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Linden-Carnegie Public Library is borrowing money to pay off the rest of the money it financed to build an addition in 2006.
“We’re here to save the taxpayers of Linden and Madison Township some money,” Monty Harris, the library’s attorney, told the Montgomery County Council on Tuesday.
The library needed the council’s approval to issue a general obligation bond, which will be used to pay a little more than $400,000 remaining on a bond issue for the construction at a lower interest rate.
The move also allows the library to purchase the building back from the building corporation.
Hoosier Heartland State Bank will buy the bond and money will be generated from the library’s taxing district.
The council approved the request 6-0, with Tom Mellish absent.
In other business, the council approved Sheriff Ryan Needham’s annual contract in the amount of $96,500.
Annual appointments were also made to county boards and commissions. Dave Long was reappointed to the Alcoholic Beverage Board and Phil Littell Sr. was reappointed to the Redevelopment Commission.
The council scheduled a joint session with the county commissioners for 10 a.m. April 14 to begin planning the 2021 budget at a location to be announced. Members will have discussions with the county’s financial consultant during the meeting.
The council’s next regular meeting is 9 a.m. Feb. 11 at the courthouse.