The library board will pay $250,000 on the principal of the loan for the new building, which will result in lower payments and a shorter repayment term. The board met on Wednesday, August 21 and reviewed the information they received from the bank regarding the loan.
The board had discussed paying a large lump sum—which they received
from the sale of the former library building—on the loan for the new
library, but have been waiting to receive financial information about
the impact of the action. During last week’s meeting, the bank sent
information to board members noting that a $250,000 payment would
result in the loan being paid off two years earlier, which is
actually when grant money that was received for the project ends.
The board authorized withdrawing $250,000 that was invested on a
Certificate of Deposit with Monticello Banking Company to pay on the
During the meeting, the board agreed to submit four names to the
fiscal court, as they look to replace two board members whose terms
are expiring. The names that will be submitted include Wanda Gregory,
Katina Shearer, Gaye Hutchison and Evanna Dodson.
Those who are leaving the board include chairman Lisa Lowe and board
member Dr. Ronald Rush.
The names are submitted to fiscal court, who will actually appoint
the two new members to the board. The terms will begin November 5.
In other action during the meeting, the board:
• Heard an update from Librarian Anne Garner regarding the
insulation at the new building. She said additional insulation will
be installed at the facility in the next two to three weeks.
• Heard a report regarding air conditioner issues. Garner said that
some minor repairs had been made to the units and there is one unit
that needs a part replaced.
• Approved the financial statement for the library for July 1, 2018 through June 30, 2019.