Debt Management Policy

Debt Management Policy

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  • Sno-Isle Libraries provides access to its public records under the provisions of the Washington State Public Records Act RCW 42.56, the Public Records Policy, and the Public Records Request Administrative Policy.  

    The Library makes a variety of records available online, including, but not limited to: 

    Other records maintained by the Library are available for public inspection or copy, unless specifically exempted by law.  

    Use of the Library’s Public Records Request form is the most efficient way to make a request; however, its use isn’t required for a request to be processed. Requests may be submitted in person, via mail, email, or phone. To best assist you, include the following information: 

    • Contact information of requester 
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    • Whether you wish to inspect the records in person and/or purchase physical or digital copies 
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    Anyone wishing to inspect or receive a copy of the Library’s public records or seeking assistance in making such a request should contact the Library’s Public Records Officer: 

    Public Records Officer
    Sno-Isle Libraries
    7312 35th Ave NE
    Marysville, WA 98271-7417
    Phone: 360-651-7026/ Fax: 360-651-7151 

    The more precisely you can identify the record(s) you seek, the more responsive the Library can be. You do not need to state the purpose of your request. However, in an effort to clarify or prioritize a request and provide responsive documents, the Public Records Officer may inquire about the nature or scope of the request. 

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Sno-Isle Libraries Board of Trustees Policy


To establish guidelines for financing capital expenditures through the incurrence of debt in accordance with Washington State law.


The Sno-Isle Libraries (Library District) Board of Trustees (Board) recognizes that the use of debt financing may be an effective tool for the acquisition, construction, improvement, or enlargement of library facilities.

As described in Washington State RCW 27.12.222, the Library District is permitted to incur indebtedness as follows:

  • The issuance of nonvoter approved limited tax general obligation bonds (LTGO Bonds) for any purpose. The aggregate principal amount of the LTGO Bonds, together with the principal amount of all other outstanding nonvoter approved indebtedness, will not exceed 0.1% of the total assessed value of the taxable property within the Library District.
  • The issuance of voter approved unlimited tax general obligation bonds (UTGO Bonds), for capital purposes only. The aggregate principal amount, together with the principal amount of all other outstanding voter approved and nonvoter approved indebtedness, will not exceed 0.5% of the total assessed value of the taxable property within the Library District.
  • The execution of nonvoter approved executory conditional sales contracts for the purchase of real or personal property (e.g. land and buildings, or furniture, fixtures, and equipment). The entire amount of the purchase price specified in such contract will not result in a total indebtedness in excess of 0.75% of the total assessed value of the taxable property within the Library District.

The Library District may choose to structure any such indebtedness such that the interest paid to the entity, investor, or holder of the debt will be tax exempt or will be taxable under federal law.

In addition, the Library District may initiate the voter approved establishment of, and the incurrence of either tax exempt or taxable indebtedness and the issuance of UTGO Bonds by, a library capital facility area (LCFA), as an independent taxing district, separate from the Library District, to finance the capital costs of acquiring, constructing, furnishing, and equipping of a library facility to be operated by the Library District within that LCFA.  The aggregate principal amount of outstanding UTGO Bonds of an LCFA may not exceed 1.25% of the total assessed value of the taxable property within the LCFA.


The Board will consider debt financing in conjunction with the review and adoption of the Library District’s annual budget. The Board will authorize the incurrence of debt only by resolution during the calendar year of the adopted annual budget. The Board resolution will also authorize the Executive Director and appropriate Board officers to approve and execute such agreements and all other related documents for the purpose of incurring such debt and issuing any bonds.

The Library District will obtain financing only when it deems necessary and will endeavor to do so at the most favorable interest rates and reasonable issuance costs.

The Finance Director shall develop and be responsible for ensuring the Library District’s compliance with procedures and guidelines for the incurrence of debt and the issuance of bonds by the Library District that comply will all applicable Washington State and federal laws. In particular, but without limitation, the Finance Director shall be responsible for post-issuance compliance with applicable relevant federal tax laws regarding arbitrage, arbitrage rebate and the use of bond-financed assets, and applicable relevant securities laws regarding ongoing disclosure of material information about the Library District, including, without limitation, audited financial statements.

Associated Policies and Laws


This policy is reviewed every four (4) years by the Executive Director (or designee), who makes recommendations to the appropriate Board committee. The committee reviews the recommendations, revises the policy as necessary and appropriate, endorses, and advances the policy to the full Board for approval.

Policy History

Date approved: July 24, 2023
Next review date: 2027
Adopted: July 24, 2023

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