The Barrington Countryside Fire Protection District retired more than $1 million in long-term bond obligations this past summer, saving roughly $661,000 in interest payments due over the next 20 years.
Those savings could help the board of trustees fund ongoing operating expenses, and make upgrades to equipment and facilities without raising taxes on residents, officials said. The retired bonds date back to 2002, after residents approved a referendum allowing the board of trustees to raise funds for a third fire station.
The board originally issued $1.3 million in bonds to fund the purchase of Station 3 in Lake Barrington to improve response times to the district's northern sections. Principal payments and interest were due on an annual basis through October 2032. But by paying off the outstanding bonds this summer, officials estimate taxpayers will save approximately $500,000, based on current investment rates.