I am excited to announce that the library was approved for a bond refunding project by our Board of Trustees, by the Leasing Corporation for the library, and by the Wayne County Council. Interest rates are really good right now, and it makes sense for us to take advantage of these rates to refund our building bond. This process is similar to refinancing a home mortgage to get a better interest rate, just with an extra mountain of paperwork. The savings are predicted to be around $80,000. Because of the way in which the bond is structured, these funds will be made available for Capital Improvements, equipment, or furnishings. The Library Board of Trustees has been working with our staff over the last several months to develop a wish list of items to consider when these funds are freed up.

The wish list includes replacing some 10-year old children’s computers and staff computers, overhauling our HVAC system, resurfacing our parking lot, and completing some needed landscaping work. Additionally, repairs are needed to some double-paned windows that need to be resealed; crumbling concrete around stairs needs to be replaced; and our awnings at door entrances need to be repaired. Another exciting possibility is installation of solar panels to try to reduce our overall electric bill which usually runs between $10,000 - $12,000 per year. Actual savings available to us will depend on the interest rates at our closing in June. If we didn’t take advantage of the opportunity to refund our building bond, the needed improvements on our wish list would otherwise have to be budgeted out of our general fund over a number of years, so this is a great savings for the taxpayer. Thanks to local attorney Bob Bever for managing the legal paperwork to make this happen, in concert with the Ice Miller firm as Bond Counsel and Baker Tilly, Municipal Advisors.