Rend Lake College will issue $5 million in bonds to help defray operational costs in light of the state budget crisis.
The RLC Board of Trustees Tuesday officially approved the issuance of an alternate revenue source bond. Next month, the board is expected to issue a funding bond to repay the initial bond.
The college won't start seeing revenue from the bond until this summer, said Angie Kistner, RLC's vice president for finance. This revenue source is needed because of a continued lack of state funding, officials said.
"So it will not be finalized until probably June before we get all of the mechanics and we actually receive the $5 million that we can use for our operating purposes," Kistner said.
Bond Consultant Kevin Heid briefly addressed the RLC Board Tuesday on the challenges facing community colleges in Illinois.
"It's just a matter of no budget, declining enrollment," Heid said.
RLC President Terry Wilkerson said he views the bond issuance as a preventative action to ensure the college maintains its positive financial standing.
"It's about being ahead of the curve and not waiting to react to something, and so we're trying to be proactive on our end of it," Wilkerson said. "And we're going to continue to offer the programs we've been offering, we're going to continue to be here and be part of the community."
Wilkerson also criticized the state government for its lack of progress on finalizing a budget.
"The main problem with the state is just a complete inability to get anything done," Wilkerson said, later adding, "It's unheard of to be going on two years now with no budget. There's nobody solving anything and nobody's coming to save us so we've got to take care of ourself."
Other RLC Board actions Tuesday included:
Approval of the seating of Waltonville sophomore Grace Pytlinski as the new RLC Board Student Trustee, replacing outgoing student member Eric Schumm;
Acceptance of a bid of $74,435 from D7 Roofing of New Baden for a roof replacement on the South Oasis, as well as a base bid and alternate of $57,890 from KRB Excavation of Trenton for a sidewalk replacement;
Granting of permission to bid for an excess Protection, Health and Safety Levy funded project to replace the air handler in the Advance Technology Building;
Approval of the resignations of Associate Professors of Nursing Kristin Yosanovich and Erica Blumenstock, and Community and Corporate Education Specialist Stephanie Smith;
Approval of two new drone-related courses, Advanced Flight, Nature Photography and Videography Production; and
Approval of an articulation agreement allowing students to complete an Associate in Applied Science Degree in Culinary Arts at RLC and then transfer into Southern Illinois University-Carbondale's Bachelor of Science Degree in Hospitality and Tourism Administration.
