The Culver-Union Township Public Library has been successful in refinancing some of its debt.
During Monday’s Marshall County Council meeting, council member Bill Githens reported the library’s bond refinancing will significantly lower the current interest rate of 4.5 percent. “They did put it out for bids to the two banks,” he said. “First Farmers came in at three-and-a-half. First National of Monterey came in at three, but the library board went back to them and said, ‘Can you do any better?’ So the final interest rate will be two-and-a-half percent. Very good negotiation.”
Not only will the bond issue refinance the old bond at the better rate, but it will also raise additional money for upgrades and repairs at the library. Library officials expect to close on the new bond in the next few weeks.
