The Sedalia Public Library Board met at a special meeting on Tuesday, November 27, 2012 to discuss options for funding the annual debt funding service payment of $110,000 on the $1.5 million loan obtained in conjunction with the City of Sedalia’s Certificates of Participation issued to fund the new fire station, the repair of the Washington Street Bridge and the Sedalia Public Library repair.
The library had to take out a $1.5 million loan so that immediate work could begin to save the building from imminent collapse.
Now that repairs have begun and the building has been stabilized, the library board must consider how to repay the loan. Therefore, the Sedalia Public Library Board decided to ask voters to consider a property tax increase of $0.07 per $100 assessed valuation in the April 2013 election.
The $0.07 increase in property tax will allow the Sedalia Public Library to pay the annual debt service and not have to cut library services.
The increased property tax will end or sunset in 25 years. If passed, a home valued at $75,000 will only see an increase of $9.98 per year.
Of utmost importance to the Sedalia Public Library Board and the Sedalia community was saving the historic library building. In order to do this, the board had to take on a $1.5 million debt.
Now, the library needs to find a way to pay back that debt and is asking the citizens of Sedalia to consider a property tax increase that will help with the annual debt service payments.
Fact sheets about the property tax proposal are available at the Sedalia Public Library’s temporary location at 515 S. Ohio Ave.