Council 7-28-2026 [23:31-28:33]

looking at, we're looking at to fix water issues, as many of you know, it's been a very wet spring, and we're feeling that, we're fighting against it, and we want to make sure that the building is sound, that it is healthy, that we're not growing mold inside of the walls and the floors and things like that. So those are our recommendations that we are, that we are following, updating the, the boilers and the HVAC systems as well, some lighting updates, again, just to make it safe and accessible for people. We also have saved up some money as well to put on top of this bond, our goal is not to impact the taxpayers with any additional tax rates, so that money that we have saved is intent to add to the project to do things like update our circulation desks, update any furniture that is worn and weathered as well, and just to update overall functionality of the building. So I encourage you to ask any questions, if you have any questions for me, to please visit the library between now and next, the next meeting in August, if you haven't, if you've never been to the library, if you haven't been in a while, I'm happy to give you a tour to walk you through the issues, to walk you through the joys, and all the good work that this staff is doing, and I am here for questions. There is a contact card at the end of your packet, just if you want to reach out and call me email me, visit, it's our hours, anything that you can need, but I also have Baker Tilly here with me today, Lacey is going to give you a packet to sort of walk through what that bond process is looking like, numbers wise, if you guys would like to see a copy of the building assessment, we can provide that to you as well, so you can get a visual understanding of what those needs are, so I'll have Lacey and then we'll open for any questions you might have. Hello. How are you? Good, how are you guys? Good. Okay, I have a packet for you all. Let me just have to do just a take on a pass it down. I think I can do that. Let's a little bit more paper, right? Thank you guys. Thank you all for having me. As she said, my name is Lacey Vachon, I'm with Baker Tilly. We serve as municipal advisor for the library, so it's a privilege to be here in this town adorable. It's a nice drive here, so thank you again. And then once everyone has a packet, we can jump right in to the numbers. So if you flip to the second page, so this is currently the existing debt of the library. So the library does have one bond outstanding, the 2013 Geobons, so as you can see, they do fall off in 2027, so there is that ability to bring on new debt to kind of replace those payments moving forward. So just kind of give you a snapshot of the current existing debt, and then if you want to go to the next page. So this is a calculation of the general obligation debt limit, so this is state statute, so it's just the latest assessed value divided by 3 times 2%. And this is the max that the library can take out in the library's name, so really ability to issue a general obligation bond versus a lease. So the bonds that we're looking at tonight are Geobons, so we would be able to issue general obligation because they do fall under this threshold. The latest assessed value we have is 2026, 2027 AV is starting to come out, so we are monitoring that as well. I did check for Lawrence County, and it was not out yet, so I will keep checking for that and update as that's released. But if we take the 2026 assessed value divided by 3 times 2%, we get a little over 3.9 million. And then you have to subtract your current general obligation debt, which would be those 2013 bonds, so the principle on those is that 250,000 that you see, and when we subtract that out, we get the limit at a little over 3.7 million, so again, that would be the max they could issue in general obligation debt, but we are far below that number. So just really to show that we do have the ability to issue general obligation bonds, so then if we flip to the next page, this is really a summary of the proposed bonds, so we would plan to issue those this year. Sometime in the fall, we're looking at kind of September timeframe. We are estimating the borrowing amount to be 1,835,000, and then proceed available for the project. We're estimating to be 1,555,000. What that kind of difference is, so cost of issuance comes out of that. And then there is, we are assuming for the first year, so in 2027, a little bit of capitalized interest of about 80,000, and so I'll touch on that on the next slide as well, because I think it gives a better visual, but those are kind of the two. So cost of issuance, underider fees, or banking fee, whatever issuance we decide to go with, with that, that's all included in what comes out for precedes.