October 29th, 2012 9:12 am | by NIGEL JAQUISS News | Posted In: Multnomah County, PDX Votes, Politics

Library Taxing District Campaign, Nearly Out of Cash, Borrows Big

Backer Kicks in a $300,000 Loan

lede_library_3839Photograph by Thomas Allen (courtesy of Foley Gallery, NY)

The campaign for a permanent Multnomah County Library taxing district has already spent more than $1 million but is leaving nothing to chance in its effort to pass Measure 26-143 on Nov. 6.

Over the weekend, the campaign disclosed borrowing $300,000 from William R. Swindells, a local investor who earlier made a $100,000 contribution to the campaign. The campaign agreed to pay Swindells 3.5 percent interest on the loan.

With that cash infusion, the library campaign has raised $1.225 million and now has $387,000 on hand. Campaign officials weren't immediately available for comment Monday.

The measure would increase the tax rate for libraries from 89 cents to $1.24 per $1,000 of valuation.

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