The Galesburg City Council was approached last night with an offer to invest in the community and potentially make more interest than other current investments.With a state deadline scheduled to provide proof of matching funds for a grant, the Galesburg Public Library was requesting monies from the City.
Those funds, if transferred through the purchase of debt certificates, would ensure the Galesburg Public Library maintains its position on a list of possible grant recipients.
Although funds have not currently been allocated for the grant by the state, the Library is hoping monies would at least be considered with any new capital bill proposed by the Governor in the state’s next fiscal year.
The Library was seeking a 5-million dollar investment, but the Galesburg City Administration recommended last night to the City Council to invest 2-million dollars.
Sixth Ward Alderman Wayne Allen says there are other investments that could be more fruitful through cost savings.
“I don’t think this is a big deal that we’re gonna make that much money there, we can make more money using it our self by saving it for the years down the road.”
Aldermen had several questions for representatives of the Library, many of which have been addressed in previous months by the Library’s own Trustees.
The proposal calls for borrowing 5-million dollars at an interest rate to be determined with a 60-month maturity.
The City Administration recommended that interest be set at 1.7% and that the certificates be available for an “open call.”
A decision on the debt certificate purchase and an advisory referendum will likely be considered at the next City Council meeting.