King County Fire District No. 2 (serving the cities of Burien and Normandy Park) is in the process of issuing $25 million of voter approved bonds to purchase property, renovate or replace fire stations, equip fire stations and purchase fire fighting and life saving equipment.

As part of the process for preparing the Bonds, the District decided to pursue a bond rating from the national rating agency of Standard & Poor’s.

On November 16, 2009, the District was notified that the underlying bond rating grade is “AA+”. “This is a great accomplishment for the District and the taxpayers of the District”, according to Fire Chief Mike Marrs. “This excellent bond rating grade of “AA+” reflects that the District is very well-managed and has excellent financial practices for the benefit of our citizens.”

“We understand that King County Fire District No. 2 (serving a population of 41,000, with a 2009 Assessed Value of $5,757,344,252) is tied with two other Washington Fire Districts (King County Fire District No. 39 (serving a population of 150,000, with a 2009 Assessed Value of $15,511,806,464) and King County Fire District No. 16 (serving a population of 65,630, with a 2009 Assessed Value of $5,289,694,076) for being the highest rated Fire Districts”.

According to Fire Chief Mike Marrs, “the District received the bond rating grade of “AA+” based on the following factors: 1. Strong financials, including the Reserve Funds; 2. Stability of the regional economy; 3. Financial practices of the District; and 4. Experienced management in operating the District in an efficient manner”.

Commissioners Gary Hobbick, Chris Elwell, and Ted Sitterley thanked the voters of Fire District 2 for supporting the Bond Levy.

The District’s staff (which included Fire Chief Mike Marrs and Administrative Assistant Diane Brooks) and Bond Underwriter Jim Nelson participated in a conference call with Standard & Poor’s, which dealt with the topics of management, historical financials, economy, and long-term planning.

The Unlimited Tax (Voter Approved) General Obligation Bonds will be underwritten by Martin Nelson & Company, a Washington investment banking firm, based in Seattle.