Need Fire Equipment? Here is a Way to Find the Money!
Your township may be allowed to raise extra tax money to pay for firefighting apparatus and equipment. That includes fire buildings.
Even though township property taxes are limited by state law, the limit does not always apply to money raised for debt payments.
Debt can be used to buy firefighting apparatus and equipment, and an additional tax can be levied to make the payments.
Issuing bonds is expensive, but there is a cheaper way to finance firefighting apparatus and equipment. A special rule allows a township to obtain a relatively simple, cheap, loan or lease through a bank. The term must be six years or less.
There are still a few legal hoops to jump through, including board approval, and the township attorney must be consulted.
If you need the details, contact Debbie Driskell at ITA.