The City of Knox will pay for a new International 4300 dump truck for the street department over a three-year period rather than completing the purchase in a single budget year. Mayor Rick Chambers says the chassis carries a price tag of nearly $64,000 plus $55,000 for the box. He told the council they can use the $30,000 remaining in the current year’s budget as a down payment on the vehicle and finance it for three years at a rate of 3.11 percent.
Chambers notes the city has a purchasing policy on the books. In keeping with that he will obtain three sealed quotes between now and the next council meeting and will also check with local banks to see if a lower interest rate is available. Chambers adds the truck is the only major equipment purchase the city needs to make in the next few years. He says tax caps implemented at the state level have significantly crimped the city’s budget.