ALAMOSA — The Adams State University Board of Trustees approved the restructuring of $34 million worth of the university’s bond debt during a special meeting on Monday.
The board approved the recommendation of the Audit and Finance Committee to extend debt one year and shift to a savings based focus until the year 2026. This will result in the university being able to see savings up front. A parameter was also established to ensure that the net value of the savings would stay in the positive. This move is projected to generate an annual savings of $500,000-950,000 annually for the university.
ASU Interim President Dr. Cheryl Lovell emphasized that the savings should be put towards “bigger campus priorities,” such as academic planning and infrastructure needs. The trustees were in agreement with her position. There was little discussion on the matter as the trustees were quick to reach a consensus.
Chairman Cleave Simpson called for the motion to approve the committee’s recommendation. Trustee Wendell Pryor made the motion and was seconded by Trustee Randy Wright.
Chief Financial Officer Heather Heersink will be working with North Slope Capital Advisors to ensure that the interest will be locked in during the best market conditions possible. The interest payments are expected to go through approximately 2042.