OC About to Receive Bond Money
By: Jamie Kuras
Updated: April 15, 2011
ODESSA -- It was just this past November when voters approved a $68.5 million taxpayer bond for the Odessa College.
However, recent uncertainty surrounding the school's future put that bnd on hold. Now, everyone can breathe easier -- as the school is this close to receiving the money needed to improve the college.
Students, professors, and community members packed the community room of the student union building to show their support for Odessa College Thursday afternoon.
The school sold the bond to RBC Capital Markets -- who will now gather up investors and issue the $68.5 million bond.
"They'll now actually send some documents to the state attorney general's office for approval," said RBC Managing Director Matt Boles. "They'll approve the transaction and look to close on the 21st -- in which time they'll have ready money for their projects and they can start turning dirt."
RBC Capital Markets said that Odessa College had the highest credit rating and received a low tax rate.
It definitely changes the mood of the college from the last couple of months.
"You've heard me say that we're going to be OK," said O.C. President Dr. Gregory Williams. "I didn't want to jump off the bridge and didn't want to do anything crazy because we knew that if we did what we were supposed to do that we would be fine."
The school plans to renovate and build new buildings with the bond money. They also want to use the money to educate today's students more effectively
The college hopes that this bond will bring in a lot more students. They want to have around 8,000 students total.
Because of all the questions regarding their future, Odessa College is about three months behind where they wanted to be with their plans. They hope that once they get approved by the state, they'll be able to catch up.
However, recent uncertainty surrounding the school's future put that bnd on hold. Now, everyone can breathe easier -- as the school is this close to receiving the money needed to improve the college.
Students, professors, and community members packed the community room of the student union building to show their support for Odessa College Thursday afternoon.
The school sold the bond to RBC Capital Markets -- who will now gather up investors and issue the $68.5 million bond.
"They'll now actually send some documents to the state attorney general's office for approval," said RBC Managing Director Matt Boles. "They'll approve the transaction and look to close on the 21st -- in which time they'll have ready money for their projects and they can start turning dirt."
RBC Capital Markets said that Odessa College had the highest credit rating and received a low tax rate.
It definitely changes the mood of the college from the last couple of months.
"You've heard me say that we're going to be OK," said O.C. President Dr. Gregory Williams. "I didn't want to jump off the bridge and didn't want to do anything crazy because we knew that if we did what we were supposed to do that we would be fine."
The school plans to renovate and build new buildings with the bond money. They also want to use the money to educate today's students more effectively
The college hopes that this bond will bring in a lot more students. They want to have around 8,000 students total.
Because of all the questions regarding their future, Odessa College is about three months behind where they wanted to be with their plans. They hope that once they get approved by the state, they'll be able to catch up.
