Library planning to pay off mortgage ahead of schedule
The Morgan County Public Library has nearly achieved what most homeowners dream of — getting rid of their mortgage payment.
Library board member Connie Perry announced last week that the library’s $500,000 mortgage — borrowed from the USDA Rural Development in September 1998 to buy the old Johnson House and turn it into a public library — is just about to be retired.
The total cost of the library project was $1.3 million.
A combination of fundraising, a targeted capital campaign and a state Library Commission grant will wipe out that debt, reducing a
30-year loan to a 10.5-year debt.
The library raised $92,000 through its fundraising and received a $43,000 Library Commission grant as well. Library records indicate their payoff amount is a little more than $174,000, leaving them some cushion for future repairs and maintenance of the building.
“When Glen Stotler appointed me to be the head of the building fund committee, I didn’t realize I’d be raising funds for 11 years,” Perry joked.
“We’ll be saving a tremendous amount in interest,” by paying off the mortgage early, Perry said. The library will be eliminating a $3,000 monthly mortgage payment.
She expects an official pay-off to happen on April 1, but the library is only waiting on a final payoff document from the USDA to complete the transaction.
The Library’s Board of Trustees will assume the title to the building, which will remain the property of the Morgan County Building Commission, Perry said.
She said a mortgage-burning celebration will be held to mark the occasion.