The āmortgageā on the library building has been paid off, and thatās news to celebrate for district residents. On April 2, 1997, library district voters approved the issuance of a bond in the amount of $2,055,000 to help pay for the construction, furnishing, and staffing of the current library building. The bond was, in effect, a mortgage on the building. Construction was further aided by a State of Illinois Live & Learn Grant in the amount of $250,000.
Over the years, the bond for the building was paid down, and during this last tax year, the bond was retired. Consequently, beginning with the current yearās tax bills, residents no longer have an additional line on their tax bill to pay down the bond. In fact, with the subtraction of bond obligation, residents will pay less in total tax revenue to the library this tax year than last.
āPaying off the āmortgageā on the building is an accomplishment the community can celebrate,ā stated Director Patrick McDonald. Take part in the celebration by visiting the library on Monday, June 11 to sign-up for the Summer Reading Program, and receive a special ābond-burningā bookmark.
