The Crystal Lake Library Board asked for its $31 million advisory bond referendum to be held on Presidential Election Day.
I have talked to two political types who advised the Board to wait until a lower turnout election.
Had two new library opponents not filed for the Crystal Lake City Council, I am not at all certain that the Library Board would have withdrawn its request for a second referendum for April 4th.
Only 15% of the voters turned out.
In Crystal Lake there were something over 3,000 voters.
By contrast, supporters of the November referendum (66.6% of registered voters turning out countywide) cast 8,453 votes.
Somehow I think supporters of building a new library in Crystal Lake could have marshaled a majority of the 3,000-some votes cast in Crystal Lake on April 4th.
Of course, if a tax hike referendum had been on the ballot there might well have been a higher turnout in Crystal Lake and any councilman on the ballot who had voted for it might have h ad a target painted on his back.
At any rate, the Geneva Library held its referendum on April 4th.
And, it passed.
The vote was 3,268-3,772.
It was obviously a close election: 50.2% to 48.96%.
The turnout was much higher than in McHenry County.
It was 32.52%. (The Kane County Clerk reports turn for each election jurisdiction.)
Geneva’s may have been high because there were two tax hike referendums on the ballot.
The other one was for the Kane County Forest Preserve District.
The Geneva Library Referendum held on April 4, 2017 to issue $21,800,000 in bonds (that’s principal only) passed by a vote of 3,868 (50.20%) to 3,772 (48.96%), by a margin of 96 votes (1.24%).
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Geneva Patch
Geneva Library Referendum: Follow Results Here
by Arnie Rowland
April 4, 2017
“If approved, property taxes for the owner of a $300,000 home within the Geneva Public Library district would increase by $98.70 per year.”
https://patch.com/illinois/geneva/should-taxpayers-pay-more-new-library-geneva
YouTube
Christine Lazaris channel
$300,000 in Existing Reserves
GPLD New Building Plans: Information About How Much it Will Cost
(GPLD = Geneva Public Library District)
published March 15, 2017
– $300,000 in existing reserves
– $21.8 million in 20 year bonds
$8.25 / month
http://www.youtube.com/watch?v=X7O2uBqYXHs
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$8.25 x 12 = $99
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Will the cost be $99 per year, for 20 years?
$99 x 20 = $1,980
Where is the proposed debt service schedule including:
– annual principal payment
– annual interest payment
– total payment (principal + interest);
itemized each year, for 20 years.
Here is the proposed debt service schedule for the Geneva Library District referendum.
http://www.gpld.org/sites/default/files/policies/FinancialReport.pdf
– $21,800,000 principal
– $10,814,515 interest
– $32,614,515 total
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33% of the total is for interest.
$10.8M is bond interest payments from property taxpayers to municipal bond investors