SIMI VALLEY : Library Agency Gets Funds to Offset Cuts
A joint city-county agency will make a $214,200 no-interest loan or grant to Ventura County library officials to prevent layoffs at the Simi Valley Public Library.
The Simi Valley Civic Center/Joint Powers Authority Governing Board, formed in 1977 to issue bonds to build the Simi Valley library, has agreed to transfer $214,200 from its reserve fund to the Ventura County Library Services Agency, county library officials said.
The funds, which will come in the form of either a no-interest loan or grant, essentially will allow the library agency to skip paying this year’s installment on the Simi Valley library’s construction bonds.
Each year, the library agency pays $214,200 to the joint powers authority to cover bond principal and interest, library agency Director Dixie Adeniran said.
Being allowed to skip this year’s bond payment will alleviate expected funding cuts and allow the library agency to avoid layoffs this year.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
