MADISON COUNTY, AL (WAFF) -
The Moores Mill Volunteer Fire Department will refinance a loan in a move that is aimed to save Madison County taxpayers money.
On Wednesday, the Madison County Commission approved the department's request, which expands the volunteer department's fire services. The move could also reduce some homeowners insurance rates.
Fire chief Bobby Phillips said the community's fire insurance rates are assessed every five years. The next calculation comes up in roughly 24 months.
When the Madison County Commission approved the department's requests, it opened the door for the expansion.
Phillips said they're in a race against the clock to open two new fire halls before the next evaluation. If they don't get the work done in time, then they'll have to wait another five years for a new rate adjustment.
"Once we get these two stations built, it could be several hundred dollars a year savings for our community residents," said Chief Phillips.
Phillips said the loan refinancing is for fire equipment already in use. According to Phillips, the interest rate on the loan used to purchase that equipment will
drop from around six-percent to less than three-percent.
He believes it will save taxpayers thousands of dollars.
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