Public library board approved multi-million dollar bonds
INDIANAPOLIS (MIRROR INDY) — The Indianapolis Public Library Board of Trustees approved a $6.3-million bond for long-term capital maintenance at the June 24 board meeting.
WHAT HAPPENED?
Jason Tanselle, Municipal Bond advisor for the library and director with Baker Tilly Municipal Advisors LLC, presented $18.5 million in outstanding bonds. The library board will have to repay those bonds in six years.
Tanselle said the library is issuing general obligation bonds, which are a way to borrow long-term funds and repay over time. He said the tax rate is within its long-standing price of 3.18 cents.
Tanselle presented resolutions for the proposed bonds including roof repairs, technology and garage improvements.
Board member Khaula Murtadha said the library has nine outstanding bonds. She asked Tanselle, “Why would we take on another as large as what you’re describing?”
He said the library can choose to borrow if it chooses to.
The board approved the resolution.
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Summary
The library board then approved to amend and rename the Sunday premium pay policy for library workers.
The current policy provides an hour and a half credit to library workers who work on Sundays.
Tisha Galarce, the public library’s chief talent and development officer said, “We are proposing to change it to time and a half for hours worked up to six hours for branches, and up to eight hours for InfoZone.”
Galarce said the difference between the branches and InfoZone is the hours they are open.
Board member Palacio asked, “Where did the number six come up? What’s the reasoning behind six?”
Galarce said it’s because of the difference in scheduling for home and visiting branches.
“We received feedback from the staff association and the union that employees were not satisfied with the Sunday credit hours,” she said. “We’re trying to revise something that will be a little more favorable for the staff that work on Sundays.”
The board approved the resolution.
WHAT’S NEXT?
- The next Indianapolis Public Library Board meeting is 6:30 p.m. July 22 at 3660 East 62nd Street
This brief is adapted from notes taken by Documenter Sarah Herrera, who covered the June Indianapolis Public Library Board of Trustees meeting. Read more about what happened here. Want to join Documenters? Learn more here.