Wednesday, April 25, 2012
Kuna Library District to consider rebonding
The Kuna library district will consider rebonding its 1998 construction bond in an effort to save taxpayers money. The rebonding, however, is not expected to be used to expand the current building. Kuna Library Executive Director Anne Hankins said that a rebonding — depending on what the interest rate comes in at — would reduce the district’s annual bond payment, which is currently about $99,000. The remaining time on the bond would still be the same, with a maturity date of 2018. The Kuna Library board of trustees will meet at 5 p.m., Monday, April 30, at the library, 457 N. Locust St. At that meeting, they are expected to make a decision on whether to rebond or not, according to Hankins. In 1998, voters approved, with 78 percent of the vote, a $1.225 million construction bond to build the 12,500-square-foot Kuna Library building. The library district has an annual budget of about $730,000, with $99,000 of that going to pay off the bond. Currently, about 70 percent of the payment goes to principal, while 30 percent goes to interest, Hankins said. Interest rates for the bond have varied year to year but hover right around 5 percent. The library has grown dramatically since 1998, with 75,00 titles, around 35,000 checkouts per month and 35 regular programs. However, despite rumors to the contrary, the library does not have any plans to go out for another bond to expand the library building while the current bond is still outstanding, according to Hankins. There is a desire to expand the building, and the building was constructed so that it could be added onto on three corners, Hankins said. But there is no desire among the board members, Hankins said, to add another bond for expansion until the current bond is paid off in 2018.