COM board approves $16.2 million in maintenance tax notes for facilities improvements

COM Trustees hold check representing $16.19 million maintenance bond
Back row, from left, are Lester Byrd of Hilltop Securities; Clen Burton, vice president of fiscal affairs; Alan Waters, vice chair of the Board of Trustees; Warren Nichols, president; and Clarence Grier of RBC Capital Markets. In front are Bennie Matthews, trustee; Melissa Skipworth, trustee; Rachel Delgado, trustee; Kyle Dickson, chair of the Board of Trustees; and Rosalie Kettler, secretary of the Board of Trustees.

The College of the Mainland Board of Trustees approved selling $16.19 million in maintenance tax notes during a public called meeting Wednesday, Oct. 11, paving the way to addressing some of the college’s pressing facility needs.

Low interest rates and the college’s strong credit rating (AA- from Standard and Poors Global) allowed the bond sale to net $600,000 more than expected.

A maintenance tax note does not require voter approval and proceeds may only be used for renovation and equipment. This bond will address some current needs, including renovations to the Student Center, but the college still plans to hold a bond election for more extensive expansion and renovation.

The maintenance tax note approved Wednesday will pay for some of the items in the Facilities Master Plan. It will not affect tax rates.

No date has been set for a bond election, but college President Warren Nichols has previously said the board is considering November, 2018. 

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