Library Sells Bonds to Fund Renovation Project

Why are these people smiling?

Pictured: Dick Barch of Stauder, Barch & Assoc Inc, Jeff Aronoff of Miller Canfield Paddock & Stone P.L.C., Judy Carney, PCPL Trustee, Joan McCloskey, PCPL Treasurer and Mary Press, PCPL Secretary

They are smiling because they have just witnessed the successful sale of bonds by the library to fund the new library building project.  Originally intending to seek funding from the USDA, the library board discovered that they were able to raise the money in the commercial market.  By law, the USDA only funds projects as the "Lender of last resort" - that is, for projects that cannot find funding in commercial markets. The project can now go forward with site plan approval hoped for in September.