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Commission authorizes next steps to finance Fort Ellis fire station through RID bonds
Summary
Bond counsel and underwriter briefed commissioners on an authorizing resolution for Rural Improvement District No. 2628 to refinance Fort Ellis Fire Station debt; commissioners approved the resolution to begin marketing and pricing, with a final bond resolution to follow after bids.
Bond counsel Nathan Bilyeu and DA Davidson underwriter Bridget Eckstrom asked the Gallatin County Commission on Tuesday to authorize the next steps for bond financing tied to Rural Improvement District No. 2628, which covers the Fort Ellis Fire Station project.
"There are 1,631 parcels in this RID. Of those, 5 of them submitted a protest," bond counsel Nathan Bilyeu said, explaining the district’s assessment methodology and that the authorizing resolution would allow county officers to work with DA Davidson on pricing and sale arrangements. He said the resolution does not finalize pricing; the county will pass a final bond resolution after bids are received and terms are negotiated.
Eckstrom told the commission the county expects to solicit responses from local and statewide banks and aims to return with a final bond resolution around the commission’s Aug. 5 meeting so any methodology changes would be in place for next year’s tax rolls.
The presenters said the RID structure allows the county to levy parcel-value-based assessments so property assessments can be allocated pro rata rather than by the fire service area's prior method. Commissioners raised no public protests at the meeting and voted to approve the authorizing resolution, carrying the motion 2–0.
Next steps are outreach and pricing with DA Davidson, then a final resolution that will pledge revenues and set covenants once financing terms are known.
