January 21, 2004
Board authorizes lease purchase agreement to fund remodeling, new building
The Cowley County Community College Board of Trustees adopted a resolution Tuesday night to enter into a lease purchase agreement for funds that will be used to build a new classroom building, remodel the south portion of W.S. Scott Auditorium, and to pay for the costs of refunding series 1998 certificates of participation.
The Board also approved bids by Bank of America on $3.55 million of COPs (new money) and the refunding of COPs in the amount of $1,930,000. Bank of America's average annual net interest rate on the refunding is 2.913 percent. Its average annual interest rate on the $3,550,000 is 3.585 percent.
John Haas, representing Ranson Financial Consultants of Wichita, told the Board he was pleased with Bank of America's bids. Bank of America's bid had a net interest cost of $52,000 less on the $3.55 million issue than the second-place bidder. There were four bidders on the $3.55 million issue. On the $1.93 million issuance, in which there were three bidders, Bank of America's bid would save the college about $107,000.
"You've got a good deal today," Haas said.
"I think we received some pretty attractive interest rates," Board member Mark Paton said.
Haas said funds would be available Jan. 29. Construction on the two projects is not expected until March, just as soon as the Tiger basketball teams are finished with their seasons. The remodeling of W.S. Scott Auditorium will include expanded restroom facilities for women and men, a new concession stand, ticket booth, and Tiger Athletic Hall of Fame room. The project is expected to be completed in the fall.
The classroom building, to be built on the southeast corner of Third Street and Washington Avenue, is expected to be completed by summer 2005.
In other matters, the Board:
- Saw Dr. Pat McAtee, president, present a gift to Jake Conley, sophomore communications major, for being named January Student of the Month.
- Approved a proposal by Associated Theatrical Contractors in the amount of $118,452 to install a lift in the orchestra pit in the Robert Brown Theatre. When the Brown Center for Arts, Sciences and Technology was built, it did not include a lift for the orchestra pit. Tony Crouch, vice president of business services, told the Board that the pit has been taken apart piece by piece for the last eight years. "It's becoming a safety issue," Crouch said. "Those pieces are heavy." The College Endowment Association will pay $50,000 of the cost, while the remainder will be paid for out of the current year's budget.
- Viewed a spring 2004 enrollment report which indicates that as of Jan. 14 there were 2,903 full-time students enrolled, compared to 2,680 on the same date a year ago.
- Accepted the audit contract from Parman, Tanner, Soule and Jackson to audit Board Funds, Student Activity Funds, and Financial Aid Funds for the 2004-2005 fiscal year. The firm's fee will be $14,600 to audit Board Funds and Student Activity Funds, and $7,455 for the Compliance Audit.
- Approved the following personnel transactions:
- Letters of resignation from Mike Swain, aviation technology program director; Mark Jarvis, Service Learning Central coordinator; Lora Jarvis, IMPACT administrative secretary; and Rick Ratley, preventative maintenance supervisor. Approved the employment of Chad Topper, building custodian; Venessa Roberts, part-time testing and career center assistant; Dawn Brown, aviation program lead instructor at Strother Field; Robert G. Morphew, aviation program lead instructor for the Aviation Tech Center in Wichita; Sean Harris, aviation program lead instructor for the Aviation Tech Center; and Randy White, aviation program lead instructor at the Aviation Tech Center.
- Held an executive session to discuss property and non-elected personnel. No action was taken.