Fire District to propose timeline for $14 million bond issue

Friday, April 18, 2014 | 3:16 p.m. CDT; updated 8:50 p.m. CDT, Saturday, April 19, 2014

COLUMBIA — The Boone County Fire Protection District will present a proposed timeline for the voter-approved $14 million bond issue at its next meeting in May.

Fire District Chief Scott Olsen met Wednesday with Jack Dillingham, managing director of the public finance group for Piper Jaffray, an investment management firm in Kansas City,  to discuss a timeline for selling the bonds. Dillingham has been serving as financial adviser to the Fire District.

One of the options Dillingham discussed with Olsen was selling half the bonds this year and selling half next year, Olsen said.

The Fire District board will be asked May 8 to approve a timeline for selling the bonds. If the plan is approved and the Fire District sells the first set of bonds in August, it would start receiving money in September.

The $14 million bond issue passed with 72 percent of the vote during the April 8 general municipal election. About $7.1 million will go toward new facilities and land, and about $6.9 million will be used to refurbish and replace old equipment, according to previous Missourian reporting.

The Fire District plans to immediately start buying some equipment and apparatuses, such as radios, in addition to hiring architects and contractors for the construction plans, Olsen said.

Olsen said that once the contractors set out timelines for facility projects, the district will have a better idea of when it needs money coming in.

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