Morehead City Regular City Council Meeting Agenda May 2026
City Approves $8.2M Truist Loan for W.S. King Center
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Description
Morehead City Council approved a $8.225 million, 15-year financing agreement with Truist Bank at 3.895% interest to fund renovations and improvements at the W.S. King Recreation Center and associated outdoor facilities. The loan will close following Local Government Commission approval.
Contract Details
Contract Amount
$8,225,000
Vendor
TRUIST BANK
Agency
City of Morehead, NC
Contract Type
FINANCIAL_SERVICES
Document Date
May 12, 2026
Contract Term
15 years
Renewal Date
2041-06-12
Renewal Info
This is a fixed-term 15-year loan; no renewal provisions are mentioned. Refinancing in the future would require separate Council action.
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