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Council reviews Nappanee Public Library bond proposal; advisers estimate about $4.7M in bonds and a roughly 5¢ tax-rate impact
Summary
Advisers told the Elkhart County Council that the Nappanee Public Library plans to issue about $4.7 million in bonds that would raise its 2026 budget above the 4% levy growth quotient; advisers estimated roughly a $0.05 tax-rate increase for debt service and explained statutory rules that place the binding review with the county.
The Elkhart County Council held a binding review of the Nappanee Public Library’s proposed 2026 budget after advisers told the council the library’s levy would exceed the state’s 4% growth quotient because the library plans to issue bonds totaling about $4.7 million.
Paige Sansone, municipal advisor with Baker Tilly Municipal Advisors, told the council that under state law a library whose budget exceeds the levy growth quotient must come before the county for a binding review because library boards are not elected. Sansone said the projected growth quotient for 2026 is 4% and that issuing bonds would raise the library’s budget from a typical level of about $2.5…
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