim tax-exempt status for the loan and that county staff performed no financial analysis since the agreement does not legally pledge county revenues or taxes.
The resolution authorizes execution of an installment financing and security agreement in an aggregate principal amount not to exceed $975,000; the resolution takes effect upon adoption. The clerk was directed to provide certified copies to the Advance Fire Department and Pinnacle Bank.
