Board of Education Buildings/Grounds & Transportation Report February 2026
People's Bank financing proposal for new school buses
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Description
People's Bank has agreed to finance two new school buses totaling $308,912 at a 4.8% interest rate, with projected annual payments of $67,920.52. The financing would save the district about $3,611 over the term compared with a lease option, pending formal approval.
Contract Details
Contract Amount
$308,912.00 loan at 4.8% interest (annual payments $67,920.52)
Vendor
PEOPLE'S BANK
Agency
Pana CUSD 8, IL
Contract Type
FINANCIAL_SERVICES
Document Date
February 23, 2026
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