Purchasing new radio equipment for the 911 Communication Center is now possible after the Montgomery County Council approved financing on Tuesday.
Tri-County Bank and Trust will finance the new radio consoles with a loan of $560,000 for five years at a 4.75% interest rate. Montgomery County 911 Director Sherri Henry explained why she thought the local bank was the best deal for the county.
“Tri-County ended up being a better deal for us than using Motorola’s lease,” Henry said. “The bank’s yearly payment will be less, and it means we will end up paying less in interest than if we went with Motorola.”
The payment to the bank will be paid monthly to save interest on the loan. The monthly payments will total $123,465 annually and will come from the center’s budget. The first payment is due January 2024.
The equipment is expected to be used for the next seven to 10 years. Henry hopes to start placing funds into an account so that the next time the county needs new equipment it will be available with no need to finance the purchase. The total purchase price to be paid to Motorola is $561,770.
The council also approved $232,500 to be moved to the Communications Center Fund and $3,090 to Clerk of Courts. The council approved $50,000 to be moved to Redevelopment Commission Grants from the Riverboat Fund.
The county has received a report from the state explaining local income tax amounts collected are nearly 6% higher than estimated in last year’s budget. The result will be that the county will have more funds than previously planned. Some of the funds will be used to replace the additional appropriations approved Tuesday.
The next council meeting is scheduled at 9 a.m. April 11 at the Montgomery County Government Center.
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