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Hopkins County approves purchase of two 938U wheel loaders; precinct 4 to finance the purchase
Summary
The Commissioners Court approved purchases of two 938U wheel loaders from Iron Hub Equipment under a Sourcewell contract, with Precinct 4 to finance $121,093 at a 4.5% tax-exempt rate and Precinct 2 purchasing outright.
Hopkins County Commissioners on Feb. 3 approved the purchase of two 938U wheel loaders for Precincts 2 and 4 and accepted finance quotes for Precinct 4's unit.
Commissioner Joe Price moved to accept finance quotes for the 938U wheel loader for Precinct 4 and recommended City National Bank's offer at a 4.5% tax-exempt rate for a four-year financing; Commissioner Travis Thompson seconded the motion and the court carried it unanimously. The financing amount cited in the minutes is $121,093.00, with payments to begin May 1, 2026.
The court also approved purchases of the same model loader for Precinct 4 and Precinct 2 from Iron Hub Equipment under Sourcewell contract XCMG-020223-XCM. Each unit is listed at $115,000 with a $6,093 warranty, making a total of $121,093 per unit. Precinct 2 will purchase its unit outright and will not finance the purchase.
Bids were solicited for financing; Alliance Bank returned a quote, and City National Bank offered the lower rate. The purchases were approved unanimously and recorded as fixed-asset acquisitions under the Sourcewell cooperative purchasing contract.
