LANCASTER COUNCIL APPROVES LIBRARY PROJECT FINANCING
The Lancaster Common Council has passed a resolution, that commits the city to a financing package for the Schreiner Memorial Library building and renovation project. On a 4-to-2 vote, the council has authorized just under $1.6-million in general obligation bonds for the project. A second resolution okays notifying the public about the bonds, and a third authorizes their sale. Council members Dennis Morgan and Dave Varnam voted against the resolutions.
That’s Dennis Morgan. Morgan also says he voted against the resolutions because it also means the city will be paying an additional $900,000 because of interest on the bonds. Meanwhile council members Bob Schmidt, Shayne LaBudda, Chad Ohmstead and LeRoy Ihm voted in favor. Kate Reuter and Pete Hoffman were absent from Monday’s meeting. The rest of the $3.3-million project will be financed by a two-year, $1-million note to be issued next year, and $800,000 in pledges. The financial package was presented to the council by Brian Della of Public Financial Management.