NORMAL — The Heartland Community College Board of Trustees has approved borrowing up to $35.3 million to continue upgrading campus facilities. In others matters at Tuesday's meeting, the board also heard a budget update for fiscal 2025, which began July 1, and a year-end summary for fiscal 2024.
The general obligation debt certificates, which are similar to bonds, will help fund projects in the college's 20-year facility master plan that were initially presented in fall 2020 without raising property tax bills, officials said. Among the projects will be continued renovation of the Workforce Development Center (WDC) to consolidate student services into one building. The biggest part of that would involve moving enrollment services and counseling services into a new space on the second floor of the WDC, said Steve Fast, assistant to the president and public information and communication director.
Other capital improvement projects such as deferred maintenance, technology needs, student and instructional space enhancements and environmental sustainability also are being considered. Noah Lamb, vice president of finance and administration, said the certificates and bonds are interchangeable aside from stipulations surrounding when the college is obligated to pay back the money and guidelines surrounding whether the interest paid to the lenders is taxable or tax exempt. "There are stipulations, regulations around most of this funding and how long we can sort of sit on these," Lamb.