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Bayside approves up-to-$600,000 short-term loan to complete North Shore Library; one trustee abstains
Summary
The Village of Bayside approved a short-term interfund financing agreement and Resolution 25-21 to provide up to $600,000 to complete the North Shore Library capital project if contractor draws require funds; Trustee Zitzer abstained and the motion passed with four yes votes.
The Village of Bayside Board of Trustees on Oct. 16 approved a short-term interfund financing agreement with the North Shore Library and adopted Resolution 25-21 to authorize up to $600,000 in borrowing to finish the library capital project if funds are needed.
Trustee Zitzer updated the board that the North Shore Library construction is on target to finish mid-December and that the Glendale branch will close on Dec. 15. Village Manager Andy Pederson described the short-term borrowing agreement as an interfund loan for up to $600,000 to complete the North Shore Library project; he said whether funds are needed will depend on the contractor draw schedule and that money may be required around Jan. 1, 2026.
Trustee Barth moved and Trustee Marrazza seconded approval of the short-term financing agreement and Resolution 25-21. Trustee Zitzer recorded an abstention; the motion carried with four yes votes and one abstention. The agreement was previously approved by the Library Board.
Next steps: the interfund loan will remain available only if needed; staff will monitor contractor draws and request funds per the agreement’s terms.
