Town To Borrow Money For Dump Truck, Fire Department SUV Purchases

The Town of Smithfield will borrow money from First Citizens Bank to purchase a dump truck for the Parks & Recreation Department plus an SUV for the Fire Department.

The town council agreed to borrow $88,500 for the two vehicles at an interest rate of 3.11 percent over a 59 month term.  The Town will pay $7,498.46 interest on the loan.

First Citizens provided the lowest interest rate of three banks that submitted bids