Consider Approval for Financing of Backhoe
Finance Director Pieter Swart

Summary:  The Board will consider approval of the financing for the purchase of a new backhoe (R2018-23), and related budget amendment (BA2019-08).  The Board appropriated $20,000 in the FY2019 budget for debt service on the purchase of a new backhoe of the Public Works Department.  The total amount to be financed is $104,091.  The loan has duration of 8 years with an interest rate of 3.42%. Annual debt service is $15,094.