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Library officials outline $8.65 million borrowing plan for LaSalle renovation and new western branch; presenters say no tax increase
Summary
Library counsel and municipal advisors told the council the library adopted bond authorizations totaling up to $10.35 million (two series) but expect to issue approximately $8.65 million after $1.7 million in library equity; debt is structured so no tax increase is expected because prior bonds are maturing.
St. Joseph County Public Library officials and their municipal advisor briefed the council on a bond resolution intended to finance renovations to the LaSalle branch and construction of a new western branch.
Phil Fasenda (Barnes & Thornburg) summarized the bond authorizations: two series of bonds with maximum amounts of $4,000,000 and $6,350,000 (combined maximum…
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