MATTOON — The Lake Land College Board of Trustees voted Monday to release a $5.35-million bond to pay off claims against the school.

During the Dec. 10 meeting, the board hosted a required public hearing, and since the hearing no one filed a petition against the release, Vice President for Business Services Ray Rieck said during Monday’s meeting.

“Over the past several months we’ve gone through every step that is required of us,” he added.

The investor, PMA Securities, Inc. of Naperville, estimated the interest to stay around 1.8 percent after Standard & Poor’s continued the school’s bond rating at AA-, Rieck added.

“A higher rating does make a difference,” Rieck said, citing the state’s recent rate decrease.

With the new 2013 bond series, administrators aren’t looking for the tax rate to increase because it should replace a bond that was retired in December.

Also during the meeting, the board voted to renew the treasurer’s bond which will increase by about $379 because of a rate increase, according to a memo from the consultant.

The trustees also approved the 2013 board schedule and the faculty seniority listing. The seniority list isn’t considered an official document for staff reference until the board approves it, trustee Robert Luther added.

Also during Monday’s meeting the board:

-- Entered into closed session to discuss the release of previous closed session minutes.

-- Heard a presentation by Pathways Director Dirk Muffler about the alternative education program.

-- Discussed proposed revisions to the study abroad and book rental board policies.

-- Discussed the college’s presidential search. Luther said final candidates should be presented to the board sometime after Jan. 30.

Contact Zyskowski at kzyskowski@jg-tc.com or 217-238-6869.

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