Arvest Bank Selected For $3M Police Facility Loan

Jonesboro plans to issue a $3,000,000 general revenue promissory note to Arvest Bank at a fixed 4.83% interest rate over 60 months to finance the purchase and improvements of the new police facility at 1709 East Highland Drive. The loan will have no fees or prepayment penalties and will be repaid from general revenues.

Scope & details

The full contract record, as filed.

Contract amount

$3,000,000 principal; interest at 4.83% over 60 months

Contract type

FINANCIAL_SERVICES

Contract term

60 months, amortized with monthly principal and interest payments

Renewal date

2031-08-01

Renewal

Single 60‑month amortizing note under Amendment 78; no renewal or extension options are described and there are no prepayment penalties.

Document type

AgendaPacket

Source document

City of Jonesboro AgendaPacket Finance & Administration Council Committee 2026-08-11

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Jonesboro?

Arvest Bank was awarded this financial services contract by City of Jonesboro, as recorded on August 11, 2026. The contract value is $3,000,000 principal; interest at 4.83% over 60 months.

How much is the Arvest Bank contract with City of Jonesboro worth?

The Arvest Bank contract with City of Jonesboro is valued at $3,000,000 principal; interest at 4.83% over 60 months, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Jonesboro AgendaPacket Finance & Administration Council Committee 2026-08-11 (AgendaPacket), dated August 11, 2026 from City of Jonesboro. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Arvest Bank hold?

Arvest Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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