In April 2012, Executive Director Tina Hubert submitted a FY 2013 Public Library Construction Act Grant Application to the Illinois State Library. In July, the library received a letter of entitlement from Jesse White, Secretary of State and State Librarian. The Six Mile Regional Library District will receive $2,176,819.08 through the State Library after the library district has $1,675,613.92 in the bank. Total construction project cost is $3,852,433.00.
On April 9, 2013, a bond issue will be on the election ballot. The bond issue is to allow the library to sell bonds to have all of the local cost share secured and in the bank before June 30, 2013. The bond sale will be for $1,680,000. The bond issue does NOT include any raise in taxes. The library board of trustees does NOT intend to increase taxes to cover the bond costs. The bond issue can only be used for remodeling, repairing, equipping, and improving existing library buildings and sites; the question as it appears on the ballot is below.
The grant application states the library “will secure our portion of the match through our building reserve fund, a rebate from Illinois Energy Now, a grant from US Steel, and other grant resources. If necessary we will also secure financing.” We will apply for a rebate from Illinois Energy Now, which occurs after construction. We continue to pursue a grant from US Steel and have not yet located any additional grants to pay for construction. It has become necessary for the library to secure financing in order to have the match in hand before the deadline of June 30, 2013. While the library board can secure a loan without voter approval, in order to procure the best terms and rates the board wants to sell bonds. Voter approval is required for the library board to sell bonds. This is all about timing – getting the match in the bank before grant entitlement expires.
When the library’s match is secured a contract with the state of Illinois will be signed and construction will begin. The public library construction act grants are funded by the sale of state bonds. This is a grant – no repayment is required.
“Shall the Six Mile Regional Library District be authorized to remodel, repair, equip, and improve its existing library buildings and sites and issue its general obligation bonds in the principal amount of $1,680,000 for the purpose of paying the costs thereof?”
If you have further questions about the construction project or the bond issue, please contact Tina Hubert, Executive Director, or Tallin Curran, Operations Manager, at the Delmar Avenue library.
The Secretary of the Board of Trustees of the Six Mile Regional Library District hereby gives notice of the proceedings of the Board of Trustees described below, and of the February 12, 2013 meeting of the Board of Trustees, to take place at 7:00 p.m. at 2001 Delmar Avenue, Granite City, IL 62040. At that meeting, the financing of the repair, remodel, and improvement project of the existing main library building, shall be determined. The plan for repair, remodel, and improvement to the existing library building and an estimate of the cost, is posted with this Notice. That plan is available in the office of the Executive Director, at 2001 Delmar Avenue, Granite City, IL 62040, and is available there for public inspection.
On January 8, 2013, the Board of Trustees for the Six Mile Regional Library District met in an open meeting and prepared a plan and the estimate of the cost. The Trustees determined at that meeting the funds that will possibly be available from a bond issue, per referendum on April 9, 2013, is $1,680,000.00. The amount proposed to be raised by grant from the State of Illinois is approximately $2,200,000.00. These funds may be supplemented by accumulations. No funds are expected to be raised by a mortgage. The Trustees determined the term over which they shall spread the collection of the cost of the repair, remodel, or improvement of the existing library building to be 20 years.
This notice is pursuant to 75 ILCS 16/40-5(b), by the Secretary of the Board of Trustees.
Date posted: January 11, 2013.
Places posted: 2001 Delmar Avenue, Granite City, IL 62040 and www.smrld.org