The below information came from a College of Lake County press release.
The College of Lake County is moving forward with the sale of $60 million in bonds as part of the financing of a $148 million Sustainable Campus Master Plan.
At the regularly scheduled August board of trustees meeting held last night, David Agazzi, vice president for administrative affairs, reported on the sales, previously approved by the trustees.
He said that $31.7 million in General Obligation Bonds (Alternative Revenue Source), Series 2012 A, would be sold on Wednesday, Aug. 28, and $28.3 million in Local Government Program Revenue Bonds, Series 2013B Bonds would be sold sometime in the first two weeks of September.
The bonds will carry a Aaa (“Triple A”) rating—the highest quality rating offered by Moody’s Investors Service. Moody’s reaffirmed the college’s Aaa rating last week.
“Keeping this rating will save the college millions of dollars on the cost of making campus improvements that are essential to maintaining a high-level of educational quality in our programs and services,” said Board Chairman Amanda Howland.
The Sustainable Campus Master Plan includes improvements at all three CLC campuses. Components on the Grayslake campus include repairs to the aging heating and air conditioning system, renovation of the B and C Wings to create a student services center, a new science building, classroom technology upgrades and a geothermal plant and loop to save on energy costs.
Work at the Lakeshore Campus in Waukegan will include a major new building and renovations of existing space. At the Southlake Campus in Vernon Hills, a new chemistry classroom will be added.
Construction of the master plan is scheduled to begin with the science building on the Grayslake campus in March 2014. Completion of construction on all college projects is scheduled for December 2017.