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Springville paves way for library bonds

SPRINGVILLE (Deseret News) — City leaders are looking forward to May 26 when $9.8 million in municipal bonds are finally funded.

The city is raising property taxes by $59 annually on a $220,000 median-priced home, down from the $63-per-year estimate when voters approved the bond measure in November 2008. The increase will be reflected in the November annual property tax collection.

The planned 35,000-square-foot, two-story library will replace the aging structure at City Hall, now more than 40 years old. The budget for the library exceeds $14 million, and it should be completed by next year.

The City Council passed a resolution Tuesday setting the guidelines for the bonds, including a term of 21 years to pay them off and a 30-day contest period, which ends May 7. On May 18, the municipal bonds are scheduled to be sold to raise the $9.8 million, pending a continuation of favorable market conditions, finance director Bruce Riddle said.

The city has been knocking down the old police and fire station to make way for the new library. Police Chief Scott Finlayson expressed gratitude to the City Council for the recently completed public safety building. The old building came down easily and likely would have collapsed in an earthquake, Finlayson said.

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