WC board moves forward with financing plan for new building
The Weatherford College Board of Trustees approved moving forward with the issuance of revenue bonds in the amount of $29.5 million to fund the construction of the Workforce and Emerging Technologies Building during their Thursday meeting.
Standard and Poor’s recently awarded WC an A+ rating and the college anticipates locking in a 2.893 percent interest rate on the 30-year bond.
Administrators expect to complete the bond purchase next week and have funds in hand March 11. The first debt payment will occur in August. The bond will be paid back using revenue generated from tuition and fees.
Bond funds will also go toward the college reserves to pay back what WC has spent on construction of the building so far as approved by the board in May 2020.
The three-story, 70,000-square-foot building will allow WC workforce programs to move into the next era of job training with ample room for the college’s new robotics program and future projects such as cybersecurity, automation and simulation.
The facility will also house long-time programs including machining, industrial maintenance, cosmetology and workforce health professions programs. Workforce Solutions will be a tenant in the facility, the first such arrangement of its kind in the state.
In other business the board:
- Approved the financial reports ending Jan. 31.
- Approved the disposal of obsolete and surplus items through e-waste recycling.
- Approved the buyboard cooperative contract proposal on synthetic turf for the baseball field.
- Approved a request for proposals for fleet vehicles.
- Approved TASB policy update AD (Local) Educational Role, Mission Purpose and Responsibility.
- Approved TASB policy update 40.
- Received reports on Guided Pathways, the demand study and the quality enhancement plan.
- Received an update on the demand study.
- Received an equities in athletics report.
- Received the proposed 2021-22 tuition and fees schedule.
During his President’s Report, Dr. Tod Allen Farmer:
- Recognized the college’s 25th annual Jack Harvey Academy of Exemplary Teachers celebration held last week where 35 of the finest teachers from across the region were honored.
- Recognized WC alumnus Neil Noakes, a 20-year veteran of the Fort Worth Police Department, on his new position as chief of police for the City of Fort Worth.
- Congratulated associate history professor Scott Williams on having his professional paper proposal accepted for presentation at the highly selective American Historical Associate Conference.
- Announced another successful Coyote Area Math Championship at WC. For next year, the 20th anniversary of the event, the event will be renamed in honor of late WC mathematics professor Pat Cook.
- Congratulated baseball players Brenden Dixon and Caden Hawkins on being named players of the week by the Northern Texas Junior College Athletic Conference.
- Announced the retirement of Susie Brooks, humanities and sciences administrative assistant; Cheryl Livengood, associate degree nursing instructor and program director, Nancy Mulanax, WC police department records specialist, Janice Odom, fine arts secretary; and the resignation of Jaquelina Mendoza, food services worker, and Cheryl Rodriguez, dual credit and e-learning LMS administrator.