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Windsor Severance Fire Rescue plans to pay off its 2008 bond about a year early, amounting to about $80,000 in savings.
The Windsor Severance Fire Rescue Board of Directors approved a plan to make its 2023 bond payment this year. It will continue to make the rest of the payments through 2022. The plan reduces the interest paid.
“We learned there was not an early payoff fee,” public information officer Todd Vess told the Coloradoan.
The $3.8 million bond was passed in 2008 and was due to be paid in full in 2023. It helped fund Windsor Station 3 and rescue equipment.
The early payment will be funded by money already collected specifically for debt service. The move will “essentially lower all taxpayers’ aggregate mill rate across the WSFR coverage area in Larimer and Weld county annually through 2022 when the bond is paid in full,” Vess said.
“While the impact to each taxpayer’s share may not be significant, the ability to realize aggregate savings to our taxpayers aligns with our commitment shared with the community during the 2019 mill rate increase election,” Vess said.
In November, voters approved three incremental mill levy increases to fund growth needs in the district. Vess said the department plans to add additional staff and two additional fire stations.
Read or Share this story: https://www.coloradoan.com/story/news/2019/12/02/windsor-severance-fire-rescue-pay-2008-bond-early/4301931002/