Sacramento assistant city manager John Dangberg today confirmed the North Natomas Library project will continue to completion without delay and without an interim loan from the North Natomas Finance Plan.
A loan from the NNFP was being considered to keep the project moving forward despite a lag in state funding. According to Dangberg, there have been favorable developments in the bond market and "the State had a bond sale this week that went better than expected. This may result in the State issuing additional bonds that would speed the delivery of the $7 million library grant to the City."
Meanwhile, city officials are pursuing a new option offered by the State whereby municipalities with pending state funded projects can purchase bonds with pension funds under a private placement. Proceeds of the bond sale would fund that municipalities projects.
In the event one of the above options does not occur within the needed time frame, the city will pursue an interim loan for the library through the Public Transit Fund.
