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Mishawaka & Harris library seeks $4.2M bond to fix roofs, HVAC and build garage
Summary
Library officials asked the committee to approve a resolution for a potential up-to-$4.2 million general-obligation bond to fund roofs, HVAC upgrades, LED lighting, tuckpointing and a vehicle garage; municipal advisor said the plan targets a 15-year repayment and would be tax-rate neutral in most market scenarios.
Dina Morgo, director of operations for the Mishawaka and Harris Public Library System, asked the county committee to place a library bond resolution on the September agenda to finance six capital projects including replacement roofs at two branches, HVAC upgrades, LED lighting, tuckpointing and a garage/site for a bookmobile.
"We have identified six capital improvement projects that we would like to complete with this money," Morgo said, listing roof replacements and HVAC work as the highest priorities. Morgo emphasized that the library previously received bond funds that were delayed by COVID and that inflation pushed some projects beyond the prior budget.
Sean McGill of Baker Tilly, the library—s municipal advisor, presented financing scenarios and a conservative 15-year repayment model. McGill calculated a statutory debt limit and said a proposed issue of up to $4.2 million would be well within that limit; worst-case interest assumptions in the model raise projected interest costs but still yield a manageable taxpayer impact. McGill estimated the maximum projected debt-service tax-rate effect at 0.45¢ (less than half a penny), which he said would translate to roughly $2.35 a year on a median net assessed-value homestead under the stated assumptions.
Committee members asked about timing, whether to wait for potentially lower market rates, and the need to finalize resolution language for the public hearing. Morgo said the library prefers a "reset" approach that preserves long-term borrowing capacity while trying to avoid an immediate tax increase; the library noted it would prioritize emergency and energy-saving projects and leave interior restoration for a later decision.
The committee did not adopt a final resolution at the meeting but directed library staff and the municipal advisor to prepare the necessary materials and resolutions for the September public hearings and to deliver final draft documents by the stated deadline.
