Originally posted on the Nisqually Valley News website.
The Southeast Thurston Fire Authority needs to purchase a new ambulance, and has sought help from the state treasurer’s Local Option Capital Asset Lending (LOCAL) Program to find financing options for the purchase.
The LOCAL Program helps districts across the state find financing for a variety of projects. Currently, eight municipalities across Washington, two state agencies, and three colleges are set to use the program to finance new equipment, emergency vehicles and building upgrades in partnership with the Office of the State Treasurer, according to a news release.
Southeast Thurston Fire Chief Mark King said the ambulance purchase would not have been possible without the partnership.
“If it wasn’t for the LOCAL Program, more than likely we’d have to delay this purchase for possibly as long as two years,” King said. “We tend to run our service vehicles up to the 200,000-plus mile range. The ambulance that we’re replacing is over 18 years old and has more than 200,000 miles on it, so this purchase will go a long way to helping us reliably cover the communities we serve.”
This is the first time the fire authority has enrolled in the LOCAL Program. Southeast Thurston Fire Authority provides first response fire and emergency services, as well as hospital transport, to areas covering 129 square miles, which includes the cities of Yelm and Rainier.
LOCAL Program partners gain access to low financing rates, see a reduction of future interest costs and allow more taxpayer dollars to be kept in local communities, the release stated.
The program is supported by the sale of what are called “certificates of participation,” which occurs three times a year.
“My office is always looking to take advantage of our strong credit and low-interest rate environment to create savings for the people of Washington, especially locally, so communities can save their tax dollars for other local needs,” said State Treasurer Mike Pellicciotti. “As always, we are grateful to partner with community leaders in every corner of Washington to help finance important construction projects and equipment upgrades that keep all of Washington moving forward.”
Three colleges have also partnered with the treasurer’s lending program. They are earmarked for the LOCAL Program through the State Lease Purchase Program, a financing option that is geared toward community and technical colleges, universities and state agencies.
Grays Harbor College (GHC) will soon secure $3.2 million through the program to help finance the construction of the institution’s new student services and instructional building, which will house the offices of student services, among other programs.
GHC President Ed Brewster said he’s looking ahead at what the building will mean for students.
“This is a long-time plan coming to realization,” said Brewster. “Grays Harbor will be able to provide better access to essential services and connect students with the type of resources that lead to successful educational outcomes in addition to providing more space for developing programs.”