CC regents approve $2.5 million in bonds

Clarendon College regents approved issuing $2.5 million in revenue bonds to build a new residence hall when they met last Thursday.

The 20-year notes will be paid for with fees paid by students who live on campus. No fee increases are expected in relation to the bonds. Payments will begin on the note with the 2002-03 school year.

Part of the bonds will be used to refinance an estimated $380,000 of existing debt remaining from a 1990 issuance.

CC President Myles Shelton said the college was able to receive an interest rate low enough that the existing bonds could be called in and still come out ahead.

The configuration and site of the $2.1 million dormitory has not been finalized. The new facility will provide housing for 80 students and should open in the fall of 2003.

In other action from last week’s board meeting, administrative contracts were renewed for the following people: Jewel Austin, Jackie Boyd, Tex Buckhaults, Linda Frye, Marian Giesecke, Sharon Hannon, Greg Henry, Joe Kyle Reeve, Myles Shelton, Darlene Spier, Will Thompson, and Joel Zehr.