Why not propose separate bond levies to build the new libraries?
When you create separate, smaller taxing districts to support a new facility, you generally have to sell 20-year bonds to pay for the building. Over the life of a 20-year bond, you would pay significantly more than the actual cost of the library building in interest on those bonds. KRL’s levy proposal would pay for both replacement buildings in Silverdale and Kingston within six years. Taxpayers would save a significant amount from lower finance costs. KRL estimates that taxpayers would pay between $10 million and $14 million more for the building projects in Kingston and Silverdale if we financed them using long-term bonds. That in itself is a savings of about a third of the total cost of the proposed levy. In addition, placing separate bond levies on the ballot would cost KRL at least $120,000 for the elections. That money would be much better used to pay for library services. In the case of Port Orchard, the City of Port Orchard would be the lead agency in building the new library t
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