Approval of Bond Refunding Resolution The CWU “System” consists of revenue generated by Housing and Dining, parking, and the Wildcat Shop (bookstore) and student activities. The System holds the university’s revenue bonds and must generate enough revenue to cover operating expenses and debt service, plus set aside funds for asset re- investment. In order to reduce total interest expense, the university intends to refinance the 2012 System bonds, which were originally used to fund the renovation of Kamola Hall. Motion 22-05: Ms. Gillis moved that the Board of Trustees of Central Washington University hereby adopts the Series Resolution 22-01 . Mr. Hensler seconded the motion. The motion was approved. Approval of Summer Session 2022 Budget Proposal Motion 22-06: Ms. Jenkins moved that the Board of Trustees of Central Washington University hereby approves the summer session 2022 budget proposal, including a 5% increase to the summer resident graduate tuition rate and a 3% increase to all other summer tuition rates . Mr. Nellams seconded the motion. The motion was approved. Approval of Housing/Dining Rate Increase Motion 22-07: Ms. Jenkins moved that the Board of Trustees of Central Washington University hereby approves the Auxiliary Services Housing and Dining maximum rate increase, not to exceed 3 percent in the aggregate, for fiscal year 2023. Mr. Hensler seconded the motion. The motion was approved. Approval of University Retirement Policy Amendment Motion 22-08: Ms. Jenkins moved that the Board of Trustees of Central Washington University hereby approves the following: (1) changes to the CWURP and the VIP made in June 2020, to conform to retirement plan requirements of the Internal Revenue Service; (2) an amendment to VIP section 6.3 regarding hardship distributions required to be made as a result of changes in Treasury regulations; and (3) delegation of authority to the CWU Benefits Director to amend benefit plan documents to comply with applicable law and regulations, provided such amendment does not have a material economic effect on the university. Mr. Nellams seconded the motion. Trustee Hensler moved to amend the motion to direct that the university Investment Committee, rather than the staff benefits director, be charged with reviewing amendments to plan documents. Vice Chair Conner seconded the amendment to the motion, which approved. The motion as amended was approved. Staff will propose amendments reflecting new charges to CWUP 2-10-100, which establishes the Investment Committee and articulates responsibilities.
6 Board of Trustees Minutes February 17-18, 2022
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