Texarkana College's Board of Trustees will meet at 11:30 a.m. today to consider a resolution to issue $15 million in maintenance tax notes to be used for campus capital improvements.
TC President James Henry Russell said the updates were needed because many of the buildings are decades old, plus the college is required to comply with the Americans with Disabilities Act.
"We can lose federal funding if it's not done," he said. "It's not an option to not become in compliance with ADA requirements."
The improvements are part of the board's most recent strategic plan and includes gutting and renovating the former health sciences facility, renovating the chemistry and biology buildings and repairs to the parking lots and at the college's TexAmericas facility. Heating and air system work is also needed in the Patterson Health Science Facility and the Patterson Media Center.
The resolution includes the college taking $10 million in notes in 2019 and $5 million in 2020. They will be repaid from future tax revenue and a portion of the unencumbered general fund reserves.
"The goal is to have a minimal impact on the taxpayers and to keep one of the lowest tax rates in East Texas and definitely below the state average," Russell said.
The board will also hear the 2017-18 fiscal year audit report from Thomas and Thomas CPAs.
"We're very excited about the audit," Russell said. "It is going to show that the college is in very sound financial shape. Kim Jones, our CFO, has done an amazing job to get it to this place, along with her amazing team."
At the beginning of Monday's meeting, four trustees who ran unopposed for their respective seats will also be sworn in. They include Derrick McGary, Place 1; Anne Farris, Place 3; Ernie Cochran, Place 4; and George Moore, Place 7.
The meeting will be held in the Patman Room at the Truman Arnold Student Center, 2500 N. Robison Road, Texarkana, Texas.