Evergreen Fire District's bond refinancing brings taxpayer savings

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By Sandy Barnes

Taking advantage of historically low interest rates, the Evergreen Fire Protection District reaped $684, 417 in savings by refinancing nearly $6 million in bonds on Dec. 18.

Taxpayers in the fire district are benefiting from the bond refinancing through a resulting mill levy decrease from 1.66 to 1.46 mills.

The refunding of $5,855,000 of the district's 2003 bonds, which carried yields of 3.10 to 4.10 percent, were replaced with bonds with yields ranging from 0.60 to 2.15 percent. The refinancing will bring annual savings averaging $85,000 from 2013 to 2023.

“The Evergreen Fire Protection District board started this endeavor over a year ago. We are very happy with the final results,” said Evergreen Fire Chief Mike Weege. 

The fire district board approved the bond refinancing in December on advice from the Denver-based banking firm of George K. Baum and Co., which assisted with the bond sale. The Baum firm also assisted the fire district in securing a favorable Aa2 bond rating from Moody's Investor Service before entering the market.

“We are very pleased with the low interest rates," said Brendan Campbell of Pinnacle Consulting Group, who is providing accounting and financial management services to the district on a contracted basis. “The present value savings of the refinancing is about 10 percent. The district continues to make prudent financial decisions that directly benefit the taxpayers.”  


Contact Sandy Barnes at sandy@evergreenco.com or call 303-350-1042.