City of Asheboro Regular Meeting Agenda Packet 2026-06-04
City approves $2.84M vehicle financing agreement
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Description
The Asheboro City Council approved an installment financing and security agreement with First Horizon TE1, LLC to finance motor vehicles in a principal amount not to exceed $2,841,562 at 3.50% interest. The agreement, dated as of June 17, 2026, grants a security interest in the vehicles and structures repayment through monthly installments.
Contract Details
Contract Amount
Not to exceed $2,841,562
Vendor
FIRST HORIZON TE1 LLC
Agency
Asheboro Housing Authority, NC
Contract Type
FINANCIAL_SERVICES
Document Date
June 3, 2026
Contract Term
Dated as of June 17, 2026; monthly installment payments until advance repaid
Renewal Info
Installment financing with fixed principal amount and interest rate; no automatic renewal, but agreement allows prepayment and potential interest rate adjustment under specified tax-related conditions.
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