Library Board Formally Approves Funding Mechanism for Construction Grant

Galesburg Public LibraryThe Galesburg Public Library will soon officially have the funding in place to prove to the state they have the funds needed to match a state construction grant, if the money becomes available.

The Library’s Board of Trustees yesterday voted to approve the issuance of $5 million in debt certificates that will become the money needed for the local match of a proposed $20 million grant the library is hoping to get from the State of Illinois. Members also approved a memorandum of understanding with the City about how that money will be paid back, after aldermen Monday approved buying two million dollars worth of the debt certificates.

Library Trustee and Finance Committee chairperson Guy Cahill says normally the money would just sit there until the grant award is known, but in this case, it can’t be.

“We could still spend some of it, and we plan to,” Cahill said.  “We amended our budget a month earlier…to appropriate some monies for the purpose of acquiring property, and to continue some architect work, and to pay legal fees on this transaction.”

$3 million of the debt certificates are expected to be purchased by the Library’s Foundation.

The closing on the debt certificates is scheduled to take place, Cahill says, next Tuesday.

Tags: , , ,