The Warrenton Fire District will ask voters this April to approve a $10 million bond issue, the district announced in a press release on Tuesday, Jan. 24.
The bonds would be used to pay for …
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The Warrenton Fire District will ask voters this April to approve a $10 million bond issue, the district announced in a press release on Tuesday, Jan. 24.
The bonds would be used to pay for firefighting vehicles, equipment, and facility renovations, according to the district. Voters within the fire district will decide whether to grant the funding during April 4 elections for local governments, school districts, and emergency districts.
Bonds are a type of debt that a public entity promises to repay using tax funding or other revenue. Bond issues have to be approved by voters because they authorize the district to raise property taxes in order to make debt payments.
If approved, this bond issue would be paid off over a 20 year period, the district said.
It’s a little tough to predict how much the bond would increase property taxes, said Fire Chief Anthony Hayeslip, but the maximum estimate is 26 cents per $100 assessed value. The actual amount is likely to be less than that, Hayeslip added, because it depends on interest rates and how much money the fire district borrows at any given time.
A 26-cent property tax increase would raise the annual tax on a $200,000 home by about $99. This tax would sunset at the end of 20 years.
According to information provided by the fire district, about 11 percent of the district’s operating funds are going toward current debts. This bond issue would consolidate that debt, free up operating funds, and provide the district with the funding it needs for long-overdue replacement of vehicles and firefighting equipment, along with repairs and improvements to facilities, district officials said.
“Without the funding to make these much-needed expenditures, the district will rapidly be unable to keep up with future service demand,” the Warrenton Fire District Board of Directors said in the press release. “The district has asked several times for additional funding in the past through tax increases or sales tax, with the last approved tax rate increase being in 2001. The district’s analysis shows that the bond amount requested would pay for the needed equipment, upgrades, and repairs.”
A single fire engine can cost as much as $1 million and take as long as 24-36 months from order to delivery, the district said. Because of that, the district said it has kept its primary vehicles in service for longer than expected, but that this leads to increased maintenance costs and decreased reliability of the vehicles.
