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East Central College is refinancing its bonds to take advantage of lower interest rates.  


A resolution passed unanimously at the February 6 meeting of the ECC board of trustees authorized college officials to work with Stifel Nicolaus to refinance $2.3 million from its 1998 general obligation bonds.


The college is refinancing bonds that mature in 2013, 2014, and 2015.


“With interest rates at very compelling levels, we have the opportunity to capitalize on the historically low short term interest rate rates,” noted Dr. Jon Bauer, vice president of finance and administration at ECC.   “The outstanding bonds will be refinanced at these lower rates.”  


The estimated annual savings is $44,119, or about 5.6% below what the district would pay in principal and interest payments without refinancing.  Over the course of three years, the college will save approximately $132,000.


The 1998 bonds funded construction of the Auditorium/Classroom Building on the Union campus.   


ECC had its credit rating of “AA-“ affirmed by Standard & Poor’s.


In other action, trustees approved the purchase of equipment for the Precision Machining programs located at ECC in Washington. 


KI Office Innovations will provide 24 student work stations and an instructor work station for the new computer lab at a cost of $22,716.72.  Through the Western States Contracting Alliance contract, the college will pay $29,184 to purchase 24 Dell computers.  


For both purchases, 75 percent of the cost will be funded by State Vocational Enhancement Grant funds.  The Missouri Vocational-Technical Education Enhancement Grant is administered by the Division of Vocational and Adult Education, Department of Elementary and Secondary Education.



At their February 6 meeting, college trustees also dealt with a number of personnel matters. 


Three administrators were reappointed for the 2013 fiscal year.  They include Brenda Bouse, vice president of career and outreach education; Ina “Cookie” Hays, vice president of student development; and Jean McCann, vice president of instruction.  The search for a new vice president of finance and administration is underway.  Dr. Jon Bauer currently holds that position.  He will become president of the college July 1.


Trustees accepted the retirements of Kathy Schlump, director of library services and John Gadcke, supervisor of custodial services effective June 30.  Schlump has worked in the ECC library since 1995.  Gadcke has been employed by the college since 2001. 


Megan Woodcock, testing specialist at the Union campus, was promoted to support services coordinator at ECC in Sullivan.  Woodcock has been employed by the college since 2009.  She earned both her undergraduate and master’s degrees in business administration from Southeast Missouri State University.


Employment of part-time instructors for the 2012 spring semester was also approved.

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