As one of many steps in the process of renovating and expanding Rushville Public Library the board of trustees has announced the members of the building corporation.
The names were announced at a special board meeting Monday at the library.
Members of the building corporation are Bill Herdrich, Chris Fields and Jane Smiley.
Jane Neuhauser Herndon, financial consultant from Ice Miller, LLP explained the reason for using a building corporation.
“The state statutes and Constitution limit a governmental entity's direct debt to two percent of one-third of its assessed valuation. For the library, if it had an approximate assessed valuation of $315,000,000, it can only issue general obligation bonds of approximately $2,100,000,” she said. “However, Indiana statutes and case law provide that a lease financing does not constitute debt and is therefore not subject to the Constitutional debt limits.”
Herndon also explained how this corporation will function.
“A not-for-profit building corporation issues tax exempt bonds to renovate and improve the library building. The library leases the library facility from the building corporation. The lease payments are used to repay the principal and interest on the building corporation's bonds. Once the bonds are paid off, the property is transferred back to the library,” Herndon said.
She added that this type of leasing structure has been used by school corporations, libraries, cities, towns and counties across Indiana to finance governmental projects.
The board also announced the completion of the design committee with the addition of seventh member Ron Winters.
The design committee members are Wayne Goodman, Steve Alexander, Tim Yazel, Sue Otte, Wilma Jo Kile, Mike Pavey and Ron Winters.
Jan Voiles can be contacted at jan.voiles@rushvillerepublican.com or at (765) 932-2222 ext. 107. Add a comment to this story at www.rushvillerepublican.com
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RPL announces Building Corporation members
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