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NMSU Regents approve resolution to issue system revenue bonds

  • By Julie M. Hughes
  • 575-646-1953
  • juhughes@nmsu.edu Facebook Icon
  • Jan 28, 2013
five men and a lady
SANTA FE - At a regular meeting Monday, Jan. 28, in Santa Fe, the New Mexico State University Board of Regents approved a resolution authorizing issuance of up to $65 million in system refunding and improvement revenue bonds.

Angela Throneberry, senior vice president for administration and finance, requested the bonds to finance building and improvement projects. The sale of bonds is the means by which institutions such as NMSU borrow money for projects. This action will allow the university to self-fund capital construction and renovation projects, including a Corbett Center Student Union renovation and an irrigation system at the NMSU Golf Course. The bond issuance also will allow the university to refinance about $47 million in outstanding debt, which will result in present value savings of almost $6 million to the university.

Revenue bonds are special types of municipal bonds distinguished by their guarantee of repayment solely from revenues generated by a specified revenue-generating entity associated with the purpose of the bonds.

The Regents also heard updates on fundraising and athletics, as well as the presidential search.

Dennis Prescott, vice president for university advancement and president of the NMSU Foundation, highlighted some recent large gifts, including a $2.3 million estate distribution to benefit the College of Education, which is the largest gift ever received by that college, and a $350,000 gift for the Carlsbad campus, with another gift of the same size expected. He also lauded the activities of the Alumni Association, including the establishment of a new scholarship endowment supported in part by membership dues paid to the association by NMSU alumni.

Athletics Director McKinley Boston gave an annual update on athletics highlighting the success of NMSU student athletes, not just on the field or court, but also in the classroom. Receiving WAC All Academic Honors for 2011-2012 were 184 student athletes and NMSU has a 70 percent graduation rate for student athletes. NMSU student athletes also performed 5,071 hours of community service in 2012. Boston also gave an update on how the NMSU football schedule is shaping up as the Aggies prepare to play as an independent school for the next season. Right now it looks like there could be as many as seven home football games. The full schedule will be issued as soon as it is final.

Presidential Search Committee Chair Larry Lujan updated the board on the progress of the presidential search. He said it is an honor and a privilege to lead the committee, which he described as a well-rounded, dynamic committee. The committee has had its initial meeting and will be working on an aggressive timetable to deliver finalists for consideration to the board in time to name a president in May.

The board presented the Above & Beyond Award to Patrick Torres, county director/agricultural agent for Santa Fe County. The Above & Beyond Award recognizes full-time employees who go the extra distance in service to any and all aspects of the NMSU system. Individuals are recognized for performance that goes "above and beyond" their regular responsibilities and for demonstrating a positive attitude that inspires others.

Torres provides educational outreach programs and works closely with organizations such as the Cattle Growers, Dairy Producers, New Mexico Beef Council, Apple Growers, Herb Society and Farm to Table. He also works with NMSU Extension specialists to provide current and relevant programs to the citizens of the county.

"Mr. Torres has constantly demonstrated a capacity to work with a diverse clientele, knowledge of a vast array of subjects, and a keen awareness of what needs to be done to provide assistance to people of varying levels of need. He has always demonstrated a willingness to step up to the plate with humility and kindness," said Lowell Catlett, dean of the College of Agricultural, Consumer and Environmental Sciences.

"Patrick is a superb example of the positive impact a county Extension agent can have in a community. He takes tremendous pride in serving the citizens of New Mexico and has earned their respect," said Jon Boren, associate dean for the College of Agricultural, Consumer and Environmental Sciences and director of NMSU's Cooperative Extension Service.

Santa Fe Mayor David Coss was a special guest at the meeting and welcomed the Board of Regents to Santa Fe. Coss is a 1977 graduate of NMSU.

"It is always a pleasure to welcome New Mexico State University to Santa Fe. I am proud to be an Aggie," Coss said.