At this week’s Morris City Council meeting, the Council accepted the bid from Bremer Bank at 3.35 percent interest to provide a loan to purchase a new fire truck. The total cost for the truck, with principal and interest, will come to $603,000. Nick Ehlers, whose financial management company helps the city decide such matters, told the Council that the difference in interest payments between the lowest and the highest bidder on this project amounted to $29,000.
Three local banks bid for the loan, which will be paid off in 10 years with annual payments of $60,300. The truck is expected to be delivered in March.