WC board takes steps toward funding student union project 

After a moving presentation of the nation’s colors by Police Academy cadets in remembrance of 9-11, the Weatherford College Board of Trustees approved several measures to move forward with funding plans for a new student union building at its September board meeting on Thursday. 

The project is expected to cost $105 million and will be paid using tuition revenue bonds, a financing option where the college will pay for the project using future tuition revenue. Tuition revenue bonds do not impact local property taxes.

After amending the college’s investment policy to include investment pools, the board approved TexSTAR and LOGIC Investment Pools as authorized investment options. 

These programs enable the college to combine its funds with those of other Texas government entities. This strategy is expected to yield a better return on investment than a traditional bank account, while ensuring the money remains secure. 

“Municipalities, school districts, counties, city governments use these types of investment pools all the time and typically get a better yield than at a traditional commercial bank,” said Doug Dowd, the board’s vice chair and a banking professional. “They’re very safe, and they give you a good return on your money.” 

The board also authorized the creation of new bank accounts specifically for the construction funds, allowing the college to begin using the money to pay for the project. 

During the meeting, representatives from the architectural firm Huckabee and Associates presented visual updates on the new student union’s design.

“I’d like to thank Huckabee and Associates as well as Imperial Construction for working so diligently to move this project forward,” said WC President Tod Allen Farmer. “We look forward to continuing to build on the quality legacy you have in place here with these two magnificent structures.” 

In other business, the board: 

• Approved the minutes from the Aug. 7 called board meeting, budget workshop, and regular board meeting as well as the Aug. 21 called board meeting and public tax hearing. 
• Approved the financial reports ending Aug. 31. 
• Approved the quarterly investment report. 
• Approved the financial and investment reporting procedural change. 
• Approved the parking fee for the Gold Parking Lot. The new lot is expected to open in October and includes 55 covered parking spaces. The cost to park in the lot for faculty, staff, and students is $200 per semester (Fall, Spring, Summer). 
• Approved the renewal of sealed proposals for insurance coverages, loss control and risk management services. The board approved renewing the proposal from HUB International Insurance Services. 
• Received written reports from the Wise County campus, the office of academics, and a student services update. 
• Received a verbal report from Grant Mills on the Day of Service in San Saba. Following his address to the board, Farmer presented Mills with a Presidential Core Value Coin for his commitment to the college. 

In his president’s report, Farmer: 

• Congratulated the Coyote volleyball team on being ranked No. 2 in the nation in the first regular-season poll. 
• Thanked everyone who helped make a positive first impression on students and their families as they moved into Coyote Village and Durant Hall. 
• Recognized the WC team members who, due to record enrollment, created additional class sections, added last-minute faculty, and dealt with cafeteria lines that ran out the door. 
• Announced the resignation of police sergeant Terry Spector. 
• Provided an updated enrollment report. As of Monday, Sept. 8, WC had 7,242 credit students enrolled compared to 6,602 this time last year and 5,344 the year prior to that. This represents a 9.7% increase in one year and a 35.5% increase from two years ago.