A Slidell area fire department plans to borrow up to $3 million to buy equipment and build a new firehouse.
The Times-Picayune reports the 1st Fire Protection District has been granted approval by the St. Tammany Parish Council to issue 10-year "certificates of indebtedness," similar to a bond issue.
The district's Board of Commissioners has voted to borrow the money from Whitney Bank, which submitted a low bid of 2.14 percent interest, board Chairman Dan Crowley says.
The department will repay the debt using its existing revenue stream from a 29.7-mill property tax and a $39 parcel fee, Crowley says.
But it may need to eventually raise its millage to help pay off the debt, he says.
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