Mount Airy (NC) officials are taking out a loan to purchase a $561,720 2022 engine from Atlantic Coast Fire Trucks, despite sitting on available funds, reports mtairynews.com.
They’re taking the loan road because the municipality has identified $11.6 million worth of looming big-ticket items that could wipe out their savings, the report says.
The agreement says the city will borrow the money for a period of 10 years at a fixed rate of 2.31%, with the first payment to occur October 1 and continue on that day for the duration of the pact; the interest will total $69,740, according to the report, and the lender is REV Financial Services.
Related Articles:
Mount Airy (NC) Seeks Loan for Fire Apparatus
Mount Airy (NC) Officials Debate Fire Apparatus Purchase
Mount Airy Receives Funds for Damaged Mount Airy (NC) Fire Apparatus
Mount Airy (NC) Fire Department Seeks Fire Equipment
The Mount Airy Fire Department is expected to take delivery of the apparatus in February. The department has a mostly aging fleet which includes two 1995 Sutphen trucks and a 2000 American LaFrance.
The decision was made at last Thursday’s board meeting, which can be seen in its entirety here: