Illinois State's BOT Approves Five Items

Illinois State University's Board of Trustees approved financing capital improvement projects with certificates of participation, an increase in the project budget for the Mennonite College of Nursing laboratory expansion, a new roof at the Warehouse Road Complex, furniture for Watterson Towers and renewal of student health insurance.

The certificates of participation, which will be used for a Hovey Hall renovation and exterior door replacements on various academic facilities, will be no more than $15 million to be paid off in 30 years, with a maximum annual debt service of $1.34 million.  Of that total, just under 60 percent will go toward the debt service for the energy conservation measure project, which will be repaid from energy conservation measures guaranteed by NORESCO.  The remaining $570,000 in debt service repayment will come from University general revenues.

In May, the Board authorized a capital project to acquire and equip a modular building for Mennonite clinical teaching laboratories, offices and support space at a cost of $2.1 million.  Bids for the project exceeded the budgeted amount, and security enhancements have been added to the project.  The Board approved an increase of $700,000 for the project, bringing the new total to $2.8 million.

Trustees approved a capital project to replace the roof on building #1 at the Warehouse Road Complex at a cost not to exceed $975,000.  The building is a 73,000- square-foot metal building, which houses Central Receiving and Property Control along with Milner Library remote book storage and the Dr. Jo Ann Rayfield Archives. The current roof is more than 20 years old and has reached the end of its useful life.

The Watterson Towers furniture will be purchased from various vendors for suites, lounges and informal spaces at a cost not to exceed $1.5 million.  The furniture will be replaced in phases, coinciding with the Watterson Towers renovation.  University Housing reserves funds will be used for the purchases.

The Board approved a renewal contract for student health insurance with Aetna Student Health for the 2011-12 academic year at a cost of no more than $216 for fall and spring sessions and no more than $164 for the summer 2012 session. At the time of the resolution, the Department of Health and Human Services had not issued rules concerning how student health insurance plans would be regulated following passage of healthcare reform legislation by Congress.  The resolution was approved to allow the University to proceed with renewal of the current contract, with the costs for the plan to be adjusted after health care reform rules are more firmly established.  The current 27 percent increase over 2010-11 rates will likely be less than the maximums set in this resolution.