Tri States Public Radio Staff
Wed February 19, 2014
SCC Sells $7-Million in Bonds
Southeastern Community College appears to be getting a good deal as it borrows money for some upcoming improvements.
The college's Board of Trustees has agreed to sell just over $7-million in bonds to a wealth management firm out of Milwaukee, Wis.
The firm offered the lowest average interest rate, 2.13%, over 12 years.
VP of Administrative Services, Kevin Carr, says SCC received nine bids through an online auction, which led to a lower than expected rate.
He says the company that handled the auction anticipated a rate of around 2.6%, so 2.13% was a pleasant surprise.
Carr says SCC will pay a little more than $1-million in interest over the life of the loan.
He says the money should be on-hand early next month.
It will be used to pay for upgrades to the campuses in Keokuk and West Burlington. An architectural firm has been hired to develop a master plan for the improvements.
Part of Facilities Plan
Passage Likely in January