The Peachtree City Council on March 17 approved a $1.95 million loan to purchase a variety of equipment for public safety, public works and infrastructure needs.
The $1.95 million loan to the city’s Public Facilities Authority from Whitney Bank comes with a 5-7 year term and carries an interest rate of 1.81 percent.
The loan will go to purchase a variety of items such as a replacement fire engine, a medic truck, asphalt spreader, dump truck, bobcat, backhoe, server and network hardware upgrades, municipal court system upgrades and broadband equipment and installation.
Finance Director Paul Salvatore said funds are available in the Debt Service Fund budget to cover the FY 2016 debt service payments on the loan.
Whitney Bank was selected through a competitive process, Salvatore said.
