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Ruidoso officials move to refinance $1.6M ladder truck to lower interest costs
Summary
Councilors agreed to pursue an application to the New Mexico Finance Authority to refinance a $1.6 million Ferrara HD77 ladder truck, aiming to reduce interest from about 5.4% to roughly the mid-2% range; the village will complete paperwork and seek final terms.
The Village of Ruidoso signaled support at its Aug. 4 workshop for pursuing refinancing of a recently acquired HD 77 Ferrara ladder truck. Staff introduced Resolution 2026-160 to authorize submitting an application to the New Mexico Finance Authority to refinance the truck and secure a lower interest rate.
Village staff told the council the goal is to reduce the village’s current financing cost; "This is refinancing the the, $1,600,000 ladder truck at a lower interest rate," said Village Manager Ron during the discussion. The manager said current rates were around 5.4% and staff expected to negotiate rates possibly in the 2.5–2.9% range.
Fire leadership confirmed the truck has arrived, described a short back-order for some drawers and reported training plans. "Every single shift's gonna get trained on the truck," the fire chief said, adding the vehicle will be stationed at Station 2 off White Mountain. Council members voiced support for moving forward; the item was handled by consent so staff can complete final paperwork and submit the NMFA application.
The resolution authorizes staff to prepare and submit the application; no final loan terms were reported at the meeting and the council did not take a roll-call vote on specific financing terms at workshop time. The next procedural step is for staff to pursue formal offers and return with final financing terms for council action.
