Town of Duck Council Regular Meeting Agenda Packet May 6 2026
Town Approves Towne Bank Financing for Ladder Truck
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Description
The Town of Duck Council approved an installment purchase agreement with Towne Bank to finance a new ladder truck for the Fire Department over a 10-year term. The loan features level annual payments, a 3.98% interest rate, first payment due one year after closing, and no pre-payment penalty.
Contract Details
Vendor
TOWNE BANK
Agency
Town of Duck, NC
Contract Type
FINANCIAL_SERVICES
Document Date
May 6, 2026
Contract Term
10 years; level annual payments; first payment due one year from closing; no pre-payment penalty
Renewal Info
Installment purchase agreement structured for a fixed 10-year term with no pre-payment penalty; no renewals or extensions referenced.
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