Published May 16, 2016 3:18 pm
The Southwestern Community College (SWCC) board of directors met on Tues., May 10, 2016, at 5:30 p.m. in the SWCC Administration Center for their regular monthly board meeting.
During the meeting, Tia Samo, SWCC chief financial officer, spoke to the board regarding refinancing of the college’s 2010 dorm revenue bonds due to the availability of lower interest rates. According to Samo, the new rate would allow the college to save $166,000 over the life of the bonds. Maggie Burger, senior vice president of Speer Financial, Inc., was in attendance at the meeting. Burger explained to the board that advanced refunding occurs prior to the scheduled call date on the bonds. The call date for these particular bonds is June 1, 2017. Following the explanations provided by Samo and Burger, the board approved the resolution directing the sale and delivery of $2,039,000 dormitory revenue refunding bonds, series 2016, as well as the resolution appointing trustee, approving the trust indenture, and authorizing the execution of same as presented.