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Danville library presents proposed $2.9 million bond, seeks council support to shift solar loan into debt service
Summary
The Danville Town Library requested council support to begin a bond process to fund repairs to its 124-year-old Carnegie building, move a remaining solar loan into debt service and free operating funds; municipal advisors outlined a $2.9 million bond, an added $476,000 solar balance and an estimated annual tax impact.
Cheryl, the library director, told the Danville Town Council on April 15 that the town’s 124-year-old Carnegie library is seeing rising use but faces aging systems and reduced revenue, and she asked the council to begin the process of securing replacement/repair funding.
“We have a 124 year old library…we’re working to preserve that,” Cheryl said, and noted the library’s new foundation raised about $40,000 in seven months. She said the library has experienced an estimated $133,000 drop in revenue this year and is seeking to protect operating funds by moving long-term obligations into debt service.
Megan Gibson,…
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