Town works to get a lower interest rate on fire truck loan

The Town of Belgium approved a loan on Monday to borrow nearly $500,000 to pay its share of a new fire truck for a lower interest rate than it was initially quoted.

Port Washington State Bank’s first quote of 5% was deemed too high. 

“All three of us said, ‘Hey, couldn’t they do better?’” Town Chairman Tom Winker said of himself and Supervisors Tom Bichler and Bill Janeshek, although the rate wasn’t discussed at a public meeting.

“I sat down and got 4.75%,” Winker said.

“I was so proud of this board. There’s very few entities that would do that in the state. Most of them would just pass the buck and say well, it’s taxpayer money. No, it’s all of our money.”

The loan is for $448,000 for three years. There is no penalty if the town pays off the loan early.

The town could have paid for the truck in one year, causing a significant increase in the tax levy before lowering it the following year, but Winker and the board agreed that was too much of a burden on taxpayers, especially those living on fixed incomes.

The first payment is due in May 2026.

The town is paying for its share of a new pumper up front to receive the maximum discount on the price.

“We’re saving thousands of dollars,” Town Clerk Anne Nord said.

The Village of Belgium also agreed to pay its share  — $404,000 — up front.

That reduced the price of the truck by about $90,000 to around $860,000.

The town and village’s shares are based on 2024 property values.

The Belgium Fire Department, an independent organization supported by the two municipalities, is replacing its 30-year old pumper truck that is nearing the end of its life cycle and is costly to repair.

Fire Chief Pat Wester said the truck is being built by Pierce Manufacturing in Appleton and will be serviced by Reliant Fire Apparatus in Slinger. The truck is expected to be built and delivered in 33 to 36 months.