The Marshall County Commissioners approved paperwork Monday that will begin the financing process for the new chipper box and distributor truck at the Marshall County Highway Department.
Highway Superintendent Jason Peters presented the commissioners with a credit application to finance the equipment with Republic First National. The credit app was approved.
The financing is for $541,300 with five payments of $119,718.34.
Peters suggested making the first payment this year, even though it’s not due until 2020. The money is in this year’s budget, plus the county can add the $60,000 received from Starke County through the sale of the old chipper box and distributor truck. With the first payment being higher, the financing will be reworked and paperwork resubmitted for approval. The next four payments should be a little less, according to Peters.
The commissioners approved the $60,000 to be included in the first payment to be sent this year. They also approved a motion to have Commission President Kevin Overmyer sign the necessary paperwork.
The funds will come from the Cumulative Capital Development Fund.
