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Moira agrees to $209,000 loan at 4.56% for dump truck; annual payment $47,685
Summary
The Town Board accepted a Bank of America International Finance offer to fund the remaining $209,000 principal for the new dump truck at 4.56% annual interest over five years, with an annual principal and interest payment of $47,685 and a follow-up FY2025 budget amendment upon receipt.
The Town of Moira board accepted a financing offer from Bank of America International Finance for the remaining principal of $209,000 to purchase the approved International dump truck. The financing term is five years at 4.56% interest per annum, producing an annual principal and interest payment of $47,685.
The resolution authorizes the Town Supervisor and the Bookkeeper to execute the terms of the financing proposal on the Town's behalf. The minutes state that upon receipt and deposit of the financed funds the Town Board will amend FY2025 to increase DA.0.5130.200 (Machinery, Equip & Cap Outlay) by $209,000 to account for the financed portion.
