Tualatin Valley Fire & Rescue District - Measure 34-308
Authorizes General Obligation Bonds For Emergency Service Investments
Question: Shall TVF&R issue general obligation bonds to fund fire station improvements, replacement vehicles, training center upgrades, and land?
If the bonds are approved, they will be payable from taxes on property or property ownership that are not subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution.
Summary: This measure authorizes Tualatin Valley Fire & Rescue (TVF&R) to issue up to $122 million in bonds to finance capital costs, including:
- Replacement of response vehicles reaching the end of their useable life.
- Fire station improvements.
- Rebuilding the King City fire station.
- Relocating the Aloha fire station.
- Safety upgrades for TVF&R’s training center where responders are trained in fire suppression, emergency medical care, technical rescue, hazardous material response, and other emergency skills.
- Land for future construction of fire stations in growth areas.
- Site improvements, equipment, and bond issuance costs.
Bonds would mature over not more than 15 years and may be issued in series. Due to declining debt service on existing bonds, the measure will not increase TVF&R’s bond tax rate above the current rate of $0.1415 per $1,000 AV unless assessed property values decline. For property assessed at $300,000, about the average in TVF&R’s service area, the bond cost is estimated to be $42.45 per year or $3.54 per month. Actual rates may vary based on interest rates and changes in assessed value.
Tualatin Valley Fire & Rescue (TVF&R) provides fire suppression, emergency medical care, technical rescue, water rescue, hazardous material response, and fire prevention services to the cities of Beaverton, Durham, King City, Newberg, North Plains, Rivergrove, Sherwood, Tigard, Tualatin, West Linn and Wilsonville, as well as unincorporated portions of Washington, Clackamas, Yamhill and Multnomah counties.
What does this measure call for?
Voters are being asked whether TVF&R should issue $122 million in general obligation bonds to:
- Replace response vehicles as they reach the end of their useable life, including fire engines, trucks, and medical vehicles used throughout the District.
- Fund fire station improvements including seismic upgrades, security features, expansions, or living quarter modifications at 10 of 29 stations to ensure firefighters and paramedics remain prepared to respond to fires, medical emergencies, rescues, and disasters.
- Rebuild the King City fire station at the existing location. (A new station is more cost effective than retrofitting the existing structure.)
- Relocate the Aloha station to a more central location to improve local and regional response.
- Fund safety upgrades for TVF&R’s training center where responders practice fire suppression, emergency medical care, technical rescue, hazardous material response, and other emergency skills.
- Purchase land for future fire stations in areas where growth is expected to occur.
Will property tax rates increase if this measure is approved?
Because the tax rate on existing bonds is scheduled to decline, TVF&R’s total tax rate is not expected to increase.
How much will the bonds cost?
The total principal amount of bonds authorized by this measure cannot exceed $122 million. For property assessed at $300,000, about the average in TVF&R’s service area, the estimated cost of the bonds would continue to be about $42.45 per year or $3.54 per month. Actual costs may vary. Assessed value is currently between 36-38% lower than market value.
When would bonds be issued?
TVF&R expects to issue bonds in multiple series to fund identified projects. Bonds would be repaid over a maximum of 15 years from their issue date.
What is the current total tax rate for TVF&R?
The total tax rate for TVF&R is $2.1167 per $1000 assessed valuation, which includes:
$1.5252 Permanent Rate
$0.45 Local Option Levy
$0.1415 General Obligation Bond
Tim Collier, Chief Financial Officer
Tualatin Valley Fire & Rescue