South King Fire and Rescue commissioners voted on Thursday to take out a commissioner’s bond to the tune of $6.5 million.

The bond will pay for land the district bought earlier this year from Quadrant Homes as well as two new apparatuses, an engine and a ladder truck.

“I’ve looked at the alternative and this is the best option for our district,” Commissioner James Fossos said. “It’s good vision.”

Because this is not a voter-approved bond, the money will not be coming from taxpayers, but rather will come out of the district’s operating budget.

“This bond does not cost the taxpayer anything. There are no new taxes,” Chief Financial Officer David Lawson said. “We are going to cover it out of our operating budget.”

The bond is a low interest bond for the first several years. The department plans on paying it off in the next three to five years, Lawson said.

The bond is technically a 20-year bond, so the department could take that long to pay it off. However, the interest would rise the longer it takes to pay off.

The interest on the bond is half of what the interest would be if Quadrant kept the papers to the land while the department paid it off. Also, the interest on the bond is lower than the financing options would be for the new equipment.

The land will cost the district $4.7 million, and the remainder will be spent on new equipment.

The option is the cheapest in the long run.

“I think it’s the right way to go,” vice chairman Bill Gates said.

Due to the economy, the department decided against going out for a voter-approved bond.