GLENWOOD SPRINGS – At the October meeting of the Colorado Mountain College Board of Trustees Wednesday, board members honored their term-limited peers, Pat Chlouber of Leadville and Kathy Goudy of Carbondale. At the two trustees’ last meeting in office, ahead of the Nov. 5 elections, the rest of the board and senior staff celebrated their colleagues with American flags that had flown over the Colorado Capitol, commemorative plaques, and sentiments of appreciation.
The trustees also voted unanimously to approve an underwriting services contract for Stifel, Nicolaus & Company, following a request for proposals process. Stifel will provide underwriting services to finance an estimated $20 million in certificates of participation (COPs) for anticipated future capital improvements at the Aspen campus or other major facilities projects to be designated by the board. Final board approval of the COP financing details will be scheduled for the January meeting, with the issuing of COPs to follow, likely in February or March.
In addition, trustees voted unanimously to increase the college’s threshold limit for contract approvals, from $250,000 to $500,000, with the option to evaluate the limit again after one year. For contracts over the limit, board approval is required, per college policy. College staff reviewed best practices of other colleges and universities and found that those not giving the president or chief financial officer final authority over contracts set a limit at $500,000 or more.
No actions were taken following the report of the board’s government relations committee.
Trustees also unanimously approved:
- To provide $269,907 in matching funds for two grant applications: the Colorado Opportunity Scholarship Initiative (COSI) and Garfield County Federal Mineral Lease District (GFMLD). The COSI grant, of $19,907, in institutional scholarship support, would be in addition to the more than $1 million COSI has provided to CMC since 2014. The GFMLD grant, of up to $250,000, would be in addition to the $750,000 that entity has previously granted to the college for the completion of Morgridge Commons.
- To renew the college’s lease with the Glenwood Springs Chamber Resort Association, for three years. The GSCRA has been renting part of the ground floor, and the reception area, at Central Services in Glenwood Springs.
- To accept the fourth quarter financial statements for FY 2018-19
- To accept the first quarter financial statements for FY 2019-20
- To confirm the nomination of Trustee Bob Kuusinen to the trustees’ audit committee
- To set aside a reserve of net property tax revenues from the Salida School District community, should it be annexed into the CMC district, in a Salida Reserve Fund. These revenues above the annual operations and infrastructure investments would be set aside for the first five years after potential annexation, as spelled out in the Salida Annexation Feasibility Study that the board approved earlier this year.
- To confer an honorary degree upon a community member.