Fort Lewis College sees dramatic increase in applicants

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Fort Lewis College sees dramatic increase in applicants

College’s trustees discuss investing, potential cuts
Thomas
Wells

Fort Lewis College sees dramatic increase in applicants

Thomas
Wells
FLC to refinance bonds

On Friday, the Board of Trustees authorized the college’s Finance and Administration Department to refinance bonds originally issued in 2007, for a savings of about $3.5 million dollars.
The original issue was for $55,000,000, said Steve Schwartz, vice president for finance and administration. The bonds were issued at a 5 percent interest rate, but in today’s bond market, that money would be financed for around 3.5 percent.
“This is a favorable environment for refinancing,” said Steph Chichester of North Slope Capital Investments, which is advising the college on the refinancing. “There’s a general consensus the (Federal Reserve) will raise interest rates at its Dec. 16 meeting, but we’ll still be at historic or almost historic lows.”
The trustees also authorized bonding an additional $4 million to complete the renovation of the Bader-Snyder Complex, which has been taking place summers the last two years.
“With the savings from the refinancing and what we’ve already paid, it will essentially only be raising the bond amount (from $51 million) by about $1 million,” Schwartz said. “If we had to save up for it, we’d have to wait another couple of years, but this financing is so attractive, and the renovations are so needed, it’s good to do it now.”
The bonds are expected to go on the market at the end of January or beginning of February.
“The future residents of Bader-Snyder thank you,” Glenna Sexton, vice president of Student Affairs, told the board.
Ann Butler

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