The Monterey-Tippecanoe Township Public Library is looking to make up to $400,000 in building improvements, and it’s planning to issue a bond to pay for them. Library Director Renita Potthoff discussed the project with the Pulaski County Council Monday. “In the old Carnegie building, which will be 100 years old this year, we’re having a lot of moisture and water damage,” she explained. “That needs to be all water-proofed. And that’s in the hundred-year-old building that we’re just trying to preserve.” A new well may also be added.
To pay for the work of damage restoration, the library plans to issue a general obligation bond. The library board doesn’t have the authority to do that itself, since it’s an appointed board, so the bond issue would be up to the county council.
Library Attorney Justin Schramm said if it’s approved, the library’s annual payment would be about $30,000. “If you have a $100,000 piece of property, your estimated tax rate increase from 2017 to 2018 would be $7.21,” he said. “If you had a $200,000 piece of property, the tax implication to you on top of your taxes from last year would be $21.51 – in effect, is what additionally would be added onto your taxes for this.”
That would essentially bring the tax rate back up to where it was before 2017, when the library was making its full payments on a lease rental bond that’s now almost paid off. Still, one Tippecanoe Township resident in attendance Monday questioned the need for a tax hike. “Why do you need more?” he asked. “If anything, you need less. There’s no school at Monterey anymore.”
Schramm presented council members with a proposed bond resolution for them to vote on next month. He explained that it would allow the library to borrow up to $475,000, although the actual amount will probably be smaller.
