Regents authorize bond proposal to acquire savings, reduce housing debt

The Northwest Missouri State University Board of Regents during its regular session Thursday approved a proposal to seek a bond rating aimed at reducing debt on its housing system as well as the replacement of stairs at Bearcat Stadium and a policy supporting employees who are victims of domestic or sexual violence.

The Board authorized the University to request a rating for 2022 bonds from one or more nationally recognized securities rating agencies, offer those bonds for sale and then authorize a Final Terms Committee – consisting of Board of Regents Chair John Moore, University President Dr. John Jasinski, and Vice President of Finance and Administration Stacy Carrick – to approve the final terms of the bonds within parameters set forth by a bond resolution approved by Regents.

While the final terms are highly dependent on the market, Carrick said, the transaction could result in an annual estimated savings of about $2.7 million for Northwest’s auxiliary budget and more reasonable debt coverage.

The Board also approved the replacement of stairs outside the west grandstand at Bearcat Stadium for a cost not to exceed $1.1 million and authorized the University to contract with Lehr Construction for the project. The current steel stair structure, built as part of the 2002 stadium renovation, were taken out of service last year due to deterioration beyond repair.

Additionally, Regents approved a Victims Economic Safety and Security Act policy, which is effective immediately, in alignment with a state law passed by the Missouri legislature last year. The policy provides unpaid leave and reasonable safety accommodations to an employee if they, or a family member or household member of the employee, are a victim of domestic violence or sexual violence.

In other business, the Board ratified the appointments of 12 adjunct faculty members who will teach at the University through the spring semester and approved the hiring of University Police Officer Joseph Huddleston, per Missouri Revised Statue 174.700.

To conclude the meeting, Northwest Provost Dr. Jamie Hooyman provided a report to Regents summarizing a roundtable discussion that the University hosted Thursday morning with Gov. Mike Parson, the Northwest Leadership Team, city of Maryville representatives and business leaders as well as representatives of Missouri Western State University. Parson led the discussion centering on workforce development and higher education.

“His parting words to me were that he appreciates the fact that Northwest is aware that it's going to take partnerships to make things work,” Hooyman said. “There’s no way a single entity can really do what we need to and be successful. We need to continue looking for partnership opportunities and meeting workforce needs.”

The Board of Regents is responsible for sound resource management of the University and determining general, educational and financial policies.