The West County EMS and Fire Protection District will save nearly $400,000 in interest costs in its refinancing of bonds originally issued nine years ago. The savings will come from a lower interest rate and a shortening the payback period from 2029 to 2024.
Proposals for the refinancing were received in October and closing of the transaction will take place this month. Low bidder was Commerce Bank with an interest rate of 2.43 percent.
The bonds originally were issued in 2009 to pay for various capital improvements.
In other recent developments, the district also has received four proposals for a post-retirement health reimbursement plan and has referred them to an internal committee for review and a recommendation.
Costs associated with whatever plan may be recommended and approved by the district’s board of directors will be paid by taxpayers in West County’s service area through the pension plan levy on real and personal property.
The district also has received bids from two vendors for the replacement of personal protective equipment for firefighter/paramedics. Those proposals also have gone to an internal committee for review and a recommendation to the district board.
In addition, the district board has approved a renewal of employee medical insurance with Anthem, whose proposal was continue its coverage with no increase in premium cost.