The Board of Governors met last week. I want to take a moment to highlight their action items from the meeting.
The board authorized the university to issue $36 million in revenue bonds. These bonds will be used to refund other bonds that originally financed several auxiliary projects. The bonds will be refunded at a lower interest rate, saving the university $2.7 million over the next 18 years.
The board approved a commendation for Governor Tyree Davis. Governor Davis has served for the past year and a half as our student representative on the Board of Governors. It has been a pleasure to work with Governor Davis, and I want to take a moment to thank him for his hard work and dedication to the board and our university. We will look forward to continuing to work with Governor Davis until the Governor appoints a successor to his seat on the board.
The board approved a contract to outsource hosting of the Blackboard Learning Management System. This contract will allow the university to migrate to a cloud-hosted environment. This change will allow the university to avoid self-hosting and personnel costs that have increased in recent years and will likely continue to escalate in coming years. We also believe this move will provide enhanced stability, improved performance, accelerated innovation and increased efficiency.
On the same day as our Board of Governors meeting, the Missouri Coordinating Board for Higher Education approved the new performance funding framework. I made a presentation at our Board of Governors meeting about the new framework. The new framework is consistent with the summary I provided in September. Details can be found in the CBHE Performance Funding Task Force Final Report.
New board committees
The board also approved a new Executive Committee for next calendar year, and Governor Carrie Tergin announced her committee appointments.
Members of the Executive Committee are Governors Carrie Tergin (chair), Gabe Gore, Kendall Seal and Craig Frazier.
Members of the Risk Management and Audit Committee are Greg Spears (chair), Craig Frazier, Carol Silvey and Carrie Tergin.
All members of the board will be on the Finance and Facilities Committee and the Programs and Planning Committee. Craig Frazier will serve as chair of the Finance and Facilities Committee and Beverly Miller will serve as chair of the Programs and Planning Committee.
Thanks for all you do for Missouri State!