November 15, 2017

NOVEMBER 15, 2017 4:00 P.M.

1.    Roll Call:
Present - Ms. Virginia Fry, Chair
Ms. Amelia Counts, Governor (by conference call)        
Mr. Tyree Davis IV, Student Governor
Mr. Craig Frazier, Governor
Mr. Gabriel E. Gore, Governor (by conference call)
Ms. Beverly Miller, Governor
Mr. Kendall Seal, Governor (by conference call)
Mr. Gregory Spears, Governor 
Ms. Carrie Tergin, Governor (by conference call)

Absent - Ms. Carol Silvey, Governor

Also Present - Mr. Clifton M. Smart III, President
Dr. Drew Bennett, Chancellor of the West Plains Campus (by conference call)
Ms. Donna Christian, Director of Internal Audit and Compliance
Mr. Chris Collier, Managing Director, Hilltop Securities (by conference call)
Mr. Jerry Compton, Project Manager-Architect
Ms. Rachael Dockery, General Counsel
Mr. Brent Dunn, Vice President for University Advancement
Mr. Steve Foucart, Chief Financial Officer
Ms. Reagan Holliday, Underwriter, Hilltop Securities (by conference call)
Mr. Matt Morris, Vice President for Administrative Services
Mr. Jeff Morrissey, Chief Information Officer
Ms. Suzanne Shaw, Vice President for Marketing and Communications
Dr. Dee Siscoe, Vice President for Student Affairs
Ms. Ashley Sliger, Contract Compliance Manager
Mr. Mike Wills, Director for Procurement
Mr. Rick Wright, Bond Counsel, Gilmore & Bell (by conference call)
Ms. Edie Salter, Student
Mr. Andrew Slay, Student
Mr. De’Shaun Williams, Student
Ms. Kristan Gochenauer, Secretary of the Board
2.    Presiding – Ms. Virginia Fry, Chair of the Board of Governors, called the Special Board of Governors conference-call meeting to order at 4:02 p.m. in Room 203 of Carrington Hall on the campus of Missouri State University in Springfield, Missouri.

3.    Approval of Minutes – Ms. Fry mentioned that the first item of business was the approval of the minutes for the open Executive Committee meeting of September 20, 2017.  Ms. Beverly Miller so moved, receiving the second of Mr. Craig Frazier.

Motion passed 8-0. 

4.    Procurement and Financial – Steve Foucart, Chief Financial Officer, recommended approval of the declaration of official intent toward the issuance of auxiliary enterprise system refunding revenue bonds (Finance No. 1064-17).  The objective of the resolution is to lower the University’s overall debt service by refinancing all of its outstanding Series 2005A Bonds and the Series 2014 Bonds. Regions Bank has agreed to purchase the new Bond issue at an interest rate of 2.63% for the 2014 Bond and 2.15% for the 2005A Bond refinancing.  This would achieve a net savings of approximately $2,149,000; gross savings of $2,680,000. The term sheet has been provided to Regions Bank and does contain a “Breakage Fee” provision of 1% if the loans are not issued due to Missouri State breach of terms.  While this protects Regions Bank, it also protects the University in that the term sheet locks the rates. Mr. Gregory Spears made a motion to approve the declaration of official intent, receiving a second from Mr. Frazier.  

Motion passed 8-0.

He then presented a resolution summarizing Procurement Services’ Office activities from October 13, 2017 through November 10, 2017 (Purchasing Activity Report No. 460-17).  The one item included in the resolution is a request to approve reinsurance (Stop Loss) for employee group medical plan through Optum; current contract C6108-1.  Contract period would be extended from January 1, 2018 through December 31, 2018 at an estimated cost of $1,112,891.52.  A motion was made and seconded, respectively, by Ms. Miller and Mr. Spears.

Motion passed 8-0.  

5.    Facilities and Equipment – Mr. Matt Morris, Vice President for Administrative Services, presented a resolution requesting approval of bids and award of a contract for the locker room addition at Greenwood Laboratory School (Bids & Quotations No. 1551-17).  The low bid for the base bid plus alternates 3, 4, 5, and 6 was accepted from Bales Construction Company, Inc.  Total project budget is $1,400,000 with an expected fall 2018 completion.  Mr. Frazier made a motion, receiving a second from Mr. Spears.

Motion passed 8-0.

President Clif Smart informed the Board that an update on the residence hall will be provided at the December Finance and Facilities Committee meeting. 

6.    Adjournment – Ms. Fry adjourned the conference-call meeting at 4:32 p.m. on the motion of Mr. Spears, the second of Ms. Miller, and the unanimous vote of the committee. 

Kristan E. Gochenauer
Secretary of the Board