Borrowing for Larkspur Fire Vehicles, Training Grounds and Leases

The Larkspur Fire Protection District seeks authority in Issue 6B to borrow $4.5 million for capital improvements and to raise district taxes by up to $427,333 a year to repay it. The district can issue general obligation bonds or any other multiple-year financial obligation and sell them above or below the principal amount. The district sets the terms and maturities the law permits and may redeem bonds early with a premium of no more than three percent. The question states no repayment term. The district's February comparison chart estimated a 15-year payoff "at a reasonable rate," with bond payback of 1.72 mills until paid off.

The question lists five uses: fire and emergency medical services equipment or apparatus to replace aging and outdated response vehicles; design, acquisition and infrastructure improvements for a future station in the southeastern area of the district's response jurisdiction; training grounds infrastructure; simulators and equipment to train firefighters at multiple certification levels; and prepaying existing lease obligations. On its election page, listing what residents get in return under the two questions together, the district names preliminary steps toward a future staffed station. The same list names a concrete pad and fire hydrants on department land next to Station 161, to serve as a training area for driver/operators today and the foundation for a more robust training facility in the future.

The district's strategic plan for 2026 to 2030 says it uses five-year or ten-year lease (installment purchase) options instead of outright purchase for replacement equipment, depending on the class of vehicle and attractive financing rates, for predictable annual costs and to preserve reserves. The plan says many lease-to-purchase agreements continue beyond 2030. The plan projects that, on its equipment schedule, the district's capital reserve runs out during 2027.

The district's 2026 budget says it fully repaid its 2011 bond in 2025, ahead of a final payment scheduled for 2026. Its debt service levy was 1.160 mills in 2025, raising $277,854, and is zero in the 2026 budget.

Ballot Issue 6A, on the same ballot, raises the district's property tax rate by 3.97 mills for operations and lets the district collect, keep and spend all its revenues notwithstanding any revenue limits provided by law. Each question carries a separate tax increase. Issue 6A's purposes include maintaining the fleet, facilities and equipment; 6B borrows to replace response vehicles and pays for design, acquisition and infrastructure for a future station, for training grounds and for lease prepayments. Issue 6B also lets the district collect, keep and spend the debt taxes and the investment earnings on the bond proceeds and tax revenue as a voter-approved revenue change under the Taxpayer's Bill of Rights, Article X, Section 20 of the Colorado Constitution, "OR ANY OTHER LAW." The district's comparison chart prices the two questions together.