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<br /> <br /> <br /> <br />CITY COUNCIL COMMUNICATION <br />SUBJECT: DISCUSSION – LIBRARY BOND RETIREMENT OPTIONS <br /> <br />DATE: APRIL 14, 2015 PAGE 4 OF 4 <br /> discussion can be found on pages 19-56 of this link. Potential projects mentioned at that <br />time that could be funded with a levy maintaining the same rate once the library bonds <br />are paid off or with additional revenues that are not currently in the 2015-2019 CIP <br />include the following: <br /> <br /> Expanded Recreation and Senior Center <br /> Outdoor Aquatics Facility <br /> Pedestrian and Bike Connections <br /> Museum Building/Enhancements <br /> Expanded Street Resurfacing <br /> <br /> <br />FISCAL IMPACT: <br />If voters approve a levy of the same amount as the existing Library Bond levy (1.526 <br />mills) to start in 2019 after the Library bonds are paid off, it would maintain the same tax <br />rate and, depending on the term, interest rate, and overall structure of the new bonds, <br />support a new bond issue of approximately $10 million. Expanding existing facilities or <br />constructing new facilities would likely increase costs to operate and or maintain the <br />expanded or new facilities and could require an additional ballot measure asking voters <br />for a tax increase to cover operations and maintenance costs. If Council wants to put <br />such issues on the 2016 ballot, there would be significant staff and Council work to <br />develop information and conduct public involvement, and costs for related items <br />including polling to determine potential voter support for various options, developing <br />preliminary designs and more accurate cost estimates for potential projects, and <br />potentially other items. <br /> <br />RECOMMENDATION: <br />Discussion <br /> <br />ATTACHMENT(S): <br />None <br />5