Posted at 4 p.m. Oct. 17, 2016

Trustees approve bond refinancing

Renovations approved for ACC

On Sept. 21, the Laramie County Community College Board of Trustees approved refinancing the master plan update and the Albany County Campus renovation plan, which will create $213,000 in debt-service savings.

Wyoming Bank and Trust, Platte Valley Bank and ANB Bank are the three of the five local institutions that bid and won the proposal, which totals $4.675 million. Todd Bishop of Kaiser Investments said refinancing these bonds now will have multiple benefits.

The average interest rate on this type of bond in 2009, the year the bonds were issued, was more than 6 percent. New rates are much lower.

“We are looking at locking in an average interest rate of 1.62 percent,” Bishop said. The savings will be put in an escrow account until the closing on Oct. 14, when it will be used to pay the final debt service payment on the original bonds. The board also approved updates to the master plan.

President Dr. Joe Schaffer addressed three key areas in the master plan update. The plot of land LCCC owns in Vedauwoo was added for tracking but has no specific plans for use yet.

The second addition was finding ways to summarize extensive, detailed narratives in proposals. The explanation breaks down the proposals into two or three main bullet points that simplify the information and provide overarching recommendations. The third highlighted change was addressing inaccurate or vague titles throughout LCCC.

Trustee Don Erickson added a fourth change that is still far in the future but still relevant. There is a proposal for a plan for a new Fine Arts building south of the current building.

Erickson also requested an addendum detailing the status of the Recreation and Athletic Center renovation be attached to the final draft. He requested this include the original budget, budget for the new renovations and current progress of the renovations.

The board also approved the Albany County Campus renovation. The plan is to repurpose a large art room into two smaller labs, one natural sciences lab and a general purpose wet lab. The $975,000 price tag will be covered by ACC student fees that have built up over time.

“Turning this right back into instructional space makes a lot of sense,” Schaffer said.

In other business, moving into the Pathfinder building should begin in early December, according to Erickson.

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