FARMINGTON – Residents approved the purchase of a new fire truck by a wide margin at Tuesday’s referendum, replacing an older piece of equipment that has corrosion and electrical issues.
By a vote of 564 to 103, with 4 blank ballots, Farmington voters approved the purchase of the truck, estimated to cost approximately $806,000, per a quote from Pierce Manufacturing. The town will take out a $500,000 bond for the engine, augmenting $300,000 from the department’s reserve account. Over the 10-year life of the proposed bond, the town will pay the principal plus roughly $82,000 in interest.
The truck will replace Engine 1, a 2002 pumper truck that was previously deemed irreparable due to corrosion and persistent electrical issues.
Fire department officials previously said they believed it would take nearly a year for the new truck to arrive.
The Board of Selectmen previously approved up to $50,000 out of the department’s reserve account to repair Engine 2, a 1995 piece of equipment that required immediate repairs to pass inspection. Those upgrades were designed to extend the life of the truck roughly 5 years.
Is 10 % the best interest rate the town could get ?
Thought for sure they had more purchasing power than that deal….Oh well…after all it is just money…