NOTICE OF ADOPTION OF PRELIMINARY DETERMINATION
Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.5 that the Board of Trustees (the “Board”) of Union County Public Library (the “Library”) did, on June 27, 2022, make a preliminary determination to issue bonds and enter into a lease agreement (the “Lease”) for the renovation of and improvements to the Union County Public Library, including the construction of additions, site improvements and the purchase of equipment and technology (the “Project”). The Lease will be for a maximum term of 23 years with a maximum annual Lease rental of $505,000. The maximum annual Lease rental has been estimated based upon an estimated principal amount of bonds of $5,900,000 and estimated interest rate of 5.00% and total interest costs of $3,625,139.
As required by Indiana Code 6-1.1-20-3.5(b)(1), the following information was available to the public at the public hearing on the preliminary determination: (i) the Library’s current and projected annual debt service payments divided by the net assessed value of taxable property within the library district, which is 0.13%; and (ii) the sum of the Library’s outstanding long term debt plus the outstanding long term debt of other taxing units that include any other territory of the library district divided by the net assessed value of taxable property within the Library district, which is 4.76%.
The Library’s current debt service levy is $128,772 and the current debt service rate is $0.0352. After the Library enters into the proposed Lease and the bonds are issued, the debt service levy will increase by a maximum of $505,000 and the debt service rate will increase by a maximum rate of $0.1288. However, as existing obligations mature, the anticipated increase to the Debt Service Fund tax rate is expected to be $0.0936. The purpose of the Lease is to provide for the Project.
The estimated amount of the Library’s debt service levy and rate that will result during the following 10 years if the Library enters into the Lease and issues the bonds, after considering any changes that will occur to the debt service levy and rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period:
Year Estimated Total Debt Service Levy Estimated Total Debt Service Rate
2022 $128,772 $0.0352
2023 457,924 0.1252
2024 451,972 0.1235
2025 451,972 0.1235
2026 451,832 0.1235
2027 451,600 0.1234
2028 454,477 0.1242
2029 452,621 0.1237
2030 451,322 0.1234
2031 453,039 0.1238
2032 453,967 0.1241
If a valid petition pursuant to Indiana Code § 6-1.1-20-3.5 is received within 30 days from the first publication of this notice, the proposed debt service or Lease payments must be approved in an election on a local public question held under Indiana Code § 6-1.1-20-3.6.
Dated June 29, 2022.
/s/ Secretary, Board of Trustees
Union County Public Library
Follow Us on Social Media
Union County Public Library – 2 E Seminary St, Liberty, IN 47353