By COLLIN BREAUXDuring a special meeting on Tuesday, Nov. 28, the Chipley City Council unanimously signed off on a $46,995 loan from Capital City Bank to purchase a 2023 Ford F-150 truck for city use.
The terms of the loan are a 5.53% interest loan and five annual payments. The first payment is due February 1, 2024.
“The City has authorized and approved said loan to be secured by a pledge of and lien upon the non-ad valorem taxes sufficient to pay the principal of, premium, if any, and interest on said loan as set forth in the terms of the promissory note,” the resolution passed by the Council stated.
The city plans to budget for annual payments.
Capital City Bank’s was the lowest loan amount among four overall offers.
Though the city does not normally purchase four-wheel drives, four-wheel drives are all that has been available when the city has gone to purchase vehicles, according to discussion at the meeting.
The vehicle will be passed down to the public works or water utilities department.
Special to the News