Carey City Council Meeting Minutes July 2025
City reviews backhoe financing with Summit Bank
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Description
Carey City Council reviewed financing options on the existing backhoe equipment currently financed through Summit Bank, including whether to return the equipment in May instead of paying off a $119,000 balance. The discussion explored differing payment structures but did not result in a formal action.
Contract Details
Contract Amount
$119,000 balance; $1,955 monthly (option one discussed) or $2,576 monthly (option two discussed)
Vendor
SUMMIT BANK
Agency
City of Carey, ID
Contract Type
EQUIPMENT
Document Date
July 21, 2025
Contract Term
Current backhoe financing through approximately May (discussion only)
Renewal Info
Existing financing arrangement may be terminated early by returning the backhoe around May instead of paying off the remaining balance; no formal modification approved yet.
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