Specifications include, but are not limited to: The City will request a single disbursement for payment approximately 90 days in advance of delivery of said vehicle. Upon completion of the build and delivery of the truck to the City, the title of the fire truck will serve as the final collateral. 1. The truck will be a 2023 Pierce Ascendant 107ft ladder truck. 2. The financing will be structured as an Amendment 78 loan, pursuant to Amendment 78, Article 16 of the Arkansas State Constitution. 3. The note will be designated as a “qualified tax‐exempt” obligation within the meaning of the Internal Revenue Code of 1986, as amended. 4. Any legal opinion will be provided by the City’s in‐house legal counsel. There should be no out‐ of‐pocket costs for outside legal counsel or any other closing costs. 5. The rate will be fixed for the term of the note. 6. Repayments of principal and interest will be made semi‐annually beginning six months from the initial receipt of funding. 7. The loan term will be five years with no penalty for early pay‐off.
