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Strong libraries help make strong communities. An entire community worked throughout 2021 to refinance the Oswego Public Library 30 years bonds used for building renovation and construction.
Similar to refinancing a home mortgage, where a new interest rate results in lower annual payments, the reduced charges will save the Oswego Public Library almost $750,000 over the next 15 years. The new 15 year bonds were sold off last Thursday and the 2006 bonds redeemed. Additionally, all other outstanding debt was consolidated and will be paid off by the end of 2023. A great deal of work was performed by multiple organizations including the library staff and the library Board of Trustees.
Says L. Michael Treadwell, CEO, "The Oswego County Civic Facilities Corporation was created by the Oswego County Legislature working with the County of Oswego IDA for the sole purpose of helping to finance eligible non-profits with tax exempt bonds. In 2006, $6 million in bonds were issued to finance an $8.6 million renovation and expansion project for the Oswego School District Public Library. Now 15 years later, we are pleased to be able to provide $3.9 million in bond financing at favorable terms to refinance the outstanding bond debt that will save the Library about $750,000. The Oswego School District Public Library is a tremendous community asset for Oswego and the surrounding area. We are proud to have been a part of the team that worked so diligently to pull this together for the community’s good," said L. Michael Treadwell, CEO of the Oswego County Civics Facilities Corporation.
The 30 year bond was taken out in 2006 to fund the renovation and expansion of the historic building. The Oswego Public Library is America's oldest public library still in its original building having opened to all people before the Civil War. The Board of Trustees looks forward to pursuing community needed services with the money freed through lower bond payments.
