Greenwood library asks council to approve replacement bond to maintain facility

The Greenwood Public Library director told the Greenwood Common Council she is seeking approval for a $2.5 million replacement bond to cover deferred maintenance and safety upgrades at the library.

The library director said the bond would be a “replacement bond” rather than a new tax increase and described a stepped schedule for repayment that shows a temporary bump in 2026 that the library plans to absorb with its existing bond and interest redemption fund. She asked the council to approve the agreement authorizing the issuance but said the library likely would not issue the bonds until later in the year.

At a council meeting introducing Resolution 25-06, the director said Greenwood library usage has increased sharply, citing a 64% increase in new library cards and higher program attendance, and argued that growing demand and aging systems make the funding necessary. “We are here tonight. Our main purpose is to ask for a replacement bond,” the director said. She told the council the bond would allow the library to address priority needs including HVAC, electrical work, flooring, plumbing and other prioritized repairs.

The director outlined a stepped-debt model and said the library would use proceeds in part to absorb a projected short-term increase in debt service in 2026 with existing bond reserves. She said the library is also operating under a hiring freeze and is monitoring state and federal funding that could affect future budgets.

Council discussion on whether to act immediately was brief. One councilmember asked whether the library needed approval to move forward that night; the director replied, “No. I don't think so. Okay. We'll probably issue those bonds toward the end of the year.” The council introduced the resolution for consideration; no final vote on issuance was recorded at the meeting.

The director said representatives from bond counsel and financial advisor were present and available to answer technical questions, and she noted the list of repairs would be prioritized once funds are available. The council did not take a final vote on the bond issuance during the meeting and did not set a firm issuance date.

The request and the supporting materials were entered into the council record for future consideration. Council action on the bond, including any final ordinance or sale authorizing actual issuance and repayment terms, will be subject to future formal action by the Greenwood Common Council.