Terms for purchase of Trinity Hall was under discussion at the meeting of Cobourg Library Board and Town finance committees last Wednesday.
Acting finance chairman, Thomas asked Chairman Harry Deyman if the Trinity Church Presbytery had agreed to terms end conditions of the offer to purchase and was assured this was so. If that were the case the Mayor said, he could not see any reason why the money could not be paid by the Town for the building. The understanding was that the Town would not need permission of the Ontario Municipal Board for purchase, since it would not immediately float a debenture for payment, but would borrow funds at 50 3/4 percent locally.
Mayor Heenan asked if the Board understood that the price received for the old library building when sold, would go towards retirement of debt on the new quarters and Mr. Deyman said it did.
In a motion made October 1 last year, Mr. Barnett said, Council agreed to authorize an expenditure of $27,000 on the building and $18,000 for renovations if approval were granted by O.M.B. Some service clubs have been contacted and have generously offered to assist the Library in furnishings and contributions, the secretary said. Reeve Thomas mentioned that in the past the employees of big industry in Cobourg have been extremely kind in helping the Town with different projects.
Asked if the Board knew how much money would be required to renovate the building, Mr. Deyman replied the Board would not know until cost of heating and lighting equipment were assessed and an architect, under the guidance of the Board, had been hired to assess cost of renovation.
Both bodies agreed it would be desirable to have a public subscription campaign to reduce the debt on the new building. The point was raised by the Reeve who said that Town Finance Committee were fighting to keep the mill rate down as far as possible. "I said last year, a very substantial amount could be raised if a public subscription were launched."
