According to a report from The State-Journal Register, a proposed ordinance set to be approved by the Springfield, Illinois, City Council on Tuesday would take out multiple loans from JP Morgan Chase Bank totaling $5.5 million to purchase vehicles for several city agencies, which will include a truck for the Springfield Fire Department (SFD), among other items.
SFD Deputy Division Chief Mike Abbott said that, if approved, the order will take more than a year to build because of international metal and chip shortages.
The order also includes 11 Zoll X Series defibrillators, which will give the SFD a total of 20 at its disposal. The SFD is currently phasing out its Phillips MRx defibrillators that were purchased in 2005 and which are no longer supported by the manufacturer.
The new defibrillators cost $34,000 each and feature improved detection systems for carbon dioxide and carbon monoxide, among other improvements. Abbott said the department must be trained on just one type of defibrillator, which prompted the need for a full set of Zolls.
Springfield budget director Bill McCarty said the city regularly takes out a loan every two to four years to purchase vehicles in bulk, which is being aided by current low interest rates.
One five-year-loan will total $1.85 million and is expected to produce annual principal interest payments of $383,087. The other is a $3.665 million seven-year-loan with projected principal and interest payments of $548,359, according to the proposed ordinance. Payments on both will begin June 2022.