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Board of Regents authorizes LRBP design, multiple bond issuances and maintenance projects
Summary
At its Nov. 20–21 meeting in Missoula the Montana Board of Regents approved planning and funding actions including LRBP design authority for UM classrooms and multiple facilities revenue bond authorizations for MSU and MSU Billings; all listed action items passed, most by unanimous votes.
The Montana Board of Regents on Nov. 20–21 approved a series of capital and maintenance authorizations, including design authority for long-range building program (LRBP) projects at the University of Montana and authorization for facilities revenue bonds at Montana State University campuses.
Regents voted to authorize UM Missoula to begin design work on the LRBP CD-06 Classrooms and Teaching Labs Modernization, with $1.5 million in planning funds appropriated by the 69th Legislature, according to Dan Stevenson, director of facilities. ‘‘This project will improve the function and quality of instruction space across campus,’’ Stevenson said.
MSU requested permission to issue a new series of facilities improvement revenue bonds to fund energy performance contracts (EPCs) across the Bozeman campus. MSU Vice President Terry Leist told the board the bonds could total up to $28 million to support multi-year, multi-phased projects addressing deferred maintenance. Regents approved the request 7–0.
MSU Billings requested authorization to issue facilities revenue bonds of up to $7 million to fund major maintenance projects, primarily elevator upgrades in three campus buildings; the board approved the request unanimously. The board also authorized MSU Bozeman to pursue refunding of a set of existing bond series (Series E 2018, Series G 2021 and Series K-1 2024) to provide flexibility for market timing and approved MSUB spending up to $6.2 million of non-state funds for elevator replacements.
Consent items including labor agreements, easements, property purchases and appointments were approved as presented. Regents approved consent items a.–g. and then moved through the action slate; most motions passed unanimously.
What happens next: design work and planning may proceed. Several items (for example LRBP construction authority and final bond execution) will require subsequent approvals once planning is complete or market conditions are suitable.
Votes at a glance: - ITEM 221-1008 (LRBP CD-06 design authority, UM Missoula): motion by Regent Joyce Dombrouski; passed 7–0. - ITEM 221-2007 (Facilities revenue bonds for EPCs, MSU Bozeman): motion by Regent Joyce Dombrouski; passed 7–0. - ITEM 221-2702 (Facilities revenue bonds, MSU Billings): motion by Regent Jeff Southworth; passed 7–0. - ITEM 221-2009 (Bond refunding flexibility, MSU Bozeman): motion by Regent Joyce Dombrouski; passed 7–0. - ITEM 221-2703 (Major maintenance elevator projects, MSUB): motion by Regent Jeff Southworth; passed 7–0.
The board did not vote on construction-phase authority for LRBP projects at this meeting; planning and design authorities were the immediate outcome of the approvals.
