The Madison County public library board is looking into refinancing the bond used to build its Berea location with the goal of reducing interest payments and saving taxpayers’ money.
At Monday night’s monthly meeting, the library board of trustees voted to move ahead with efforts to refinance the remaining $2.72 million bond.
“We’re still in the early stages of this,” library director Ruthie Maslin said.
The goal is to lower the bond’s interest rate and shorten the bond term by paying down some of the debt, she said. The bond for the Berea building was obtained in October 2006.
The library board also has debt remaining on a bond that was used to finance renovations at the Richmond library. It was obtained in February 2006, and $2.12 million remains to be paid off, according to Maslin.
The bond used for the Richmond construction already has been refinanced, she added.
Maslin also reported that there has been a recent surge in library circulation, which was up 15 percent this January from the same time last year.
New board member Lesley Carr was sworn in was the meeting.
The next Madison County library board meeting will be at 7 p.m. March 18 at the Berea location, 319 Chestnut St.