|
|
Public Library Facilities Bonds
Shall the Board of Supervisors of Fairfax County, Virginia, contract a debt, borrow money, and issue bonds of Fairfax County, Virginia, in addition to the public library facilities bonds previously authorized, in the maximum aggregate principal amount of $52,500,000 for the purpose of providing funds, with any other available funds, to finance the cost of providing additional public library facilities, the reconstruction, enlargement, and equipment of existing library facilities, and the acquisition of necessary land?
Explanation
Virginia law permits the Fairfax County government to borrow money to finance the acquisition of land, materials, and equipment to construct projects by issuing general obligation bonds. General obligation bonds obligate the County to repay investors from future tax revenue. Before the County can incur general obligation bond debt, the voters of the County must authorize the County to borrow those funds.
The question being presented in this bond referendum asks the voters of the County whether the Fairfax County government should be authorized to contract a debt and issue bonds in the maximum amount of $52,500,000 for library projects. The County must use the proceeds for the library purposes set forth in the ballot question and currently plans to fund the following projects, which may be modified in the course of ongoing deliberations concerning the County's capital improvement program.
Library Construction -- $18.8 million
Bond funds will be used to construct two new library branches. The need for new branches is evaluated on factors such as current demand for library services and projected population growth. The proposed branches will help accommodate the system's five million visits per year, more than 11 million book loans, and 4,000 events. The Burke Centre Library will be a 17,000 square-foot branch with a distribution and storage center. It will be located in the Braddock District, which is projected to have a 6.6 percent growth in population by 2020. The Oakton Library will be a 17,000 square-foot branch located in the Providence District, projected to have a 15 percent population growth by 2020.
Library Renovation -- $29.5 million
Branches are selected for renovation based on the age, condition and use of each facility. The Thomas Jefferson Library in Falls Church opened in 1962. It is located in Mason District, which is projected to have an 8.7 percent growth in population by 2020. The planned renovation will expand the branch to 16,500 square feet.
The Richard Byrd Library in Springfield opened in 1965. It is located in Lee District, which is projected to have a 28.8 percent growth in population by 2020. The planned renovation will expand the branch to 18,200 square feet.
The Dolley Madison Library in McLean opened in 1967. It is located in Dranesville District, which is projected to have a 13.3 percent growth in population by 2020. The planned renovation will expand the branch to 19,250 square feet.
The Martha Washington Library in Alexandria opened in 1969. It is located in Mt. Vernon District, which is projected to have a 29.7 percent growth in population by 2020. The planned renovation will expand the branch to 17,990 square feet.
Library Renewal -- $2.5 million
Bond funds also will be used to replace and repair major structural components or building systems in existing library facilities.
Studies for Future Renewal Projects and Contingency -- $1.7 million
Funds remaining from construction and renovations may be used for the preliminary design of major renovations needed at five other library branches.
|
