Statement before the Glenn A. Walsh
Council
of
The City of
Proposed
Refinancing Electronic Mail: < gaw@andrewcarnegie.cc
>
Of
2002 Carnegie Library Internet
Site: < http://www.andrewcarnegie.cc
>
Bond Issue 2010 May 20
Good afternoon, I am
Glenn A. Walsh of
In October, Carnegie
Library proposed closing five library branches. $1.2 million, spread equally
over two years from the City, prevented the closures in 2010. However, Carnegie
Library management has already stated that $600,000 will not be enough to
prevent closures in 2011.
Carnegie Library now
wishes to refinance their 2002 bond issue, stating that this could result in an
additional $400,000 for the library system. Yet, they claim that this additional money can only be used for capital
projects.
It seems to me that
they obsess over these capital projects, while later this year they will again
plead poverty and they may propose closing library branches in 2011. The
$400,000, or whatever funds result from the refinancing, could help keep library
branches open in 2011 and possibly 2012.
It should be
remembered that, originally, the money used for paying the debt service on this
bond issue was RAD funds appropriated for Carnegie Library operating purposes!
Today I have two
requests:
1)
I ask a
ruling from the City Solicitor. Is there any legal reason why additional money
received from such a bond refinancing cannot be placed in Carnegie Library’s
operating account, to be used with the additional City money to keep all
library branches open in 2011?
2)
If the City
Solicitor rules that such bond refinancing receipts can legally be placed in
the Library’s operating account, and if you choose to allow Carnegie Library to
go forward with this refinancing plan, then I ask that you require all additional monies received from such refinancing to be
placed in the Library’s operating account, to assure that all library branches
remain open in 2011 and 2012.
Thank you.
gaw