Approval of the tax levy increase gives the library the funding necessary to cover the annual debt service on a bond of up to $8.55 million allows us to move forward with the project. It does not mean we will automatically borrow the full amount if we can obtain additional funds through grants and donations as we move forward. Our goal is to minimize that borrowing as much as possible.
We plan to use available funds and continue fundraising first, and will issue a bond for what is needed to complete the project. Because there is a gap in time between the tax levy vote and when we will need to borrow, every additional dollar raised reduces the amount we need to borrow.