Board hears plan for Irvington branch renovation; advisers outline bond parameters up to $19 million

At a public hearing convened at the start of the meeting, legal counsel for the library reviewed the statutory notice and municipal advisers described financing parameters for a proposed 2026–27 bond package that would fund renovations and equipment purchases, principally for the Irvington branch.

Jeff (of Barnes & Thornburg) told trustees this was the first of two hearings required by Indiana law for projects repaid in whole or in part by property-tax-backed bonds and that notice had been published June 12. Jason Tantal of municipal adviser Baker Tilly said the board would consider a maximum borrowing amount "not to exceed $19,000,000," with approximately $18,720,000 available for the Irvington project after issuance costs. He said the presentation sets maximum parameters that the board would consider formally in a preliminary reimbursement-resolution vote at the July 27 meeting.

Tantal explained the library's existing debt profile and capacity: current annual payments in 2026 are roughly $21,000,000 and fall under $19,000,000 in 2027; the library's assessed-value base (reported in the presentation as over $65,000,000,000) leaves general‑obligation capacity well within the amount proposed. He noted the board could use a maximum six‑year repayment term for flexibility but that the practical proposal on the table was a four‑year repayment to preserve levy neutrality.

Trustees asked clarifying questions about how net assessed value is calculated and about the meaning of the debt service levy; municipal adviser responses and follow-up were framed as informational. The board closed the hearing after inviting public input specific to the bond; no member of the public addressed the bond during that specific hearing segment. The board will consider a preliminary-resolution vote at the July 27 meeting and then publish a notice and observe a required 30‑day period.