Grand Fire District partially refinances bond issue
On August 28, 2012, Grand Fire Protection District No. 1 took advantage of historically low interest rates and refunded $5,260,000 of its 2004 bond issue.The refinancing will save taxpayers $485,695 over the remaining life of the bonds, according to a press release from the fire protection district.The 2004 bonds carried yields of 1.8 percent to 4.7 percent and were replaced with bonds with yields ranging from .35 percent to 2.37 percent.This move will provide a savings from 2012 to 2025 of an average of $35,000.”We are very pleased to pass this savings on to our taxpayers with lower property taxes,” said Jeff Crane, chairmen of the Grand Fire Protection District Board of directors.The Denver-based investment banking firm George K. Baum & Company offered praise to the district and administrative staff for their strong financial management in obtaining a favorable credit rating from Fitch Ratings.”With the district’s strong demographic base and a healthy general fund balance, the district was able to secure an investment grade rating of ‘AA-,’ this greatly improved our ability to market the bonds and secure interest rates that would provide the district with the most savings possible,” said Bruce O’Donnell, vice president at George K. Baum, who worked with Grand Fire on the bond refunding project.
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