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KC officials ask voters to approve bond issue

Posted: Monday, Oct 25th, 2010

The proposed $52.6 million referendum at Kishwaukee College on the Nov. 2 ballot would help address space issues due to the college’s dramatic enrollment increase.

MALTA — For the first time in more than a decade, the Kishwaukee College Board of Trustees are asking district residents to renew their investment in their community college by approving a referendum in the amount of $52.6 million for an expansion project. This is a no tax rate increase referendum because passage would mean the college would merely re-issue 20-year bonds at the current levy tax payers already pay.

According to Associate Vice President of Institutional Effectiveness Kevin Fuss, whose department spear heads research and planning, the tax rate will stay exactly where it is and the only way property owners would pay more in taxes is if the property values increase.

Fuss said the college recognizes that if the community is contributing to the expansion, then the college needs to make a monetary commitment to the project as well, so they are pulling funds from the reserves to the tune of $2.1 million as well as increasing tuition for additional revenue of $7.3 million over the course of the 20 years.

The average student will see an increase of roughly $120 per semester. The college is seeking $52.6 million in the referendum with the total project coming in at nearly $62 million, so the college is directly committing 15 percent to the project.

College adminstration wants to ensure it can meet the education and training demands of the community when district residents need those services the most. Since 2008 college enrollment has increased more than 20 percent. In addition, the college’s rating with standard and poor has been recently increased to AA. This high credit rating has garnered the college access to lower interest rates and no bond insurance will be required.

For the complete article see the 10-24-2010 issue.

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