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The Southwestern Community College Board agreed Tuesday to pursue to refinance its dorm revenue bond which is expected to save about $1.5 million and have a lower interest rate.
Speer Financial of Waterloo representative Maggie Burger, spoke to the board describing the amount of savings available based on the offer received earlier Tuesday.
Chief financial officer, Tia Samo said, “We are grateful that our financial advisors brought this opportunity to our attention and that we are able to take advantage of the savings.”
If the proposal is approved it will lower interest rate of 2.1 percent for the duration of the loan. Burger related the outlook of interest rates, pointing out interest rates in coming months look to increase before decreasing.
Such resolutions included directing the sale of dormitory revenue refunding bonds, appointing trustee for the bond, approving the first supplemental indenture, an agreement and authorizing execution of same related to the first supplemental indenture, approval of the tax exemption certificate, the continuing of disclosure certificate and the authorizing of the issuance requirements associated with the bond.
President’s report
Dean of student services, Kim Bishop said enrollment has been influx since Covid.
“Enrollment is up 2.5% from 2020, but still down 2.5% from 2019, so we are still in that hindsight with COVID” said Bishop.
Bishop presented the president’s report pertaining to demographic report, treatment of consumers and spring enrollment report. All numbers presented were from fall semester data. Numbers showed there is a gradual increase of students in many aspects whether number of hours enrolled or increase of population as a whole, trend is students are seeking face-to-face classes.
Bishop said, “Iowa students are majority...87 out of state students and 29 international students this year.”
“50% of our students are our high school students”, says Bishop.
Union and Clarke County being highest contributors of students. SWCC has 935 part time students and 607 full time students as of fall semester data, of those students demographics show predominately Caucasian, Hispanics closely following behind, 60% female and 40% male student body total. Looking at total number of credit hours enrolled at the college it differs related to full time or part time enrollment.