Grand Lake Fire improves terms of district bond
The Grand Lake Fire Protection District board, with the help of George K. Baum & Company of Denver, has refinanced its 2000 and 2001 Series bonds to take advantage of low interest rates. The refunding was structured in such a way that there were no out-of-pocket expenses to district’s taxpayers, according to district officials. The net savings during the remaining life of the bonds may save taxpayers about $300,000, according to Grand Lake Fire Chief Mike Long. The original amount of the Series 2000/2001 bonds was $5.5 million and the new amount after refunding is $3.46 million.”We were approached some time ago by the investment banker to consider refunding our bond indebtedness to take advantage of current financial markets, but until recently, didn’t feel the timing would be ideal. Our decision point was met this spring and we jumped on it,” Long said The 2000, 2001 series bonds were initially voted in by Fire District voters in order to acquire and update apparatus and equipment and build the fire house. By rewriting the bonds the District did not incur any additional debt, nor extend the period for which interest payments are made.”It was a clear win-win scenario for the district,” Long said. “Those are the easy decisions to make.”
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