By Hallie McCurdy, Assistant Fire Marshal, Lakewood Fire District 2
Lakewood Fire Department (Pierce County Fire District No. 2) recently refinanced the 2005 Unlimited Tax General Obligation Bonds, in order to take advantge of interest rates that are near an historic market low. The refinance allows the bond payment to be reduced by almost $850,000 over the remaining life of the bonds; approximately $77,070 in each of the next eleven years.
As part of the process for preparing the bond sale, the District pursued an “underlying bond rating grade” from the national rating agency of Standard & Poor’s and received an “A+”. According to Fire Chief Ken Sharp, “Two of the primary reasons we received the bond rating grade of “A+” was because of the District’s strong financial position and we were recognized for the efficient manner in the way the District finances are managed.”
Lakewood Fire Department Board Chairman Waylin McCurley added, “The refinance allows the bond payment to be reduced by almost $850,000, providing a direct savings to our taxpayers during a trying economic time.”
The Unlimited Tax General Obligation Refunding Bonds will be underwritten by Martin Nelson & Company, a Washington investment banking firm, based in Seattle.