Victoria College Board of Trustees approves capital plan, announces bond sale

At its regular meeting Monday afternoon, the Victoria College Board of Trustees approved a capital plan that identifies financial and capital resources for the College’s future needs. The capital plan will help administrators strategically plan and manage funding sources for projects outlined in the College’s facilities master plan along with other long-term needs.

Additionally, the board successfully completed the sale of $22 million in general obligation bonds. Victoria County voters approved the bonds last May to fund construction, expansion and renovation projects required to meet enrollment and program growth at VC, including the construction of an Emerging Technology Center.

In November, the board approved a financing plan along with the financial and legal document preparation necessary for the bond sale to take place. The competitive sales method was used for the sale of the bonds. This method creates a more competitive rate environment for the purchasers in the bid process.

The bonds were sold today to Hutchinson, Shockey, Erley & Co. at an average rate of 2.69%. Funding will be received in February 2013.

Vice President of Administrative Services Keith Blundell also reported improved bond ratings by two rating agencies since the issuance of bonds in 2006. Moody’s upgraded VC’s bond rating from A2 to Aa3, and Standard & Poors reaffirmed VC’s recent upgrade from A+ to AA. Both place Victoria College bonds in the “High Grade” category.

Groundbreaking for the Emerging Technology Center will occur this spring, and the building is expected to be completed in late 2014.

In addition to supporting the training needs of current and future students and employers, VC’s Emerging Technology Center will provide additional space for corporate and industrial training programs. It will also allow VC to develop new, in-demand certificate and degree programs that support regional economic development while freeing up space on VC’s main campus for growing academic programs.

The 80,000 square-foot Center will include welding labs, specialized training labs for industrial applications and rapid response labs that can be configured to meet emerging needs. Additionally, the center will include computer labs for instruction, traditional classrooms and flexible-use rooms for large-scale corporate training events.

The Center will be located on 16 acres of land donated by the city of Victoria, across from Caterpillar’s new hydraulic excavator manufacturing facility.

The board also approved VC’s 2012-15 strategic plan. The plan outlines VC’s three priority goals—foster student success, meet community needs and ensure institutional excellence—and the accompanying action items the College plans to implement in order to accomplish each goal. The College will begin implementing the strategic plan immediately.

Published: Monday, 28 January 2013

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