The city and St. Catharine College teamed up recently to move along in the construction of the Emily W. Hundley Library and School of Graduate Studies.
At a Sept. 29 special-called public hearing, the second reading was approved for an issuance of Industrial Building Revenue Bonds of up to $3 million to SCC.
“This will allow St. Catharine to utilize the Industrial Revenue Bond Market to realize an attractive interest rate on their loan in financing their newly planned facilities,” Laurie Smith, city administrator, said. “The city is a pass-through governmental agency, making this bond issue possible. Springfield is delighted to see St. Catharine’s growth and it makes our community shine.”
According to an advertisement announcing the public hearing, published in the Sept. 14 edition of The Springfield Sun, “the bonds shall not represent or constitute a debt or pledge of the faith and credit or the taxing power” of the city of Springfield.
“With the approval of the bond and the money raised, it puts us in an excellent position to begin soon with the construction of the Emily W. Hundley Library and School of Graduate Studies,” SCC president Bill Huston said. “The project plans are now being studied by contractors and final proposals will be submitted to the college around Oct. 20. We should be able to announce the final (proposal) for approval for a construction team and begin construction in early November. This needed addition will be the ‘centerpiece of campus’ and provide many more services than just a library.”