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We are open: Mon–Fri: 9am–9pm, Sat: 9am–5pm; Sun: 1pm–5pm

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A Silver Lining to the Delay

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In November 2016, Lombard voters approved a referendum for a tax rate increase for the purpose of replacing the current aging Library building with a new, larger facility, as well as expanding library collections, services, and programs. An increase of approximately 0.216% was to fund a $22.3 million loan with a 20-year term, the architectural design and construction of the new Library, and the related operating expenses and capital reserves.

Considering expenses already paid and funds anticipated in the 2021 and 2022 tax payments from DuPage County, approximately $15 million has been earmarked for the project cost. This allowed the Helen Plum Board of Trustees the option to decrease the amount borrowed to $15 million and to reduce the bond payoff term to 15 years.

The Library received a Bond rating of AA+ from the S&P committee on May 5. Click here to view the full S&P Rating Report.

Our Bond issue closed on June 7, 2021. Net proceeds of the bonds = $15,023,566. Baker Group was the winning bidder on May 20, with a True Interest Cost = 1.58%.

  • In year one, interest-only is due (and is included in the 2021-22 working budget = $465,322).
  • Final debt service is approximately $1,120,000 annually. Bonds mature December 1, 2022-2036. We will make two payments each year (one payment will be principal and interest, another will be interest-only). Note: Initial financial planning estimate = $1,610,000 annually for Bond repayment.
  • The Board determined that the term of the bonds be shortened from 20 years to 15 years to align with a bond payoff as originally intended in the 2016 referendum (20 years, through 2036).
  • Bonds are callable on December 1, 2029 (the earliest possible payoff date).
  • Given a lower debt service and a shortened bond term, once the building project is completed and the operating costs are established in the new building (2024 or later), the Board can determine plans for future construction options (solar panels on the roof, as one example), the early payoff of Bonds, and/or levy relief.
  • Note: The remainder of the building project costs will be paid with Capital Building funds on hand (or anticipated in the 2021 and 2022 tax payments from DuPage County). Note: Since the 2016 tax increase took effect, the Library has set aside the additional tax revenue intended for the building project and the unused new building operating funds (as prorated annually by our accountant).

The GMP (Guaranteed Maximum Price) for the new Library construction is being finalized. Bids awarded for work completed or planned are well within our available funding.

View the Fall 2021 Print Newsletter Insert, "A Silver Lining to the Delay"