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Village accepts KeyBank loan to pick up DPW truck, citing $3,500 rebate
Summary
The board voted to accept a KeyBank financing quote to complete pickup of a DPW truck ordered March 2024, prioritizing timing to capture a $3,500 rebate; the Bank of Greene County option was declined because it required bonding and a multi-week delay.
The Chair said the village truck ordered in March 2024 is ready for pickup and presented three financing options, saying the Bank of Greene County required a bond and would delay the purchase. “We were informed last week that it was, it was available and, ready for pickup,” the Chair said.
The Chair told the board there was a $3,500 rebate if the truck is picked up by Friday and that timing made the KeyBank option preferable. “So, I'm making a motion that we accept the, KeyBank quote and, proceed with, getting the balance due on the truck from KeyBank,” the Chair said. The board seconded the motion and voted to approve moving forward with KeyBank financing.
The Chair listed the comparative figures discussed on the record: the KeyBank annual payment of $20,843.09 (payments beginning June 29, 2026) and the dealer quote with a higher interest rate the Chair characterized as approximately 7.8 percent. The Chair also said the Bank of Greene County required issuance of a bond, which would take an estimated four to six weeks to arrange and therefore would miss the rebate deadline.
The board instructed staff to contact KeyBank the next day to secure funding and to confirm the $3,500 rebate amount with the dealer before finalizing the payment.
