Politics & Government

Niles Library Trustees Debate Paying Off Debt Vs. Refinancing

Some say it makes more sense to refinance at 1.56 percent, far lower than current 3.75 percent rate; library is undergoing a strategic plan in response to patron's wishes.

As the Niles Public Library works on a strategic plan, trying to respond to patrons' desires, trustees are debating what to do with the library's debt: refinance it at a vastly lower rate and pay it off by December 2015, or just make a push to pay it off by December 2012, according to a TribLocal story. 

Trustee Morgan Dubiel is championing paying the debt off, saying the library has enough money in reserves, even if it were to pay off the debt. Doing so would mean the library could slightly reduce its tax levy, he said.

Library Board President Barbara Nakanishi told the newspaper she prefers refinancing the bonds at a lower rate--1.56 percent instead of the current 3.75 percent--because the library is in the beginning stages of a major renovation.

Find out what's happening in Niles-Morton Grovewith free, real-time updates from Patch.

The board will vote at its regular meeting Weds., Aug. 17. 

A Strategic Planning committee meeting will take place today, Weds. Aug. 10, at 5:30 p.m. at the library.

Find out what's happening in Niles-Morton Grovewith free, real-time updates from Patch.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here