city-of-westminster-regularly-scheduled-meeting-agenda-june-17-2025_d6b.pdf
First Bank Wins $5.1M Westminster Utility Bond Bid
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Description
Westminster awarded the $5.1 million Combined Utility System Revenue Bond Series 2025 to First Bank, Asheville, NC, for utility infrastructure upgrades over a 15-year term at 4.26% interest.
Contract Details
Contract Amount
Not to exceed $5,100,000
Vendor
FIRST BANK
Agency
City of Westminster, SC
Contract Type
FINANCIAL_SERVICES
Document Date
June 17, 2025
Contract Term
15 years
Renewal Date
2040-06-26
Renewal Info
No prepayment penalty. Annual debt service $441,491–$442,401. Potential for annual escrow or budgeted renewal based on bond requirements.
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