Sterling City Commission Regular Meeting Minutes 2026-06-01
First Bank Financing Approved For Fire Engine Lease
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Description
Sterling is financing its new fire engine through a lease with First Bank at 4.95% interest over 15 years, with level annual payments of $54,096 beginning in December 2026. The City retains the option to pay off the financing earlier.
Contract Details
Contract Amount
Annual payments of $54,096 at 4.95% interest over 15 years
Vendor
FIRST BANK
Agency
Town of Sterling, KS
Contract Type
FINANCIAL_SERVICES
Document Date
June 1, 2026
Contract Term
15 years, first payment due December 2026
Renewal Date
2041-12-31
Renewal Info
Lease financing amortized over 15 years with level annual payments; arrangement may be paid off early at the City’s discretion.
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