In January, Clinton City Council approved the purchase of a new Pierce Fire Engine at a cost of $365,157.00. This week City Manager Frank Stovall presented council with bids for the financing of that truck. Bids were evaluated for 3, 5 and 6 year finance terms. Stovall recommended that council approve a bid from BB&T with an interest rate of 1.79% for a term of 6 years. That bid would finance $315,157 after the city’s down payment of $50,000. Annual payments would be $55,789.90 for six years bringing the actual total cost of the purchase to $384,739.40.City Council approved the recommended bid from BB&T by unanimous vote Monday night.
↧