MARICOPA COUNTY COMMUNITY COLLEGE DISTRICT
APRIL 29, 2008
An executive session and regular meeting of the Maricopa County Community College District Governing Board was scheduled to be held at 5:30 p.m. at the District Support Services Center, 2411 West 14th Street, Tempe, Arizona, pursuant to A.R.S. Â§38-431.02, notice having been duly given.
Don Campbell, President
Colleen Clark, Secretary
Linda Rosenthal, Member
Jerry Walker, Member
Scott Crowley, Member
Debra Thompson for Rufus Glasper
Andrea Buehman for Maria Harper-Marinick
Gaye Murphy for Debra Thompson
Mary Kay Kickels
Ginny Stahl for Art DeCabooter
The regular meeting was called to order at 6:30 p.m.
The executive session was called to order by President Campbell at 5:30 p.m.
PLEDGE OF ALLEGIANCE
The assembly pledged their allegiance to the
One citizen came forward. SCC student Jason Ryan came forward to express his displeasure with the events that took place with reference to the production of a film that his Video Class had planned to do as a final project for their film class at SCC. He stated that three days before it was to occur they were notified that the Legal Department could not or would not get insurance for this project. Even though as a result of his meeting with the Vice Chancellor and making arrangements for completing this project in the fall, Mr. Ryan stated this problem with the District Legal Department must be fixed or the reputation of MCCCD will suffer.
No classes were present.
BOARD MEMBER REPORTS
There were no reports.
Acting Chancellor Debra Thompson made five reports on behalf of Chancellor Glasper. They were:
Introduction of three members of Wellness Maricopa (Gail Herndon, Gary Trone, and Bianca Rodriguez) who reported on activities that were sponsored in recent months. They included health risk assessments in conjunction with Open Enrollment, a new partnership with EOLT, and Maricopa Moves.
Awards received by Dr. Art DeCabooter and Mrs. Rosenthal at AACC, as well as congratulations to Dr. Anna Solley. She provided the following commentaries:
Linda Rosenthal- It was my pleasure to attend the Annual Awards Breakfast of the American Association of Women in Community Colleges (AAWCC) at the recent Annual Convention of the American Association of Community Colleges in Philadelphia. Mrs. Rosenthal was honored for her lifetime of service to women in the community colleges. She received the Mildred Bulpitt Woman of the Year Award from the American Association of Women in Community Colleges. She was acknowledged for working tirelessly for the enrichment and advancement of women in the Maricopa District and for women everywhere. She was specially acknowledged for founding the Women's Leadership Group within Maricopa and for the highly recognized Women's Mentoring Program. This award is represented by a plaque and a check for $1,000. It is very special to us and to Mrs. Rosenthal because it is named for Mildred Bulpitt who served as a dean at Phoenix College and who founded the National Institute for Leadership Development now housed at Phoenix College - NILD is the premier leadership opportunity for women in community colleges.
In 2000 Mrs. Rosenthal was honored as Trustee of the Year by this same Association. Mrs. Rosenthal presented the keynote address at the Breakfast. She used this opportunity to reflect on 29 years of service as a community college trustee and it was well-received. Congratulations to Mrs. Rosenthal. (Note: Mrs. Rosenthal commented that she contributed the $1,000 check to the Foundation for Student Scholarships.)
Dr. Art DeCabooter - I offer my congratulations to Dr. Art DeCabooter. He was honored at the Annual Convention of the American Association of Community Colleges in Philadelphia by Phi Theta Kappa, the International Honor Society of the two-year college. Dr. DeCabooter received the prestigious Michael Bennett Lifetime Achievement Award. He was selected for this award based on his outstanding support for Phi Theta Kappa over his many years of service to Scottsdale Community College. He was in Philadelphia to receive the award and to be honored at the Hail and Farewell Luncheon, a very special event to honor retiring CEOs of Community Colleges with more than 25 years of service. Congratulations, Art!
Dr. Anna Solley – Congratulations to Dr. Solley on her election to the Board of the American Association of Community Colleges. Dr. Solley ascended to this position just as Dr. Ken Atwater completed his term as board member.
There was no report.
Thre was no report.
EMPLOYEE GROUP REPORTS
Professional Staff Association President Chris Hoeffler came forward to share information on two recent events that had been coordinated by PSA. The events were Employee Professional Development Days on April 2 and 4 which were a collaborative effort with APIA, Equality Maricopa, MECHA, MCBAA, UTEC and WLG. They had a total of 142 participants and feedback received has been extremely positive.
Jeanne Christen, President of the Adjunct Faculty Association, reported that the Adjunct Faculty had recently been approved for a seat on District Advisory Committees. She expressed appreciation to MCLI for the continuing education they provided for adjunct faculty members, and to EMC for involving adjunct faculty members in their scholarship drive.
VICE CHANCELLOR REPORTS
Resource Development and Community Affairs Vice Chancellor Dr. Steve Helfgot reported that the District Marketing Department had been awarded a Golden Paragon Award by the National Council on Marketing and Public Relations for the District’s website search engine. He also announced that the recent Heroes of Education dinner raised $150,000 in funds for scholarships. He reported that the Foundation had fared well this month with the Ron Bergamo fundraising dinner that raised $138,000 and the Art DeCabooter dinner that raised $110,000.
The following College Presidents made reports/presentations:
PVCC President Dr. Mary Kay Kickels took pleasure in reporting on a collaborative service learning experience by PVCC and GCC students during the 2008 SLICE “Alternative Spring Break” a Tier Two Program of the PEAK Leadership Institute. She stated that 30 students from PVCC and GCC traveled to San Diego, and in teams of 10 worked with four agencies within Phoenix and San Diego: Casa de Familia, Habitat for Humanity, Stand-Up for Kids, Maricopa County Parks & Recreation and The Audubon Society of San Diego. During this intensive service experience students performed short-term projects for community agencies and learned about issues that pertain to homelessness, immigration/refugees and the environment. SLICE’s goal with the Alternative Spring Break was to raise awareness of global issues through education and intensive service experiences benefiting the host community while fostering kinship among PVCC and GCC students.
(Copy of handout in minutes packet.)
GCC President Dr. Velvie Green reported the good news from GCC on Dr. Carol A. Jenkins, Sociology faculty member, having received the American Sociological Association’s Distinguished Contributions to Teaching Award. This is the highest national academic teaching and learning award given by the ASA and the first ever given to a community college faculty member. (Copy of handout in minutes packet.)
Dr. Ginny Stahl, representing SCC President Dr. Art DeCabooter, introduced Denise Kronsteiner, SCC’s Director of Marketing and Public Relations, who proudly spoke about SCC’s Mascot, Artie the Artichoke, being featured on the April 6 CBS Sunday Morning Broadcast. The entire television segment hosted by Bill Geist was shown to those in attendance.
Phoenix College President Dr. Anna Solley introduced Trino Sandoval, Spanish Faculty and Acting Director of the Raul H. Castro Institute at Phoenix College. She explained that the Raul H. Castro Institute (RCI), named after Raul H. Castro, the first and only Mexican-American Governor of Arizona (1975-1977), is a collaborative effort of the Office of the Governor - State of Arizona, Arizona State University - Center for Community Development & Civil Rights, Maricopa County Community College District, and Phoenix College. A non-profit organization, the RCI is a "Do Tank" focusing on issues that affect the Latino community in Arizona, with emphasis on education, health and human services, leadership and civic participation.
STUDENT LIFE REPORTS
Students from the GateWay Community College Leadership Group were present to provide a report on their year-to-date activities. In attendance were Jules Ko, Jose Razo, Leslie Martin, and Chevas Samuels. They reported on their organization’s many activities during 2007-08.
SYSTEMIC DIALOGUE FOLLOW-UP REPORT
Andrea Buehman, District Director of Curriculum and Transfer Articulation, provided a recap of the Board’s recent Systemic Dialogue titled “Showing Students the Light at the End of the Tunnel – Being Their On-Ramp to Success!” More than 130 people participated in this event which featured presentations and discussions focusing on strategies to improve student success at Maricopa. The following general themes emerged:
• First, many comments were made that orientation, advisement, and placement testing are critically important to student success. This is not necessarily a new realization; however, many of the tables commented on the importance of making these mandatory for incoming students.
• Second, it was very clear in listening to the students that a great deal of learning occurs outside of the classroom– through student leadership groups, work/study programs, student government, and many other activities. Students continually noted that the most important aspect of their time with Maricopa was the involvement in a specific college group or program. And, many of the discussions indicated the need to support these programs even more – as they provide great opportunities for students to connect with each other and with the community.
• Third, the student voices reiterated that their learning is enhanced when it is meaningful and relevant, and when they are engaged in the classroom. Many of the comments during the table discussions focused on the need to link content to ‘real-life’ situations, and apply the learning in context to students’ experiences.
Mrs. Rosenthal reported that meetings had been held on April 23 and 24 at Glendale Community College where discussion was had regarding shrinking resources and memberships.
Chad Douwstra provided the following legislative report:
“I am here tonight to provide an update from the Office of Government Relations on the current status of proposed legislation and budget at the Arizona Legislature. Today is day 107 of the legislative session. Unfortunately, session has gone beyond the 100 day mark again this year. The legislature has introduced over 1300 bills, of which we have been monitoring nearly 300 dealing with higher education, k-12 education, political subdivisions, etc. Of these there are approximately 40 that are a high priority that we are in discussion with staff and legislators regarding.
I will only highlight key issues that have a potential impact on the district and colleges. Proposed legislation has included bills & resolutions dealing with property taxes, tuition waivers, and employer sanctions.
SB 1477 allowing Joint Technological Education Districts to offer classes to adult students has moved forward in the legislative process with a key amendment recently added requiring adult students to have a fingerprint identification card and background check.
SB 1108 prohibiting public schools in Arizona, universities and community colleges from allowing organizations to operate on the campus of a school, university, or community college if the organization is based in whole or in part on race-based criteria has not gone beyond committee due to concerns of its constitutionality.
SB 1214 dealing with concealed weapons being permitted on our campuses has made little progress since February and will likely not be pursued further this session.
HB 2496 - state board for community colleges died in Senate Higher Education committee after the strike-everything amendment to add the language failed on a 2-2 vote.
Finally, he Legislature and Governor completed negotiations on the budget deficit for FY 08. The agreement includes: $487 M from the rainy day fund, $272 M for the K-12 rollover, $311 M in agency cuts, and $297 M in fund sweeps from all agencies. The community colleges were saved from any direct cuts for ‘08. Legislative and executive negotiations continue as members try to address the ‘09 deficit of $2 billion.
Until session ends there still remains the chance that any previously or newly proposed legislation could find life depending on how long session continues.”
AWARDS AND RECOGNITIONS
There were no awards or presentations.
APPROVAL OF THE AGENDA
President Campbelll requested a motion to approve the agenda.
MOTION NO. 9478
Linda Rosenthal moved that the Governing Board agenda be approved. Motion approved 5-0.
President Campbell requested a motion to approve the Consent Agenda.
The following items were included on the Consent Agenda:
A.1. APPROVAL OF MINUTES – Approve the minutes of the March 11, 2008 Systemic Dialogue, the March 25, 2008 Regular Governing Board, and the March 27, 2008 Special Teleconference Call Board Meeting
C.1. CONSIDERATION OF EMPLOYMENTS, RESIGNATIONS, RETIREMENTS AND TERMINATIONS – Approve the proposed employments, resignations, retirements and terminations as submitted with noted addendum.
D.1. APPROVAL OF CURRICULUM PROGRAMS AND COURSES - approve the curriculum programs and courses as submitted
D.2. APPROVAL OF NURSING FACULTY HIRING QUALIFICATIONS – approve the proposed changes in the minimum hiring qualifications for nursing faculty as follows. (The new language is in italics.)
All Nursing Faculty Positions, beginning July 2008, will have the following minimum qualifications:
A Bachelor of Science in Nursing (BSN) degree plus 3 years of experience as a professional nurse providing direct patient care, or a BSN and a graduate degree and 2 years of experience as a professional nurse providing direct patient care, or a graduate degree in nursing and 2 years of experience as a professional nurse providing direct patient care.
Must hold an Arizona registered nurse license in good standing or multi-state privilege to practice in Arizona by the first day of employment.
Must be able to meet health and safety requirements including CPR certification, Fingerprint Clearance Card, and drug testing.
Must complete EDU 250 - Overview of the Community Colleges or equivalent within two years of date of hire.
D.3. APPROVAL OF TEACHER PREP CHARTER HIGH SCHOOL 2008-2009 SCHOOL CALENDAR – approve the Teacher Prep Charter High School Calendar for the 2008-2009 School Year.
D.4. APPROVAL OF INTERGOVERNMENTAL AGREEMENT FOR DUAL ENROLLMENT WITH NORTHERN ARIZONA VOCATIONAL INSTITUTE OF TECHNOLOGY DISTRICT NO. 090835 – authorize entry into an Intergovernmental Agreement (IGA) on behalf of its colleges with Northern Arizona Vocational Institute of Technology District No. 090835 for their dual enrollment program.
D.5. APPROVAL OF INTERGOVERNMENTAL AGREEMENT WITH NAVAJO COUNTY COMMUNITY COLLEGE DISTRICT – authorize entry into an Intergovernmental Agreement (IGA) for the academic year 2008-2009 on behalf of its colleges with Navajo County Community College District (Northland Pioneer College) to authorize MCCCD to provide certain dual enrollment courses to students attending high school at Northern Arizona Vocational Institute of Technology District No. 090835.
D.6. APPROVAL OF INTERGOVERNMENTAL AGREEMENT BETWEEN MESA COMMUNITY COLLEGE AND COCONINO COUNTY COMMUNITY COLLEGE DISTRICT - approve an Intergovernmental Agreement between Mesa Community College (‘Regional Academy’) and Coconino County Community College District for the 2007-2008 fiscal years. This agreement is for training and support services for the ET* curriculum to be provided to Coconino County Community College as a Cisco Local Academy for an annual participation fee of $300.00.
D.7. APPROVAL OF INTERGOVERNMENTAL AGREEMENT BETWEEN GATEWAY COMMUNITY COLLEGE AND CITY OF PHOENIX - approve the request from GateWay Community College to enter into an Intergovernmental Agreement (IGA) with The City of Phoenix to construct wet lab research space in 2009-2010 to further the state’s biotechnology industry. The city will commit $792,000 in Life Science Research Park bonds to GateWay for the construction of a bioscience incubator research wet lab on GateWay’s campus. The College will also contribute $2 million of bond funds to this facility to build a minimum of 5000 square feet of research wet lab space.
D.8. APPROVAL OF ACHIEVING TECHNOLOGICAL LITERACY FOR ARIZONA’S STUDENTS AND TEACHER (AT LAST) GRANT PROJECT – accept an award for year one of a three year grant from the National Science Foundation in the amount of $293,144 to the National Center for Teacher Education for the Achieving Technological Literacy for Arizona’s Students and Teacher (AT LAST) Grant Project. Year one project funding will be available from 5/1/08 to 4/30/09. The award is pending final approval from the National Science Foundation.
D.9. APPROVAL OF INTERGOVERNMENTAL AGREEMENT BETWEEN SCOTTSDALE COMMUNITY COLLEGE AND SALT RIVER PIMA-MARICOPA INDIAN COMMUNITY FOR FIREFIGHTING TRAINING - approve an Intergovernmental Agreement between Scottsdale Community College and Salt River Pima-Maricopa Indian Community (SRPMIC) for Firefighting Training.
D.10. APPROVAL OF ACHIEVING A COLLEGE EDUCATION (ACE) GRANT PROJECT - accept an additional $300,000 award from the U.S. Department of Energy to the Maricopa Community College District’s Achieving a College Education (ACE) Program, supplementing and extending an earlier $1,000,000 grant awarded to the ACE Program from the Department of Energy.
E.1. APPROVAL OF NORTHERN ARIZONA UNIVERSITY (NAU) LEASE AGREEMENT WITH PHOENIX COLLEGE - approve the lease agreement for NAU at the Phoenix College campus from July 1, 2007 through June 30, 2010 for the amount of $4,800 per year for all areas specified in the contract.
E.2. APPROVAL OF SECOND PARTIAL GMP AWARD FOR NEW PARKING STRUCTURE & COLLEGE SAFETY OFFICES AT PHOENIX COLLEGE - approve the second partial Guaranteed Maximum Price (GMP) in the amount of Two Million Four Hundred Three Thousand One Hundred Twenty-Five and no/100ths Dollars ($2,403,125.00) to D.L. Withers Construction for the construction of a new Parking Structure and College Safety Offices at Phoenix College.
E.3. APPROVAL OF CONTRACT AWARD FOR A NEW LOOP ROAD AND PARKING LOT AT SCOTTSDALE COMMUNITY COLLEGE - approve awarding a contract in the amount of One Million One Hundred Twenty Thousand Twenty and no/100ths Dollars ($1,120,020.00) to DCS Contracting for on-site loop road improvements and parking lot additions at Scottsdale Community College.
E.4. APPROVAL OF RATIFICATION OF CONTRACT AWARD FOR PARKILNG LOT EXPANSION AT THE GUADALUPE EDUCATION CENTER AT SOUTH MOUNTAIN COMMUNITY COLLEGE - ratify a contract award in the amount of One Hundred Fourteen Thousand Two Hundred Sixteen and no/100ths Dollars ($114,215.33) to Sunland Asphalt for expansion of the parking lot at the Guadalupe Education Center at South Mountain Community College.
E.5. APPROVAL OF CONTRACT AWARD FOR NEW MARQUEE SIGN AT ESTRELLA MOUNTAIN COMMUNITY COLLEGE - approve a contract for the installation of a new marquee sign at Estrella Mountain Community College to Young Electric Sign Company (YESCO) in the amount of One Hundred Fifty Three Thousand, Two Hundred Four and 67/100 Dollars ($153,204.67).
E.6. APPROVAL OF CONTRACT AWARD FOR GYMNASIUM SHOWER REPLACEMENTS AT PHOENIX COLLEGE - approve awarding a contract in the amount of One Hundred Fifty-One Thousand Seven Hundred Thirty-One and 26/100ths Dollars ($151,731.26) to Leathers Construction, LLC
for Gymnasium Shower Replacements at Phoenix College.
E.7. APPROVAL OF CONTRACT AWARD FOR RE-ROOFING OF THE SOUTH BUILDING AT GATEWAY COMMUNITY COLLEGE - award a contract in the amount of Five Hundred Thirty-Two Thousand One Hundred Twenty and no/100ths Dollars ($532,120.00) to Femcon, Inc.to re-roof the South Building at GateWay Community College.
E.8. APPROVAL OF CONTRACT AWARD FOR RE-ROOFING OF THE MUSIC BUILDING AT PHOENIX COLLEGE - approve a contract award in the amount of One Hundred Three Thousand Eight Hundred Sixty-Two and 29/100ths Dollars ($103,862.29) to Sky Engineering, Inc.for re-roofing of the Music Building at Phoenix College.
E.9. APPROVAL OF INTERGOVERNMENTAL AGREEMENT BETWEEN MCCCD AND CITY OF MESA - approve an Intergovernmental Agreement between Maricopa County Community College District and the City of Mesa to cooperate in joint police and security training.
E.10. APPROVAL OF FY2008-2009 COURSE FEES – GATEWAY COMMUNITY COLLEGE - approve the attached course fees for GateWay Community College that were submitted January 18th to District Office which were inadvertently omitted on the March Board Agenda Action Item for approval.
F.1. APPROVAL OF DATA STORAGE ARRAY REPLACEMENT AND RELATED UPGRADES- approve the expenditure of $400,000 for the purchase of storage arrays from Hewlett Packard. This contract is to be awarded under the pricing and guidelines set forth under the City of Tempe Contract #T05-079-01.
MOTION NO. 9479
Jerry Walker moved for approval of the Consent Agenda be approved with the exception of V.C.2 which was removed for explanation by Mrs. Rosenthal. Motion approved 5-0.
B.1. APPROVAL OF PROPOSED AMENDMENT TO ANNUAL BOARD PLANNING CALENDAR - adopt the proposed change to its Annual Planning Calendar.
MOTION NO. 9480
Linda Rosenthal moved for approval of Item V.B.1. Motion passed 5-0.
C.2. APPROVAL OF EMPLOYEE GROUP SALARY SCHEDULE ADJUSTMENTS FY 2008-2009 - It is recommended that the Governing Board authorize the following compensation adjustments for FY 2008 –2009:
1. The salary schedules for Residential Faculty, MAT, Crafts, Safety, PSA98 and the Skill Centers will receive a one and one-half percent (1.5%) salary adjustment to the permanent Fiscal Year 2007-2008 salary schedule. Athletic Specialists will receive a five percent (5%) salary adjustment.
2. Employees in Residential Faculty, MAT, Crafts, Safety and the Skill Centers who are not at top of scale as of FY07-8 will receive a step adjustment.
3. Employees who still would be red-lined (i.e., those earning more than top of scale) after the salary adjustments for their employee group will receive a .75% increase.
4. PSA (including PSA98), M&O and CEC will receive an additional step if currently eligible and an additional step will be added to the current top of the salary schedule and those currently at top of scale will move to the new step. The CEC salary schedule shall include 7 steps, starting at $151,783 and ending at $197,318. Pursuant to practice, the PSA 98 schedule will match the MAT schedule as closely as possible. For FY08-9 it will add a step and will match the FY08-9 MAT schedule for all 10 steps.
5. The adjunct faculty rate and residential faculty overload rate will be $804 per load hour.
6. Adjunct Faculty, MAT, PSA, Craft, Safety M&O and CEC will receive additional funding for other collaborative policy development items. Residential faculty who do not have a doctorate may earn horizontal steps up to 85 hours, from the current maximum of 75 hours. Courses must be successfully completed no earlier than July 1, 2008 in order for salary adjustments to be made; no adjustments will be made for credits earned prior to July 1, 2008. Together these additional items will not exceed $300,000.
7. Additionally, the District may at some date consider a one-time only early retirement incentive but is in no way committing to this.
Along with this recommended salary increase, the Board approved an increase in flex benefits for all employees receiving flex benefits. This is the dollar equivalent of about a 1.5% salary increase. Therefore, the adjustment to compensation for employees is about 3%, and those who are step eligible also receive a step increase, generally equating to between 3 and 5%. Adjunct faculty receive a 5% adjustment and the residential overload rate also increases by this amount. This recommendation is consistent with revenue and expenditure projections shared in recent Board meetings and will allow the District to provide employees with a compensation increase and to fund varied operational commitments such as faculty positions, operational costs for the 2004 bond program and business and inflation costs.
MOTION NO. 9481
Linda Rosenthal moved for approval of Item V.C.2. Motion passed 5-0.
E.11. APPROVAL OF PRELIMINARY PROPOSED FISCAL YEAR 2008-09 BUDGET
The Current Unrestricted Fund, Current Auxiliary Fund, Current Restricted Fund, and Plant Fund budget totaled $1.4 billion. This budget then will be published pursuant to legal requirements. Final adoption of the proposed budget and the related Truth in Taxation hearing is scheduled for June 10, 2008. The proposed FY2008-09 Budget total $1.4 billion are summarized as follow:
MOTION NO. 9482
Scott Crowley moved for approval of item V.E.11. Motion passed 5-0.
V.E.12. APPROVAL OF TEACHER PREPARATION HIGH SCHOOL SUBMISSION OF BUDGET REVISION TO THE ARIZONA DEPARTMENT OF EDUCATION - approve the 2007-2008 Teacher Prep Charter High School budget revision for submission to the Arizona Department of Education.
MOTION NO. 9483
Scott Crowley moved for approval of Item V.E.12. Motion approved 5-0.
VI.A. INFORMATION ITEMS
PROPOSED NEW EXECUTIVE DUTIES AND RESPONSIBILITIES - adopt a new Executive Duties and Responsibilities Policy Title called Executive Stewardship.
BUDGET ANALYSIS REPORT SUMMARY
FUND 1 - GENERAL UNRESTRICTED FUND
FOR THE NINE MONTHS ENDED MARCH 31, 2008
Expenditure analysis indicates 64.3% of the budget has been expended this year as compared to 64.7% expended at this same point in time last year. 18.2% of the budget remains unexpended or unencumbered compared to 18.4% in the prior year. Revenue analysis indicates that $405.8M of the budget has been recognized. The projected fund balance will increase by $0.5 million this fiscal year and the projected ending fund balance for June 2008 is $89.0M.
1994 GENERAL OBLIGATION BONDS
SERIES A (1995), SERIES B (1997), SERIES C (1999), AND SERIES D (2001) AND GO BOND REFUNDING SERIES (2002 & 2004), 2004 GENERAL OBLIGATION BONDS SERIES A (2004), AND 1994 CAPITAL DEVELOPMENT PLAN SUMMARY
AS OF MARCH 31, 2008
As of March 31, 2008, $384.9 million of 1994 bond proceeds have been expended and encumbered representing over 99.7% of total proceeds from the bond authorization and capital development plan. A total of $276.9 million, approximately 65% of proceeds from the Series A and Series B issuance of the 2004 bond, has been expended, encumbered or reserved for specific purposes.
Bond proceeds are invested until expended. As of March 31, 2008 the net uncommitted balances on outstanding GO Bonds are categorized as follows:
1994 GO Bond Remaining Balance
Bond Proceeds $ .9 million
Interest Allocated to Life Without the Bond $1.2 million
Interest NOT Allocated to Life Without the Bond $2.3 million
2004 GO Bond Remaining Balance
Bond Proceeds $153.3 million
Interest $13.6 million
Remaining earnings are invested and will be used for future debt service or capital projects such as Life Without the Bond.
President Campbell announced that the next Governing Board Meetings would be a regular board meeting on May 27 and a public hearing, truth in taxation hearing on June 10.
The meeting adjourned at 7:40 p.m.
Governing Board Secretary