CKFR received an AA+ rating from Standard and Poor’s, a leading bond credit rating provider. The rating was provided as part of CKFR’s recent bond issuance to raise funds approved by voters in November to build or renovate its fire stations.
This is the second highest credit rating possible and is on par with S&P’s rating of the United States. Ratings are based on CKFR’s internal controls, management structure, governance, financial reserves, audit history, and other factors.
The stronger the financial practices of an agency, the higher the rating and lower the interest rate. As a result, the Fire District qualifies for an interest rate on the bonds of 1.385 percent.
The Fire District intends two bond issuances to reduce impacts to taxpayers. This first issuance was for $30 million, and CKFR is required to spend down 85 percent of those proceeds in three years. The second issuance will be for $28.3 million.
In November, Central Kitsap voters approved a $58.3 million bond to improve its fire stations for the health and safety of the community and its firefighters. The projected cost is approximately $96 for the owner of a $300,000 home. The 20-year bond will fund the community’s emergency facility needs for the next 60 years and passed with almost 73 percent approval.