h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

RANT ALERT

Heaven save me from bond attorneys, trustees who are eager to stir pots that would best be left alone, city attorneys who won’t return phone calls and mayors who like for things to be off the record.

Technically the city and the library district are separate legal entities. The library is a political subdivision of the state, not of the city. But we can enter into contracts with the city for a number of things. One such contract involved the renovation and expansion of the library facilities. In order to fund this, the city went to the voters to ask for a sales tax increase to create a capital improvements fund. The first project was to be the library expansion. This was a move beneficial to the library in the short term, since we don’t have the legal right to ask for a sales tax, and to the city in the long term, since the tax does not sunset and the city knew full well that the voters would never give them a capital improvements tax if they asked for it in their own right. The good will of the library is what passed the tax. We’re a whole lot more popular with the voters than the city is.

We wound up with a hybrid project. The money technically belonged to the city and the property belonged to the library district. So to secure the funding the city took out a loan from a large bank – the evil empire, in case you’re wondering which one – for the library project and a new fire station. We have nothing to do with the financing. The total liability for repaying the loan is the city’s. But they needed to use the library property as collateral for the loan. So we leased the property to the city and they then leased it back to us for operations.

Enter a recession. With the economy in the toilet, sales tax revenue fell off. Last year the city had to take cash out of the general fund to make the loan payment. So they are refinancing the loan with another bank that is giving them a lower interest rate and is also tying the payment amounts to actual revenue generated by the sales tax. It makes sense. My trustees part in this is to pass a resolution agreeing to break the 2003 lease agreement and enter into a new lease agreement. Shouldn’t be a big deal. Trouble is, instead of just paying off the old loan and borrowing that amount from the new bank, they are adding hundreds of thousands of dollars to pay for a roundabout. Now, this shouldn’t be any of our business, but I have two trustees who are taking exception, and are determined to block the refinancing package.

*pauses for a minute to pound head against wall*

That’s better. Okay. There is a lot of legal mumbo jumbo, but the bottom line is that the library district and our property is protected by the state. The city can’t take it and neither can a bank, even if the city does default. We also retain practical control over the property. This agreement is strictly slight of hand and the library is not going to suffer in any way. It is to no one’s advantage to create a commotion over this. I mean, the city gave us $2 million. In a town this size, that’s a lot of money.

The city is not the enemy. They let us piggy back on their health insurance, retirement plan, buidling insurance, etc. They don't have to do any of this. I can barely afford the group rates, let alone negotiating for those things on our own. I really don't want a feud, can't afford a feud. We need to sign the damned papers and be done with it.

How many trustees are there and do the papers have to be signed by all the trustees, without exception?
Seems somewhat petty if only 1 or 2 not signing could result in more hassle and potential serious financial consequences.
Lets hope an agreement is reached soon, there's enough work without adding unnecessary burdens and cost.

BMT, I have 9 trustees. We only need a simple majority, but my president is out of pocket undergoing cancer treatment, another of the 9 seldom turns up, so if the other 7 show up tonight, I'll need 4 yes votes. I'm sure of 3 yes and 2 no. We'll just see how it goes.

I could come over and help with the Staring. I've got Librarian Stare #7 down to a fine art now.

#7 has always been one of my favorites. We had a cross-eyed circ clerk once who passed out trying to master #7.

Resolution duly passed. Not a pleasant evening. Glad it's over with.

Glad too. Sorry it was such a total stress-biscuit. And breathe.

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Thats great news Hyp.

Thanks guys. The constant wrangling over things we can't or shouldn't change wears me down sometimes. The times when I truly like my job are becoming fewer as time passes.