Itasca, IL; February 28, 2008 – On Tuesday, February 5, 2008 voters in the Village of Itasca Community Library District approved a resolution to replace and repair the Library’s exterior walls, windows and portions of the roof due to extensive water damage and subsequent mold growth. The results are gratifying for the Library and Village Boards and administration. This will allow the Library to remediate the mold issue in the building without any interruption to programs, services and hours of operation.
Additionally, due to the low interest rate environment, the Village decided to move forward on refinancing the Series 1998 and 1999 Bond issues. The refinance will save future taxpayers between $400,000 and $450,000 over the remaining term and reduce the impact of the new Library Bonds.
The Village is anticipating refinancing the outstanding bonds and selling the new Library Bonds in March 2008. Taxpayers will see the results of the savings on the 2008 tax bills.