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Council reviews financing plan for $1.53 million Quint fire truck; loan terms outlined
Summary
Council reviewed Resolution 24-1105 on financing the final payment for a Pierce 107' Quint fire truck purchased for $1,533,975.53; the city anticipates a final payment of about $737,885 due in November and considered a 5-year loan from People's Bank with interest at FHLB rates plus 1.5% (4.5% floor).
Council discussed financing options for the final payment on a previously approved Quint fire truck purchase.
The minutes note: "On December 19, 2022, City Council approve the purchase of the Pierce 107' Quint Fire Truck from Hughes Fire Equipment, totaling $1,533,975.53. The first two installment payments ($539,710 & $319,784, respectively) have been made using cash reserves, and the third and final payment is anticipated to be due in November 2024. The payment must be made prior to taking possession of the Quint in December." Staff described People's Bank as the proposed lender for a 5-year term loan; the final payment was estimated at $737,885 and the stated loan pricing would use Federal Home Loan Bank rates plus 1.5% with a 4.5% floor.
The item had been pulled from the consent agenda for separate review; no final loan authorization vote is recorded in the minutes. Finance Committee reviewed the item earlier in the day.
