In the interest of fiscal responsibility, the trustees of the Westhampton Free Library voted on a resolution that earmarks more than $3 million for debt repayment and improvement projects.
As part of the July 12 resolution, $1 million has been set aside to repay a portion of the Library’s building bond, which was issued in 2007. The allocation will save about $400,000 in interest payments on the approximately $7.8 million bond, which has almost $5.5 million in payments remaining. Next June will be the earliest the board can make the $1 million payment so that the library does not incur a prepayment penalty. The funds had previously been committed toward land acquisition for a parking lot.
The resolution also committed funds for the following projects:
- $1.27 million for the Library’s current building project, called the Attic Project. The initiative will result in the transformation of 2,750 square feet of unoccupied space into usable space to meet the growing needs of its patrons.
- $50,000 was allocated for the future purchase of new computers for patron use throughout the Library.
- $100,000 is reserved for future heating and ventilation replacement within the Library.
- $623,579 has been set aside for future interior space redesign.