The purchase of a street sweeper was approved in the FY2017 Storm Water Fund budget. The street sweeper cost will not exceed $230,000 and will be financed for 7 years. The lowest respondent to our RFP was Carter Bank & Trust at 1.75%. The annual debt service will be $34,975.
The budgeted amount was $50,000 for the debt service based on a 7-year loan on $300,000 at 4%.
Execution of a Board Resolution is required to initiate the installment debt agreement to make the purchase. |