College approves bond sale

The Flathead Valley Community College Board of Trustees made official Monday the issuance of its remaining $5.9 million in bonds for the expansion of the Kalispell campus.

The board unanimously approved the document, which fixes the details of the bond award as well as details of levying taxes on county residents for the repayment of the bonds.

College President Jane Karas had good news for taxpayers.

"We sold the bonds at a very low interest rate," she said.

The winning bids for the bonds were submitted by Tennessee firm Morgan Keegan and Company at an average interest rate of 3.97 percent, just slightly higher than the 3.87 percent rate submitted in February for the first bonds.

Since voters approved a rate of as much as 7 percent, the rates amount to a savings of millions of dollars in interest on the $15.8 million approved for the construction work.

During the president's report, Karas said the Occupational Trades and the Arts and Technology buildings were bid separately. The bids are due Jan. 25 and 26.

Trustees voted to change the January meeting from Jan. 23 to Jan. 30 to avoid scheduling a special meeting to vote on the winning bids.

Unless those bids come in under the estimates, the college still needs to raise $3.5 million to furnish and equip the new buildings.

Ruth Ackroyd, director of college relations, reported Monday that the building fund-raising campaign has raised $150,000 and named seven rooms just from a solicitation of "our internal family."

Ackroyd said that the foundation has $6 million in naming opportunities.

"If every opportunity was taken, that would be wonderful," she said.

Ackroyd said those opportunities range from bricks to buildings. She said a donor can contribute from $100 to $1 million or more.

"There's no cap," she said with a laugh.

In other business at the meeting, trustees approved a change in the policy for the Running Start program, which allows high-school students to earn college credit.

At the last meeting, Karas said that the change would allow students to take 10 credits instead of nine at 50 percent of the typical tuition rate.

"It will help many of our building trades students," Karas said.

The second year "Field Experience II" course is a 10-credit class. In the building trades course, students work with their instructor to build a house during two semesters.

Reporter Candace Chase may be reached at 758-4436 or by e-mail at cchase@dailyinterlake.com.