Not a thing in the world more tangible than an excessive caution which sees lurking monsters of debt behind every bus and tree in the district now stands between Yorba Linda and the acquisition of a beautiful new library building, members of the district board are saying this week in a quiet canvass of public sentiment for a rebuilding scheme which won't cost anyone a penny, according to proponents.
The scheme itself is not difficult nor complicated and it is eminently feasible, according to the same authorities.
First and foremost the district is sadly in need of adequate library housing facilities. The library itself is good; the building which houses it inadequate and unsafe in the bargain.
The district now has on hand a cash balance of approximately $1000 in the form of surplus. This money accumulates every year at the rate of about $200 per year.
To build an adequate library on the triangular lots owned by the district would cost an estimated $5000 to $7500. Three or four thousand of this can be had through WPA if quick action is taken. The balance, about $1500 must come from local sources.
The thought is to vote bonds—or if the district can borrow directly, do it that way—in the amount of $1500, bonds to be amortized at the rate of about $200 per year from surplus. The bonds themselves can now be sold for as low as 3 ¾%.
Thus the library building could be rebuilt, the old building sold or turned into a home and rented and the income thus derived used to pay off the indebtedness incurred in the building move.
It is also pointed out that the library district is much larger either than the townsite or school district, and if any question of meeting bond payments should come up later, such payments would become an inconsiderable addition to the tax rate.
But there is need for quick action, proponents are advising.
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