November 1, 2011 Minutes of Special Meeting
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.
Dennis N. Thompson, Chair
Michael C. Driscoll
Larry D. Huffman
James A. Narczewski
Melissa M. Olivero, Vice Chair
Cockrel, Student Trustee
Jerry Corcoran, President
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
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:
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.
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
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.
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.
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
It was moved by Dr.
Huffman, seconded by Dr. Driscoll, and carried unanimously to adjourn
the meeting at 6:15 p.m