Library district tries again for bonds

Adrienne Packer

Wednesday, April 4, 2001 | 10:01 a.m.

The Clark County-Las Vegas Library District will try one last time Thursday to persuade the county's Debt Management Commission to approve placing a $46.5 million bond question on this summer's municipal ballot.

The district's scaled-down proposal -- which would fund four new fully equipped libraries in the Las Vegas Valley -- was met with a lukewarm reception when it was considered by the commission last month.

Because only seven members of the 11-member board were present during the last meeting, the commission agreed to reconsider the proposal during a special session at 4 p.m. Thursday in the Joshua Room at the County Government Center.

The Debt Management Commission, made up of elected officials from each jurisdiction, will not only consider the bond question but also whether to raise property taxes to expand and improve the library system.

One question before the commission is whether to approve a property tax levy over a 20-year period that would amount to an average of $2.63 a year for a new home with an assessed value of $100,000.

A second question is whether to levy an additional tax rate for library purposes. That adjustment would be 2 cents per $100 assessed valuation during a 30-year period or about $6.38 a year per new homes worth $100,000.

The $46 million proposal was more acceptable to debt management commissioners than the district's initial plan -- a $73 million bond issue that would have funded six new libraries.

Commissioners were mostly concerned that because the general obligation library bond issue would raise property taxes, it affects tax rate caps throughout the valley.

State law sets the tax rate cap at $3.64 per $100 in assessed property value. Government entities try not to exceed 90 percent of that figure so they can reserve funds for emergencies such as the upcoming threat of the deregulation of the electrical industry.

Many Clark County townships and the city of Las Vegas are teetering on the 90 percent mark, and elected officials said they will prioritize bonded projects until more bonds expire.