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Thomasville council approves nearly $1.16 million capital equipment financing with First National Bank
Summary
At its Oct. 13 briefing, the Thomasville City Council approved a resolution awarding a nearly $1.16 million installment financing contract to First National Bank at a 3.4% annual interest rate; the motion passed unanimously, 6-0.
The Thomasville City Council voted unanimously at its Oct. 13 briefing to award a FY 2026 capital equipment installment financing contract to First National Bank, Finance Director Thomas Avant said.
Avant told the council that First National Bank was the lowest bidder and offered an annual interest rate of 3.4 percent. He said the bank’s proposal would generate less than $111,000 in total interest over the life of the nearly $1.16 million loan intended to purchase capital equipment.
Council Member Neal Grimes moved to approve the resolution to award the financing contract; Council Member JacQuez Johnson seconded. The motion passed 6-0, with Council Member Payton Williams absent. Avant asked council to approve the resolution at the briefing so he could submit closing documents to the bank that week.
The action authorizes city staff to proceed with the financing closing; the minutes do not specify the loan term, repayment schedule or which departments will receive the equipment. Those details are not specified in the briefing minutes and will likely appear in closing documents or at the Oct. 20 council meeting if staff provide further updates.
