MATTOON — The Lake Land College Board of Trustees declared its intent to pay off the short-term $5.4 million note incurred while renovating campus’s Webb Hall by selling bonds.
Ray Rieck, college vice president for business services, said renovations took place over the summer, and the bond agency suggests the college moves quickly to release the funding because rates are currently low.
“This is one of the buildings we added to our geothermal loop,” Rieck said.
“We propose the trustees approve this resolution knowing it will not increase our tax rate. It should be worked out that they are bonds that can go ahead and be sold.”
The bond rate should be around 2 percent, Rieck said.
Legally, the bonds cannot be released until a public hearing takes place during the Dec. 10 board meeting.
The project on the 40-year-old building was completed with anticipated energy savings, and those numbers will be available within the year, Rieck noted.
The board also approved a bid from Advanced Energy Solutions Group, Inc., of Carbondale, for $119,358 to install solar panels on campus. The bid was $30,000 less than administration estimated, Rieck said.
Fifty percent of the project installation will be funded by a $69,680 grant, and the remainder will be funded by the college’s operations and maintenance fund, which was included in the 2013 fiscal year budget.
The panels will be placed in a visible spot on campus about 10-12 feet above ground, President Scott Lensink said.
“We want them to be very visible because they are not negative to look at, and it will show students and guests another aspect of our green initiatives,” Lensink said during the meeting.
Also during Monday night’s meeting, Lensink announced the state owes the college about $9.8 million in funding.
During Monday night’s meeting, trustees also:
-- Accepted an equipment donation totaling about $3,500.
-- Increased the amount of WYSE Academic tuition waivers to $1,000, twice the amount requested in the past.
-- Accepted a $35,000 grant to help support the Connecting Generations project, an effort between Lake Land, Professional Programs, East Central Illinois Development Corporation, University of Illinois Extension offices and Helen Matthes Library.
-- Increased the number of Talented Student Awards for livestock judging to five in-district schools and six out-of-district schools. The students compete on a national level throughout the academic year.
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