Feb. 9, 2022, CRESTON, IOWA—The Southwestern Community College (SWCC) board of directors met on Tuesday, Feb. 8, 2022, at 5:30 p.m., in the Administration Center board room.
The board set a public hearing for review and approval of the college’s fiscal year 2023 budget. The public hearing will be held on March 8, 2022, at 5:30 p.m., in the board room of the college’s Administration Center.
Tia Samo, SWCC chief financial officer, spoke to the board regarding the dorm revenue bond refunding. Samo introduced Maggie Burger, representative for Speer Financial of Waterloo, who spoke to the board by phone describing the amount of savings available based on the offer received earlier in the day.
The board was reminded of the choice to apply $500,000 to reduce the amount of principal and the choice to shorten the term of the bond. There is a projected gross savings of approximately $1.5 million, and a lower interest rate of 2.1083 percent for the duration of the loan. Burger related the outlook of interest rates, pointing out interest rates in coming months look to increase before decreasing.
Following Burger’s presentation, the board approved the required resolutions and documentation to move forward with the refunding. Such resolutions included directing the sale of dormitory revenue refunding bonds, appointing trustee, approving the first supplemental indenture and authorizing execution of same, approval of the tax exemption certificate, the continuing disclosure certificate, and the authorizing of the issuance.
The board then spoke about the evaluation of college CEO Dr. Marjorie McGuire-Welch. Vice President Fred Shearer, who led the meeting due to the absence of Board President Tony Cass, said the evaluation, which will be Welch’s first, will be conducted through an online survey distributed to board members. Board members should watch for the survey to come electronically for completion.
In personnel, the board approved the early retirement of Tom Lesan, vice president of economic development. Lesan, who was recently honored for 40 years of service to the college, was originally hired as SWCC’s coordinator of adult education in January 1981. In 1986, Lesan became the college’s director of economic development. He transitioned into the role of assistant to the president in 1991 and was promoted to vice president of economic development in July 1992. Lesan’s last day at the college will be June 30, 2022.
Kim Bishop, SWCC dean of student services, presented the Fall 2021 Demographic Report. The report included information regarding enrollment, student demographics, on-campus residency, retention, and region XIV high school data and enrollment.
Bishop reported to the board that spring 2022 enrollment is at 1,506 students. This is a 4 percent increase from spring 2021 enrollment. Bishop said total credit hours are also up for the spring semester. Students are enrolled in 13,700 credits, an increase of 6 percent from spring 2021.
Jerry Smith, SWCC board member from Osceola and Iowa Association of Community College Trustees (IACCT) representative, gave a brief report on the IACCT January board meeting.
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