August 22, 2011 Macfeat House Winthrop University, Rock Hill, SC Members present: Dalton Floyd (Chair), Karl Folkens (via conference call), Janet Smalley, Jane LaRoche, Susan Smith-Rex, , Kathy Bigham, Bob Thompson, Tim Sease (via conference call), Frances Davenport, Glenn McCall, Tim Hopkins, Anthony J. DiGiorgio (ex officio). Members absent: Donna Tinsley-Holley, Scott Talley, Don Long Representatives present: None Representatives absent: Kambrell Garvin, Student Representative; Cliff Calloway, Faculty Representative Others present: Faculty and staff of Winthrop University, Nicole Smith of The Herald. A special meeting of the Board of Trustees was called on August 22 for the express purpose of receiving and considering for adoption a resolution pertaining to the issuance of not exceeding $2,600,000 of general obligation state institution bonds. The bonds are to be used for the purpose of permitting the University to proceed with needed renovations, repurposing, and deferred maintenance projects on campus.
Chair Floyd called the meeting to order at 2:30 p.m. in Macfeat House on the Winthrop campus. As the resolution was from the Committee on Finance, Mr. Floyd turned the meeting over to Finance Committee Chair, Mr. Karl Folkens and vice president of finance and business, JP McKee, to review the bond. Mr. Folkens briefed the Board on the need for a special meeting to be called at this time rather than wait for the upcoming meeting in November. The timing of the meeting is related to the interest rate of the proposed bond. By meeting today, an excellent interest rate can be secured thereby lowering the total cost of the bond. This interest rate may not be available in November when the Board next meets. Mr. McKee explained the bond is to be used for planned work including deferred maintenance and up-fits for Dacus Library, repurposing of Dinkins, up-fits to the former Bookworm facility in order to accommodate the Pettis Archives, and roof repairs on a number of campus buildings. These bonds are covered under our existing debt service and will not require additional revenues, fees, or costs to the university. Needing no second, the Board voted and unanimously accepted the resolution.
Bob Thompson moved to adjourn the meeting; Janet Smalley seconded. The vote to adjourn was unanimous. The meeting adjourned at 3:10 p.m.
Minutes submitted by Kimberly Faust, Secretary to the Board for 2010-11 APPROVED BY THE BOARD ON NOVEMBER 4, 2011