SEQUIM — The North Olympic Library System has financed its $4.49 million expansion and remodel of the Sequim Library through the State Treasurer’s office and its sale of Certificates of Participation.
“The new library will not only include critical infrastructure improvements, it will become an accessible, flexible and sustainable community hub that will be used for decades to come,” NOLS executive director Noah Glaude said.
“The library is fortunate that partnering with the Treasurer’s Office on financing will help keep project costs as low as possible.”
In early June, millions of dollars in low-interest financing was made available for projects across the state with the help of State Treasurer’s office. The $42 million sale of Certificates of Participation (COPs) provides an affordable option to local municipalities and state agencies to finance projects, acquire fleet, fire and medical emergency response vehicles, and other essential equipment.
Three times a year, the state treasurer pools financing requests from state agencies and local governments into the competitively sold COPs, allowing state agencies to acquire equipment and real estate under the umbrella of the state’s credit.
The process, state officials note, leverages Washington’s strong ratings to help local governments secure financing at the lowest possible interest rates — ultimately reducing costs and saving taxpayer dollars, they said.
“The partnerships created through the LOCAL program exemplifies the value created in government-to-government collaboration,” State Treasurer Mike Pellicciotti said in a press release.
“When we come together, not only are we able to reduce costs by leveraging our state’s exceptional credit standing, but we’re able to efficiently and effectively deploy resources that can be the difference to make needed local projects a reality.”
Participants in the June COP sale included public colleges, two state agencies and several local municipalities, including four fire districts, three school districts and two cities.
This is NOLS’ first time partnering with the State Treasurer’s office to obtain low-interest financing.
The June sale financed many other purchases, including three emergency response vehicles and the construction of a new fire training facility.
San Juan County Fire Protection District 2 financed a new ambulance, Kittitas County Fire Protection District 6 and Okanogan County Fire Protection District 6 each financed new fire trucks, and Pacific County Fire Protection District 1 financed the construction of a fire training facility for its professional and volunteer firefighters.
