The Pendleton library will be able to afford a few more books in its next budget cycle.

City council unanimously agreed Tuesday to move about $700,000 in library funds from the city to the Oregon Community Foundation, which will offer the library a 4.5 percent interest rate.

Prior to Tuesday’s decision, the library’s endowment received 2 percent interest from the airport. The Eastern Oregon Regional Airport borrowed the funds in order to pay for operating expenses.

The council’s approval comes two years after the Pendleton Friends of the Library requested the transfer to OCF. The movement of funds will reduce the city’s borrowing capacity, as both the city and the library cannot touch the principal while it’s held by OCF.

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