Community Library Bond
Community Library Bond
Quarterly Financial Update
March 31, 2012
Passage of Measure F: In November 2008, the citizens of the City of Gilroy passed Measure F with an affirmative vote of 69.09%, which authorized the City to issue $37 million dollars in general obligation bonds, subject to independent audit and citizens’ oversight. The measure approved an ad valorem tax to finance the acquisition, construction and improvement of the Gilroy Community Library facilities.
Issuance of Debt: In May 2009, the City closed the first series of general obligation bonds for the Gilroy Community Library in the amount of $10.5 million. Standard & Poor’s and Fitch Ratings rated the 2009 bonds “AA” and “A+” respectively. The City issued the second series of bonds in summer 2010. The City’s credit rating was upgraded to AA- by Fitch Ratings.
Project Status: The temporary leased facilities opened to the public in February 2010. The City completed demolition of the existing library in June 2010 and commenced construction in July 2010. The library Grand Opening is scheduled for April 28, 2012.
The following is a summary of the project activity through March 31, 2012 for the City’s library bond measure:
Bond Proceeds $33,976,715
Project Activity (22,330,825)
Remaining Project Funds $11,645,890
Reviewed and approved by the Library Bond Oversight Committee
|