North River Fire Department won't pay interest on new truck thanks to Chase the Ace
Fire department can buy truck without interest charges thanks to $747K windfall
The North River Fire Department ended up with so much money from its Chase the Ace fundraiser that it's not only buying the fire truck it needed — it's saving money on the truck.
Lt. Dean Smith said the fire department and the Kingston Legion, who ran the lottery together, each earned about $747,000 each after expenses.
The $5 lottery, which involves drawing a playing card weekly in search of the ace of spades as the deck shrinks and the jackpot grows, began in September last year and stretched all the way to July with only 10 cards left in the deck. Mike May, a commercial account manager for the Bank of Montreal, won the jackpot of $1,053,340.
"The chances of getting as far as we did, they're not in our favour," Dean said.
Saving $140K in interest
They had only hoped to raise money toward the truck, which Dean said will cost at least $500,000. Instead they'll buy the truck outright.
"On top of the $740,000 that we've fundraised, we're also going to save about $140,000 in interest charges," he said, joking that they plan to pay the truck off with $5 bills.
They expect to have money left over that will go toward keeping the department debt-free.
Financial freedom for Legion
Smith also noted how much the money will help the Legion.
"It just gives them so much financial freedom that they are able to do the things that the Legion should be doing, looking after the veterans and promoting Remembrance Day and those types of programs," he said.
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With files from Stephanie Kelly