Judy Stone will remain as President and Don Morrison will be Vice-President.
Representatives from the Culver Library, Library Board and Umbaugh Financial appeared seeking approval to renegotiate their current bond and add to it with several additional projects.
There is presently $870,000 outstanding on the current 2006 bond issue and the Culver Library would like to refinance that balance and add an additional $240,000 to $350,000 with several major projects.
Alfred Nyby from the Library Board and Library Director Colleen McCarty discussed the needed projects that include a new roof on the 102 year old Carnegie portion of the library, improvements to the HVAC for the newer addition correcting a humidification problem, upgrade the current computer software programs, exterior painting, fix issues with the courtyard, install new computers and new carpet and have a contingency for miscellaneous projects. The $240,000 to $350,000 is a ballpark figure but the Library board feels they should attend to the problems now before they get worse.
Todd Samuelson from Umbaugh said the library has funds in reserve and a cash flow that is balanced at this point but not enough extra cash to put away a significant amount into the reserves. He said the worse case scenario would be a bond issue in the amount of $1.3 million and the library is requesting to keep the bonds local seeking a banking institution within the county.
Samuelson said, “We hope to accomplish this without any increase in the debt service levy.”
After hearing about the projects and financing options from Umbaugh the Marshall County Council approved the bond issue. It was noted that since the Culver Library board is appointed and not elected state statute requires the County Council to approve any bond issue.