Stanly takes out $2 million loan for 911 equipment
Published 2:47 pm Saturday, October 7, 2023
The Stanly County Board of Commissioners unanimously approved a $2 million loan with which the county will update its 911 emergency systems.
With a 6-0 vote (Commissioner Patty Crump was excused from the meeting), the board approved a loan bid from First Bank to replace the county’s computer-aided dispatch (CAD) system.
County Finance Director Toby Hinson presented the item to the board.
Last year, the board approved the new CAD system, which has been purchased and is being implemented. Having county staff seek financing for the purchase and implementation, Hinson said, was approved by the Board in 2022 for $2.5 million. Because Stanly’s 911 staff secured a grant for a portion of the expected costs, the amount of the loan was decreased to $2 million.
The loan from First Bank will be for 12 years with monthly payments of $17,495 for a total annual payment $209,940 per year.
Hinson said the county will need approval from the state’s Local Government Commission to secure the loan, adding “they spoke favorably about this rate…they said it’s been quite a while since they’ve seen a rate like this.”
No one spoke during a public hearing regarding the financing.