The Colorado Mountain College Board of Trustees met at the college’s campus in Aspen Oct. 17, for a regular board meeting and a work session.
In the meeting trustees voted unanimously to authorize, subject to approval of final terms, the issuance of new tax-exempt debt obligations referred to as certificates of participation. Proceeds from the proposed transaction would refinance the college’s existing COPs at a lower interest rate and would raise additional capital funds for designated capital projects. The intent is to acquire increased funding capacity while maintaining the college’s total annual debt payments at approximately $1.5 million, the same amount as is currently paid under the COPs issued in 2007. A third and final reading will be scheduled at a future meeting.
In addition, the board reached general agreement that college leaders continue to look into the construction or renovation of academic buildings and potential campus housing. Trustees will be looking into possible funding options before solidifying project priorities and plans.
The board also approved a construction contract with RA Nelson to build out Cooper Commons adjacent to the college’s central administrative offices in downtown Glenwood Springs, in an amount not to exceed $1.75 million.
In addition, trustees voted unanimously to approve the use of the Hayden Ranch pond (near Colorado Mountain College Leadville) for use in the Rocky Mountain Fen Research Project, and authorized the college to receive and expend up to $1 million in grant funds related to the project.