Tag: public pair

$1.3 billion bond issue raises the specter of bankruptcy for Naperville Public Library

Public funding for Napa Valley Public Library will be on the table as a possible solution for the city of Naperville if it gets an infusion of funding from the state, according to a proposal filed with the state Senate on Monday.

Public funding for the library, which has been the subject of criticism for its use of tax-exempt bonds, will be a condition of the bond proposal, said Senator Michael Fendrich, a Republican who represents the Naperville suburb.

Fendrich said the idea is to avoid the type of bankruptcy that occurred at the Public Library of Philadelphia, which went bankrupt in 1997 after its funding was cut off.

The proposal calls for $1,800 per month for each year that the library is in existence, and the state could then provide another $100 per month in funding.

Fendwells office did not immediately respond to a request for comment.

The city of 20,000 was among several California cities and counties to lose $2.5 billion in public funds during the financial crisis.

It was the first major city to file for bankruptcy.

Other cities, including the city’s own Lincoln Park, have taken a more cautious approach to borrowing money.

It remains unclear how many years it will take to raise funds to keep the library afloat.

Fendingrich said he is not concerned about the state’s interest in the issue.

“It’s not like we’re asking them to cut off our funding,” he said.

“I’m not a fan of debt and it’s not the kind of thing that we’d want to be the default on.

It’s not going to happen.”