City of Versailles Council Meeting Agenda May 2026
City National Bank to Finance Fire Truck Purchase
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Description
The Versailles City Council approved a financing agreement with City National Bank to fund the $1,493,760 ladder fire truck purchase through a five-year balloon loan at 5.20% interest with 15-year amortization. The bank was chosen following review of multiple financing proposals.
Contract Details
Contract Amount
$1,493,760.00 (loan principal)
Vendor
CITY NATIONAL BANK
Agency
City of Versailles, KY
Contract Type
FINANCIAL_SERVICES
Document Date
May 3, 2026
Contract Term
Five-year balloon loan at 5.20% interest, amortized over fifteen years
Renewal Date
2031-04-21
Renewal Info
Balloon structure requires refinancing, renegotiation, or payoff after five years; no automatic renewal terms specified.
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