The Champaign City Council voted 8-1 Tuesday to issue $24 million in bonds to pay for the city’s new public library.

Bank of America won the bonds with the lowest bid, offering the city a 4.16 percent interest rate.

The bonds, which essentially amount to a large loan to the city, came at a good rate, Champaign Finance Director Richard Schnuer said. The city was helped by an AAA credit rating from Fitch Ratings. Only three cities in Illinois have received an AAA rating, Schnuer said.

The one dissenting vote came from Councilman Ken Pirok, who said he felt the library cost more than necessary and that the financing for the loan, which includes sales and telecommunications tax hikes, is inappropriate.

“The sales tax and the telecommunications tax are inappropriate taxes because they’re regressive taxes,” Pirok said. “Everybody has to have a phone, and you’ll be taxed money for using it. It’s wrong to tax a utility if it’s a necessity.”

On the other hand, Councilman Tom Bruno was enthusiastic about the bonds and dismissed concerns about the city borrowing such a large sum.

“The fact of the matter is … we are about to make one of the most significant purchases the city has ever made,” Bruno said. “The public should have no concern whatsoever about this borrowing.”

Champaign Mayor Gerald Schweighart said the building would not be necessary if the council had spent enough money on the old library.

“This building is going to be built to the standards it should have been built initially,” Schweighart said.