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Firestone's Water Action Plan is Working - 6/15/2023
Firestone's Water Action Plan is Working During the Board of Trustees meeting on Wednesday, June 14, 2023, the Board of Trustees authorized the Town Manager to provide a 30-day notice to Vectra Bank (Zions Bancorporation) that the Town of Firestone intends to retire, in its entirety, the $20 million 2022 Town of Firestone Water Enterprise Revenue Bonds that were issued in December of 2022. In less than seven months, the Town of Firestone will pay o a $20 million bond with no penalty and save the Town over $4 million in interest expense. This is the latest example of how the implementation of the 2020-2050 Town of Firestone Water Action Plan is working. With guidance and direction from the Board of Trustees, the strategic e orts of Town sta have allowed the Town to uniquely position itself and have the ability to address water needs for both current and future residents and businesses that will benefit the community for generations to come. "This is an important step in implementing the 2020 Water Action Plan. The Plan has been the catalyst for significant investments in critical water storage, treatment, and distribution capacity," said Town Manager A.J. Krieger. "It's helping us diversify our raw water portfolio and setting the stage for high-quality residential and commercial growth in Firestone." In 2022, the Town acquired both raw water and reservoir storage capacity. Building on the foundation of the Water Action Plan, the Town saw the benefit and knew that the acquisition would be a significant boost toward achieving the Plan's objectives. In December, the Town issued $20 million in water enterprise debt to facilitate the purchase. As part of that issuance, the Town negotiated favorable terms that allowed it to retire the debt early, in its entirety and at any time, without any penalty. By giving the direction to retire the debt early, the Board of Trustees is following through on its commitment to be good financial stewards. "Implementation of the Water Action Plan is truly a team e ort and is representative of the Board of Trustees and Town sta working in partnership to advance the Town's goals. By being equal parts strategic, opportunistic, and creative, we were able to purchase these critical assets and do it responsibly," said Town Manager A.J. Krieger. "The Board of Trustees deserves a lot of credit for believing in Firestone and sticking with the Plan. I believe their vision of a better Firestone will lead to a period of unmatched prosperity". The Town will continue to be forward-thinking and strategic in implementing the Water Action Plan and will always work to deliver the best value for Firestone residents and businesses. Share on Facebook Share on Twitter Share via Email Copyright © 2023 Town of Firestone. All Rights Reserved. 9950 Park Ave., Firestone, CO 80504 Powered by