Consider Approval of Resolution 2018-04 Fire Tanker Financing and Related Budget Amendment BA2018-17

SUMMARY:  The Board approved the contract to purchase a Fire Tanker Apparatus on September 27, 2017. The Town issued a Financing RFP and received 7 bids from lenders.  BB&T's response was the lowest cost to the Town at 3.16% over 10 years, and is recommended for acceptance by staff.   The total to be financed is $284,488. The debt service will be directly funded from the North Star Fire District distribution from Mecklenburg County. The Town will also receive $50,000 from Mecklenburg County - North Star Fire District fund balance in FY 2018 to be applied to the purchase of the Tanker.