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Mishawaka Penn Harris Public Library seeks authority to issue up to $4.2M in bonds; council hears tax-impact options
Summary
Library representatives asked the council to approve two bond resolutions: Option A would authorize up to $4.2 million over ~15 years with a small debt-service tax-rate increase (estimated maximum 1.84 cents) and an estimated $720,000 interest savings over the alternative; Option B avoids an initial tax-rate increase but back-loads principal. Council questioned tax incidence, district boundaries and refinancing provisions; the public hearing closed with no speakers.
Representatives of the Mishawaka Penn Harris Public Library presented two companion resolutions (Bills 92-24 and 102-24) on Sept. 10, 2024, asking the St. Joseph County Council for authority to issue general obligation bonds to fund critical facility upgrades and capital needs.
Joel Dendoo, the library's attorney, said the bonds would pay for projects such as roof replacements at Mishawaka and Bitter Sweet branches, lighting and HVAC upgrades, a garage to house library vehicles and a bookmobile. He said the library has "transformed" into a hub for community services and that it lacks funds to cover necessary upgrades.
Library bond…
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