Friday, January 23, 2009

Correction of Enterprise 1/22/09 Article

The Enterprise ran a great article by Madhu Mayer headlined "Park district books cooperation with library over expansion plan".

The first paragraph in the second column reads "The plan would mean an estimated $30 million in building bonds and a $4 million increase in the library's annual operating budget." Actually, the $4 million increase in the library's annual operating but INCLUDES the building bond payments. Approximately $2.4 million annually will pay the Alternate Revenue Bonds that will fund the construction. An estimated $1.6 million annually will be used to operate the building. Because the Library is considering a single referendum question for both construction and operations, the type of bonds being sold will be paid from the general operating fund rather than a separate building bond fund.

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