In accordance with the terms and provisions of the Texas Open Meetings Act, Chapter 551 of the Texas Government Code, the Board of Trustees of Austin Community College District convened in public session on Monday, April 20, 1998, at 12:07 p.m. in the Board Room (201) of the District Administrative Offices located at 5930 Middle Fiskville Road, Austin, Texas 78752, with the following members present: Carol Nasworthy, Chair/Presiding Officer; Lillian J. Davis, Secretary; Hunter Ellinger; Sharon Knotts Green; Allen Kaplan; and Rafael Quintanilla. Absent were Beverly Watts Davis, Vice Chair, Della May Moore, and John Worley.

It is further found and determined that in accordance with the policies and orders of this Board, the notice of this meeting has been posted and return thereof made pursuant to the terms and provisions of the Texas Open Meetings Act, Chapter 551 of the Texas Government Code, and there has been full compliance with the terms and provisions of said act, including the timely posting of the subjects of this meeting.

Dr. Nasworthy introduced the item and Jerry Miller, Associate Vice President for Business Services and Jorge Rodriguez, Financial Adviser, Coastal Securities of San Antonio, Texas, distributed information and responded to questions from Board members regarding sale by ACC of additional bonds via the bond market. The proceeds of this sale would be set aside for payment of a specific portion of ACC’s current outstanding bonds. Current long-term interest rates have fallen below the College’s previously sold long-term bonds. ACC can substitute higher interest rate bonds with lower interest rate bonds, thereby achieving an average annaul savings of $22,000 because the new interest rate is less than the former interest rate.

Having no motion before the Board, the April 20, 1998, Special Meeting of the Austin Community College Board of Trustees was adjourned at 12:10 p.m.

Dr. Lillian J. Davis, Secretary