November 1, 2011 Minutes of Special Meeting
The Board of Trustees of Illinois Valley Community College District No. 513 convened a special session at 6 p.m. on Tuesday, November 1, 2011 in the Board Room (C307) at Illinois Valley Community College.
Members Physically Present
Dennis N. Thompson, Chair
Leslie-Anne Englehaupt, Secretary
Michael C. Driscoll
Larry D. Huffman
James A. Narczewski
Members Present Telephonically
Melissa M. Olivero, Vice Chair
David O. Mallery
Members Absent
Brad Cockrel, Student Trustee
Others Physically Present
Jerry Corcoran, President
Rick Pearce, Vice President for Learning and Student Development
Cheryl Roelfsema, Vice President for Business Services and Finance
Lori Scroggs, Vice President for Planning and Institutional Effectiveness
CONSIDERATION AND ACTION ON A RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION COMMUNITY COLLEGE BONDS FOR THE COLLEGE
Mr. Dennis Thompson, Board Chair, announced the next item on the agenda would be the issuance of the District’s general obligation bonds to be issued by the District to pay claims against the District, and that the Board of Trustees would consider the adoption of a resolution providing for the issue of said bonds and the levy of a direct annual tax sufficient to pay the principal and interest thereon. Mr. Thompson presented the following resolution, copies of which were made available to all in attendance at said meeting who requested a copy:
RESOLUTION providing for the issue of $5,000,000 General Obligation Community College Bonds, Series 2011, of Community College District No. 513, Counties of LaSalle, Bureau, Marshall, Lee, Putnam, DeKalb, Grundy and Livingston and State of Illinois, and the levy of a direct annual tax sufficient to pay the principal and interest on said bonds.
It was moved by Dr. Huffman and seconded by Ms. Englehaupt to authorize the administration to proceed with the issuance of $5,000,000 General Obligation Community College Bonds, Series 2011, for the purposes of paying claims.
Mr. Kevin Wills of First Midstate Investment Bankers of Bloomington reported the overall trend in the interest rates on bonds in the past few weeks has been stable and the borrowing rate is phenomenal. IVCC’s tax-exempt interest rate on the bonds, to be repaid over five years, is 2.36 percent. All $5 million in bonds were purchased by IVCC district banks. The first payment is due on December 1, 2012 and the last payment on December 1, 2016.
Although Mr. Mallery supports the Community Technology Center and the programs, he cannot in good conscious, vote to borrow the money when the College has reserves that could be used for the match. Mr. Thompson noted that this has been discussed by the Board Finance Committee and the Board and a decision was made that the best use of the reserves is to keep them on hand for contingency purposes. Mr. Narczewski agreed and stated there may be a need for some of the reserves to be spent on the Ottawa Center for a computer lab.
Roll Call Vote: “Ayes” – Mr. Narczewski, Dr. Driscoll, Dr. Huffman, Ms. Olivero (telephonically), Ms. Englehaupt, and Mr. Thompson. “Nays” – Mr. Mallery (telephonically), motion carried.
OTHER
The administration is planning a Capital Campaign event at 6:30 p.m. on November 15 in Room C316. Dr. Corcoran would like it to be a stand-alone event and have the regular board meeting begin at 7:30 p.m. It was moved by Mr. Narczewski and seconded by Dr. Huffman to change the time of the November 15th Board meeting from 6:30 p.m. to 7:30 p.m. Motion passed by voice vote.
ADJOURNMENT
It was moved by Dr. Huffman, seconded by Dr. Driscoll, and carried unanimously to adjourn the meeting at 6:15 p.m