Texarkana College's Board of Trustees took the next step toward major campus renovations during their regular meeting Monday. They passed a resolution to procure $15 million in maintenance tax notes to fund the projects, which include required Americans with Disabilities Act compliance, gutting and renovating the STEM buildings, parking lot repairs and heating and air system upgrades campus-wide.
TC President James Henry Russell said the much-needed capital improvements would continue over the next four years and that incoming president Dr. Jason Smith would see the projects to completion.
"I think we have been working to get to today for about the last four years, stretching our repair and maintenance budget to take care of critical needs and studying our facilities," Russell said. The improvements are included in the board's five-year strategic plan, passed earlier this year.
"All I have heard is we need to move forward and it is what I wholeheartedly recommend," Russell said.
The bonds will be financed through Farmer's Bank at a rate of 3.8 percent that is locked in for 20 years.
"That beats what you can get on the national market. It saves the college easily three or four hundred thousand dollars in interest payments over the term of the note," he said. "The financing is exciting."
The first $10 million will be drawn in March, with an additional $5 million drawn in March 2020.
The board also heard the 2017-18 audit report from Tim Brown with Thomas and Thomas CPAs. Brown said the audit was completely clean with no findings. The audit also showed a $1 million gain in net assets for both the college and the TC Foundation.
"There were only three adjusted entries and after many years as a CPA I have never seen that happen," Russell said. "That's unbelievable."
At the end of the meeting, Board President Kyle Davis thanked Russell for his seven years of service to the college.
"It's been an honor to serve for you, with you and I think I speak on behalf of the whole board when I say that," he said.
Russell announced his resignation in September to take the position of executive vice president and chief financial officer for BWI Companies, Inc., a wholesaler and distributor of agricultural products. His last day will be Dec. 31.
"At the end of the day it does go back to your leadership, it has been an honor to serve with you," Davis said. "Few people in my life have had an impact like you have. Aside from my dad, you've made a bigger impact than them all. And I always say you make me want to be a better person when I am around you."
Russell then thanked the board, faculty and staff for all they do.
"Thank you all so much. It has been the highest honor of my career to be at Texarkana College," he said. "I have learned so much, grown so much and made so many friends. You know when you go through everything that we've gone through, gosh you get close to the people that you work with. I love this group and this boardI'm really proud of where Texarkana College is and I can't wait to see where it goes. Jason Smith is perfect. Thank you all."
Smith, who has served three years as superintendent of Pleasant Grove Independent School District, will take the position Jan. 1.