Town Meeting Day is around the corner and with it, the vote on Article 8, the library expansion bond. In order to make sure that voters have the information they need when going to the polls, the Charlotte Library Board of Trustees would like to provide the following details.
The proposed bond would cover up to $700,000 of the library project. The remaining $700,000 in costs is being raised through private donations, and over half of that amount has been raised to date.
A bond is issued through the Vermont Municipal Bond Bank, “assisting Vermont’s municipalities…with access to long-term bond financing.” The high rating of the Vermont Municipal Bond Bank allows for access to very low interest rates, as stated on the Vermont Municipal Bond Bank website (vmbb.org). “The low interest rates result in lower cost of borrowing” for cities and towns seeking funds for capital projects.
This lower cost is passed along to the taxpayer as well. According to the latest estimate for the loan repayment schedule, the total cost to any property owner for the library expansion bond would be less than $100 per $100,000 of property value. This breaks down to an average of less than $5 per $100,000 of property value per year over the 20-year bond repayment period.
Anyone interested in more information about the library project, the proposed bond or the funding overall is welcome to stop by the library. We look forward to sharing the buzz about the expansion.