During the October meeting of the Colorado Mountain College (CMC) Board of Trustees, board members honored their term-limited peers, Pat Chlouber of Leadville and Kathy Goudy of Carbondale. The remaining board and senior staff celebrated their colleagues with American flags that had flown over the Colorado Capitol, commemorative plaques, and sentiments of appreciation.
Also at the October meeting, the trustees voted unanimously to approve an underwriting services contract for Stifel, Nicolaus & Company, following a request for proposals process. Stifel will provide underwriting services to finance an estimated $20 million in Certificates of Participation (COPs) for anticipated future capital improvements at the Aspen campus or other significant facilities projects to be designated by the board. Final board approval of the COP financing details will be scheduled for the January meeting, with the issuing of COPs to follow, likely in February or March.
In addition to approving the underwriting services, trustees voted unanimously to increase the college’s threshold limit for contract approvals, from $250,000 to $500,000, with the option to re-evaluate the limit after one year. For contracts over the limit, board approval is required, per college policy. College staff reviewed best practices of other colleges and universities. They found that those not giving the president or chief financial officer final authority over contracts set a limit at $500,000 or more.