Library Set to Start Expansion, Receives Great Rate on Bonds

Bryan Proctor Signing Contracts

Bryan Proctor Signing Contracts

The Anderson Public Library Board took the final steps this past week to start the major expansion project that has been planned for over a year to allow more space for educational facilities.  The project, which consists of preparing and moving to a temporary location and constructing a large addition to the current library building, is just about ready to start being implemented.

The first stage of the project, as discussed by the board, is now almost complete.  The temporary location, at 1030B Industry Road, is just about ready to start receiving shelving and books.  According to library director, Pam Marks, the library will officially start the move process on August 29th, in which the library will be closed until September 26th when they plan to reopen at the temporary location.

The second stage of building the addition is now set to begin as soon as the library completes the move to the temporary location.  Bryan Proctor, the board president, signed the contracts for the contractors, and the board also approved necessary protocols required by the IRS and SEC for the necessary funding.

The board also received good financial news from financial advisor, Chip Sutherland.  The library, which approved a bond sale last month to finance the expansion, received an incredibly good rate on a bid for the bond sale that occurred on August 2nd.  According to Chip, they received a bid with an interest of 2.61% for 25 years.  Because the rate was so low from the underwriting company, they were able to add another $100,000 to the building fund as an extra contingency.

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