In 2018, voters approved an $80 million capital facilities bond. The bond funds the replacement of all front-line fire engines, our ladder truck, and the construction of five fire stations. Bond funds cannot be used for other purposes, such as hiring firefighters.
All emergency vehicles are now purchased and placed into service, and by the time this newsletter arrives in your home, construction of our second new fire station will have begun in Bonney Lake. While the construction process has been slow, I am pleased to see projects underway in both Bonney Lake and Edgewood, and we expect to have two more stations under construction later this year.
Now that fire station construction is kicking in high gear; the district sold the second half of the bonds. The district had committed to voters that the property tax impact of the bond issue would not exceed 25¢ per $1,000 of assessed value. I am pleased to report that by capturing low-interest rates, we were able to shorten the repayment term and reduce the tax impact to an estimated 21¢ per $1,000 of assessed value, ultimately saving our residents over $14 million in interest payments.
On behalf of East Pierce Fire & Rescue, thank you for your ongoing support and for allowing us to serve you!