The News Courier in Athens, Alabama

Local News

September 22, 2013

Compass Bank selected for $1M interim library loan

ATHENS — Library Foundation officials selected a proposal from Compass Bank in Athens for a $1 million line of credit during Thursday’s board meeting at the Athens-Limestone Public Library.

Compass submitted the lowest proposal for the three-year interim loan, said Library Foundation Vice President Susan Ming. She said four local banks submitted formal proposals.

“Compass had the most competitive rate of interest, and this is a good time to borrow money,” Ming said.

During its Aug. 22 board meeting, the Foundation agreed to borrow the money to temporarily finance a portion of the second phase of the new library being built in the former Kroger building on South Jefferson Street in Athens. Ming said the line of credit would be available in advance of Phase II interior work.

Library fundraising consultant Debbie Joyner previously said the Foundation Board has raised $6.1 million, with about $200,000 in outstanding pledges and $500,000 from a planned estate gift.

The Southard Trust, the library’s endowment fund, has contributed $1 million toward construction of the 38,427-square foot library. Joyner said the board has set a goal of replenishing the $1 million from the trust, while also repaying through further fundraising and pledge collections any money drawn from the $1 million line of credit.

Joyner said Phase II drawings and bid packages would be ready by late October or early November. The exterior work of Phase I is scheduled for completion by Nov. 30, and the new library could be finished by June 2014, according to construction officials.

1
Text Only
Local News
Photos


Poll

Do you believe America will ever make another manned flight to the moon or another planet?

Yes
No
     View Results
Facebook
AP Video
Raw: Families Travel to Taiwan Plane Crash Site Arizona Execution Takes Almost Two Hours Gen. Odierno Discusses Ukraine, NATO at Forum Gaza Fighting Rages Amid Cease-Fire Efforts Mint Gives JFK Coin a Face-lift Creative Makeovers for Ugly Cellphone Towers Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee