Finances 2

$4.5 budget impasse loan

DateDraw on $4.5 million
construction loan
for construction costs
InterestTotalBalance Remaining
Total$4,149,518.27$120,684.48$4,270,202.75$229,797.25
$4,500,000.00
2/10/16$200,000.00200,000.00
3/02/16$155,388.42$155,388.42
3/21/16$520.83$520.83
4/06/16$157,859.47$157,859.47
4/15/16$146,660.89$146,660.89
4/25/16$1,237.35$1,237.35
5/09/16$1,986.10$1,986.10
5/10/16$522,270.01$522,270.01
6/08/16 $3,574.84$3,574.84
6/13/16$408,900.62$408,900.62
7/13/16$4,673.96$4,673.96
7/22/16$385,366.17$385,366.17
8/10/16
$5,740.00$5,740.00
8/26/16$536,853.39 $536,853.39
9/06/16$6,997.42$6,997.42
9/21/2016$292,084.31$292,084.31
9/23/2016$5,800.00$5,800.00
10/06/2016$8,318.29$8,318.29
10/19/2016$458,137.64$458,137.64
11/03/2016$9,936.79$9,936.79
12/02/2016$450,840.10$450,840.10
12/15/2016$102,669.53$102,669.53
12/16/2016$7,500$7,500
12/18/2016$15,054.68$15,054.68
1/18/2017$12,402.42$12,402.42
1/24/2017$265,705.93$265,705.93
2/06/2017$7,940.67$7,940.67
2/17/2017$10,789.97$10,789.97
3/18/2017$17,099.42$17,099.42
3/20/2017$11,965.88$11,965.88
3/29/2017$42,691.82$42,691.82
4/06/2017$13,297.20$13,297.20

The State of Illinois has a contract with the DeKalb Public Library to pay the DKPL $11.6 million. The first two distributions occurred on schedule at the 30% mark and the 60% mark. $6,000,000 was the total of the two checks.

The State of Illinois owe us the remaining amount of $4.5. This is bond money—the bonds were sold and this money is available once a budget is passed.

To save the taxpayers money in the long run, the library borrowed the $4.5 needed for completion and will have expended that $4.5 amount of money by completion of the project in summer of 2016.

We are still waiting for the State to pass a budget in which the bond money can be “re-allocated” to the three libraries that are still due funds. All three, Aurora, DeKalb, Chicago Public had multi-year projects.