Town of Duck Council Meeting Agenda April 1, 2026
Towne Bank Proposal Leads Ladder Truck Financing Options
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Description
Towne Bank submitted the lowest-cost proposal to finance the Town of Duck’s $1,769,492 ladder truck purchase, offering a 10-year installment loan at 3.98% interest with no additional fees. Council is being asked to select a lender and authorize an installment purchase agreement based on these proposals.
Contract Details
Contract Amount
$1,769,492 principal; total interest $409,959.85 at 3.98%
Vendor
TOWNE BANK
Agency
Town of Duck, NC
Contract Type
FINANCIAL_SERVICES
Document Date
April 1, 2026
Contract Term
10 years, level annual payments, first payment due one year from closing, no prepayment penalty
Renewal Date
2036-04-01
Renewal Info
Proposed as a new 10-year installment financing agreement for apparatus purchase; no prepayment penalty.
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