OLYMPIA – Nearly $37 million in financing was made available for projects across Washington with the help of the Office of the State Treasurer (OST) this week. Thanks to the sale of a series of Certificates of Participation (COPs), local fire protection districts, state agencies and one public college will be able to purchase fleet vehicles, fire and medical emergency response vehicles, and other critical purchases at favorable interest rates.
“Access to comparably low-interest financing can help local governments of every kind manage budgets and provide the critical services their communities need,” said Washington State Treasurer Mike Pellicciotti. “This type of government-to-government partnership is a great example of the efficient and effective governing that helps to keep costs low and working well for taxpayers.”
Three times a year OST pools financing requests from state agencies and local governments into a publicly sold security, which are sold as COPs. This allows state agencies, as well as local partners in OST’s Local Option Capital Asset Lending Program (LOCAL Program) to acquire equipment and real estate under the umbrella of the state’s credit. This process leverages Washington’s strong ratings to help local governments secure financing at the lowest possible interest rates – ultimately reducing costs and saving taxpayer dollars.
Participants in this week’s COPs sale included Renton Technical College, the Department of Enterprise Services (purchasing equipment on behalf of several state agencies), and four local governments across the state. In total, more than $2.2 million was made available for the purchase of emergency vehicles.
Southeast Thurston Fire Authority, which serves a population of 35,000 in the cities of Yelm, Rainier, and the surrounding unincorporated areas, partnered with OST in this week’s sale as a LOCAL Program Participant to finance $900,000 for the purchase of a new Rosenbauer Commander EXT Pumper fire truck.
“We provide critical fire and emergency medical services to thousands of Thurston County residents, and do so working within a budget, which is why we partnered with the Treasurer’s Office to finance the vehicle at lower interest rates than what would be available otherwise,” said Southeast Thurston Fire Authority Fire Chief Mark King. “This is a significant purchase, and the new pumper will be a major upgrade in supporting our fire response measures for many years ahead.”
The district previously participated in the LOCAL Program to finance the purchase of an ambulance in 2022. This will be the second time partnering with OST to obtain low-cost financing.
In addition to Southeast Thurston Fire Authority, this week’s sale of COPs also financed emergency vehicle purchases for two other fire protection districts. Pend Oreille County Fire Protection District 2 and Ferry/Okanogan Fire Protection District 14 each financed a new ambulance, while the City of Sunnyside in Yakima County financed a new custom pumper truck.
In Fiscal Year 2023, OST’s COP program helped local municipalities and state agencies finance $56,515,000 in property and equipment at the lowest possible cost.