Early payoff for truck

Sturgis municipal officials have decided to pay off a $648,000 loan five years earlier than scheduled in order to save money on interest charges.

City Manager Mike Hughes said the early payoff means the city will save $31,700 in interest from its loan with Century Bank and Trust. The original agreement called for equal payments over a 15-year period, starting in 2002 for the purchase of its Pierce brand truck.

Hughes said controller Holly Keyser proposed the early payoff, as the city has ample resources in its motor-vehicle fund to cover the course of action.

The balance remaining on the truck was nearly $260,000.

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