fire protection bond information

What is the Difference between a bond and a levy?

A Levy is a tax that is collected for ongoing expenses. It continues over time at a set amount and can only rise by 1% in WA.

A Bond is a loan that a public entity takes out for capital improvements like buildings. Borrowed money is paid back over a fixed time. Similar to a mortgage. Bonds may be issued in parts and they may be retired or paid off early.

See the following key differnces chart and summary from Whatcom County Fire District 1: