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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br /> <br />Note 3: Detailed Notes on All Funds (Continued) <br />Financed Purchase Agreement <br />In 2024, the City entered into a financed purchase agreement to acquire a Fire Medical Utility Vehicle for emergency <br />response services. The total acquisition cost of the vehicle was $225,259, which will be repaid over a period of five years. <br />Under the terms of the agreement, the City will make varying payments of approximately $25,100 which includes principal <br />and interest, with a variable effective interest rate of 4.31%. The title of the vehicle will transfer to the City upon final <br />payments. Funds are currently held in escrow. <br /> <br /> Annual debt service requirements to maturity for the financed purchase agreements is as follows: <br /> <br />70 97