Montgomery County Council members voted Tuesday to approve a bond issuance for the Ladoga Library in an amount not to exceed $2.68 million.
Indiana law commands libraries to gain the approval of the county fiscal board before bonds can be issued. The liability will be the responsibility of the library and not the county.
The Ladoga Library is planning to add to their existing building. The addition will expand not only footage, but also the amount of programs the library plans to offer.
Government financial advising firm Baker Tilly has calculated the 20-year repayment amount to be $242,000 annually with a 5% interest rate. The new liability is estimated to cost households within the library district an additional $4.79 to $12.44 per month on their real estate taxes depending on the home’s value. Agriculture production properties will see an estimated increase in property taxes in the amount of $3.31 per acre and non-agriculture land will have an estimated increase of $1.46 per acre. Commercial properties will have an estimated increase of $177 annually.
County officials have reduced their 2026 budgets by the amount of $1,157,442.55. Commissioners asked officials and department heads to look at their budgets and return any funds that will not be spent by the end of the year. The $889,642 will be used to reduce the county’s General Fund.
The council signed a declaration resolution for a 10-year abatement on real and personal property for the $105 million addition at Nucor Towers and Structures. The new expansion is projected to add 100 jobs to the facility which already has 318 employees.
The next council meeting is scheduled for 9 a.m. Nov. 10 at the Montgomery County Government Center.
