WHERE DID ALL THE MONEY GO?

When we started the building project, one of the promises we made to the community was that we were going to do as much locally as possible while still delivering a new main fire station and substation at a reasonable cost.  With the new Whistler's substation finished in 2013, and new main fire station completed in 2014, Glide Fire has spent about $1,302,889 locally.  This is about 52% of the total bond levy of 2.5 million.  However this is only part of the total cost of the project.  As anybody knows who has bought a house or a car and made payments over the life of a loan, the real cost must include the interest you pay over the life of the loan.  The bond has a life of 25 years and at an interest rate of about 4% we will be paying about 1.37 million in interest.  When we were thinking about how to finance this bond, we wanted to do it in such a way as to keep the interest we were going to be paying over the next 25 years in the hands of local investors and not at some large East coast bank or in China.  Keeping this in mind the Board decided to sell as much of the bonds to local investors as possible, and contracted with the investment firm of Edward Jones to sell the bonds.  Edward Jones was chosen because of their work with small investors.  When the bonds went on sale, the Roseburg Office sold 1.170 million of the 2.5 million available or about 47%.  The rest of the bonds were all sold in Oregon with the exception of $15,000 that was sold in New Mexico.  In the end that means that 99% of the interest that Glide Fire will pay on the bonds over the next 25 years will stay in Oregon.