Creston, IA—The Southwestern Community College (SWCC) board of trustees met electronically in special session on Mon., April 28, 2014, at 8:30 a.m. in the board room of the college’s Administration Center to approve the Preliminary Official Statement of the 2014 revenue bonds and to call the 2006 revenue bonds, as well as the 2006 and 2010 loans from the Southern Iowa Council of Governments.
Teresa Krejci, SWCC chief financial officer, noted the $5.27 million in revenue bonds would be issued for Spartan Court, the new residence hall being constructed on campus. According to Krejci, the bonds will be backed by the dormitory system as a whole and secured by a mortgage on the student housing facilities. Krejci noted the bonds will not be secured by taxpayers or other college assets. Following Krejci’s presentation, the board voted to approve the resolution authorizing and approving the preliminary official statement.
Next, Krejci presented a summary of revenue bonds to the board. Krejci said the payoff principal and interest amount is $569,390.02. She stated reserve funds in the amount of $283,500 and auxiliary funds in the amount of $285,890.02 would be used to pay off the bonds. Following Krejci’s explanations, the board voted to approve the resolution authorizing the redemption of outstanding dormitory revenue bonds, series 2006A, series 2006E, and series 2010B.