$190K Saved In Fairmount Fire Protection Dist. Bond Re-Fi: Chief

GOLDEN, CO -- Refinancing a 2006 $3.3 million bond for Fairmount Fire Protection District will save the taxpayers almost $190,000 and allow the loan to be paid off four years early, said Fairmount Fire Chief Alan Fletcher Friday. The district borrowed the money 12 years ago at a 4.4 percent interest rate to construct a fire station, training center and purchase new equipment. The new re-fi through a bank loan will pay off the $1.606 million principal balance at a rate of $1.84 percent, saving $189,906, the district said in a statement.

The district borrowed the funds using municipal bond advisers George K. Baum & Co.

"The District could have continued to pay off the interest at 4.4% but being fiscally responsible, refinanced through a bank loan and was able to lower the rate," Fletcher said in an email. "The result is that less taxes are collected from the tax payer and the bond is paid off 4 years earlier. Somewhat of a cliché, but I think a win, win."

The Fairmount district, serves 35,000 Jefferson County residents in a district carved out between the cities of Golden, Arvada and Wheat Ridge. The district is about half residential and half commercial businesses, according to the district website. the district employs 24 full-time and more than 50 volunteer firefighters. The district has three fire stations, two in Golden and one in Wheat Ridge.

See the Fairmount Fire Protection District's fall training at the Fairmount Burn Tower here:

Image via YouTube.