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BOARD OF TRUSTEES Powered By Docstoc
					                                         BOARD OF TRUSTEES
                                           SPECIAL MEETING
                                         Thursday, March 25, 2004
                                                3:00 p.m.

Location: Telephone Conference Call
          and CMC District Office
          Glenwood Springs, CO

I.     Introductory Items

       A.      Call to Order

               Board Chair Dewton called the meeting to order at 3:02 p.m.

       B.      Roll Call

               The following Board members were in attendance:

               Doris Dewton, Chair
               Judith Hayward, Secretary
               Robert Dick, Treasurer
               Richard Bateman
               Helen Ginandes Weiss
               Jacque Whitsitt

               Trustee John Pattillo joined the group at 3:30 p.m. Trustee Jacque Whitsitt was absent.

II.    Action Items

       A.      Resolution Regarding Refinance of Residence Hall Bonds

               Lee White, of the firm George K. Baum & Company, gave a brief history of the original residence
               hall bonds and the mechanism by which the College is making the payments on these bonds.
               Refinancing at this time would save CMC a total of $625,000 over the next 19 years due to a very
               low interest rate for the refinancing.

               It was suggested that before the Board take action on the actual Resolution to refinance, that
               the Board should act on the request to adopt a student housing facilities enterprise. After
               this request was briefly discussed, the following action took place.

               Trustee Robert Dick Moved that the Board of Trustees approve the creation of a
               Student Housing Facilities Enterprise. Trustee Helen Weiss Seconded the Motion
               and it passed unanimously.

               Trustee Judith Hayward Moved that the Board of Trustees approve the refinancing
               Resolution. Trustee Helen Weiss Seconded the Motion.

               Additional discussion ensued regarding CMC's bond rating and other financial details
               of the process.

               The Motion was passed on a unanimous vote by the Board.

        B.       Approval of Board Treasurer as Signator

                 Trustee Robert Dick, Board Treasurer, reported that he considers the refinance a negotiation
                 and he would like to be involved on the day the bonds are sold as the numbers move
                 very fast and he may be of service given his background in this area. It is, therefore,
                 necessary for the Board to approve the Board Treasurer as a signator on refinancing documents.

                 Trustee Richard Bateman Moved that the Board of Trustees approves the Board
                 Treasurer as a Signator. Trustee Helen Weiss Seconded the Motion and it
                 passed unanimously.

III.    Adjournment

        Trustee Bateman Moved that the meeting be adjourned. Trustee Hayward Seconded the Motion
        and it passed unanimously.

        The special meeting was adjourned at 3:35 p.m.

                                                                     Respectfully submitted,

Board of Trustees Secretary
                                                                     Toni Black, Recording Secretary

Judith R. Hayward