City of Lexington City Council Meeting Minutes April 2026
Council Selects Cogent Bank for Vehicle Financing
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Description
Lexington City Council accepted Cogent Bank’s proposal to finance three new police vehicles with emergency equipment and one recycling and waste collection vehicle totaling $373,895.00. The financing carries a 3.87% interest rate, repaid over eight semi-annual installments, under Resolution 2026-011.
Contract Details
Contract Amount
$373,895.00 (financed; 3.87% interest, 8 semi-annual installments of $51,045.18 including interest, subject to adjustment)
Vendor
COGENT BANK
Agency
City of Lexington, NC
Contract Type
FINANCIAL_SERVICES
Document Date
April 27, 2026
Contract Term
8 semi-annual installments at 3.87% interest (approximately 4 years, exact dates based on loan closing)
Renewal Info
Single financing agreement for vehicle acquisition; no renewals are described, but loan term runs through completion of 8 semi-annual payments.
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