District to Issue Up to $8.75M in Bonds for New Fire Station

Article Summary:

The Manhattan Fire Protection District board approved an ordinance to issue up to $8.75 million in general obligation bonds to fund its new fire station. Officials said the bonds will not directly impact taxpayers and will be repaid using other district revenue sources, a method that provides a lower interest rate than a traditional bank loan.

Fire Station Financing Key Points:

• The board authorized issuing up to $8.75 million in General Obligation Bonds (Alternate Revenue Source) via Ordinance 2025-02.

• A public hearing on the bond issuance is scheduled for the board’s August 18 meeting.

• Officials stated the bonds will be repaid with existing revenue sources, not a new direct tax on residents.

MANHATTAN – The Manhattan Fire Protection District will finance its new fire station by issuing up to $8.75 million in bonds, a move officials say will secure favorable interest rates without directly levying new taxes on residents.

The Board of Trustees unanimously approved Ordinance 2025-02 during a special meeting on July 11, authorizing the issuance of General Obligation Bonds from an alternate revenue source.

Anthony Miceli of Speer Financial, Inc., the district’s financial advisor, explained that this type of financing allows the district to pay for the building and associated bond costs using existing revenues. Attorney John Motylinski noted this was the most sensible option, as it avoids the higher interest rates of bank loans or Fire Protection Notes.

The plan has been incorporated into the district’s 10-year budget forecast, with an estimated annual payment of $580,000. Chief Steve Malone noted that the district’s final $136,000 engine loan payment will be made in 2026, freeing up those funds for the new budget.

A public hearing on the bond issuance will be held during the August 18 board meeting, with final approval expected at the September 15 meeting.