Two local fire departments have received tax exempt loan status from county commissioners to purchase new equipment and pay off existing debts. Johnston County Commissioners made the approval at their June 1 regular meeting.
Brogden Fire Department in Smithfield can now borrow up to $477,000 from KS Bank for the purchase of a 2016 E-ONE Typhoon Rescue Pumper truck at an interest rate of 2.50% for 15 years.
Kenly’s Bethany Fire Department will borrow $290,000 from KS Bank at an interest rate of 2.55% for 10 years. They will be using monies to purchase a 2004 E-ONE Pumper-Tanker truck and refinance their existing building.
Bethany’s Chief Linwood Hodge told commissioners his department would save approximately $140,000 by combining both loans. It will also enable them to pay off their building on Old Beulah Road six years earlier than anticipated.