A3 • THE METROPOLITAN • OCTOBER 9, 2008

METRO
“How will McCain be able to pick up
the telephone at 3 a.m. ... when he
cannot even make it to the toilet?.”
- JIMMY BRALEY in INSIGHT, A8
TARA MOBERLY • NEWS EDITOR • tmoberly@mscd.edu
THIS WEEK
INDEX
INSIGHT ... A8
SPORTS ... A11
METROSPECTIVE ... B1
TIMEOUT ... B2
AUDIOFILES ... B6

EVENTS
10.10 The Fifth
Annual Denver
Indigenous Film and
Arts Festival
5:30 p.m., Starz Film
Center; the festival
continues through
the weekend. For
more info:
www.iiirm.org

10.10 National
Coming Out Day
8 a.m. - 4 p.m., 10th
Street Mall and Tivoli
Commons

10.15 Words
of Choice: Stories
Construction of the new science building progresses as of Oct. 7. (Photo by Cora Kemp/ckemp4@mscd.edu)
About Women’s Real
Lives. Designed
to increase
Financial crisis trickles down to Auraria understanding and

Future funds uncertain

spur activism
7 p.m., Tivoli
Turnhalle

By Andrew Flohr-Spence &
Dominic Graziano
THE METROPOLITAN
No news was good news Monday
when Auraria representatives met
with staff of the state treasury office to
discuss plans for continued funding for
the new science building.
While the state had previously
promised funding, the current
worldwide financial crisis and Gov.
Bill Ritter’s announcement of a hold
on all new state-funded construction
had raised concerns the science
building could be affected.
“We are moving forward with
everything as if it is on track,” Dean
Wolf, executive vice president of the
Auraria Higher Education Center, said
after the meeting.
Funding for the science building,
broke ground in December 2007
with completion slated for 2009, has
seen several setbacks.
Several months after building
began, the state reassessed its budget
and announced it could not fully fund
the building as previously committed.
Metro officials then scrambled to
find alternatives, and in May, Ritter
signed two laws that would allocate
money for higher education building
projects, including the Auraria
Science Building.
One law dedicated 50 percent
of the money paid to the state for
natural gas leases to higher education
construction projects.
The other law allowed schools to
borrow money using certificates of
participation, until enough money
from leases comes in that the COPs
can be repaid.
In June, the state approved four
months of bridge funding for the
science building intended to last until
the state treasurer issued the COPs,
State Treasury Director of Initiatives
Mary Wickersham said.
Wickersham said that the decision
on whether to issue COPs to Auraria
or not will be made Nov. 6.
“The state treasurer will decide
whether or not and exactly how
to issue the COPs, depending on
her current market analysis and
consultations with business leaders
and state legislators,” she said.
Three weeks ago, bank interest
rates were at 4.75 percent, when the
banks stopped lending money due to
the current economic crisis.
“Since no banks are borrowing
or lending money right now, it was
impossible to say what the rate is
currently,” Wickersham said.
She added that she estimates that
last week interest rates may have risen
as high as 5.75 percent.
This is due to the nervousness
among the banks toward lending
money, “but until lending resumes,
no one can know.”
If the interest rate goes too high,
the treasury could rule to lend less
money and fund only the buildings
that it could afford, or even delay the
purchase of COPs to wait for a better
price, Wickersham said.
In that case, Wickersham said,
the science building would probably
receive continued temporary funding
because the project was already under
way.
Auraria needs close to $65 million
to complete the science building, Wolf
said.
Wickersham told Wolf to expect
the planned temporary funding and
the COPs to be issued Nov. 6 and to
WEATHER
10.9 • Partly Cloudy
continue with the project as was High: 73/Low: 41
planned earlier in the year. 10.10 • Cloudy, Rain
“Science building construction is High: 59/Low: 40
currently on schedule and on budget,” 10.11 • Cloudy, Rain
Wolf said. “But in this volatile market High: 48/Low: 33
right now, who knows what will 10.12 • Cloudy, Rain
happen?” High: 53/Low: 32
“The market is out of the state’s 10.13 • Mostly Sunny
control too,” said Auraria Chief High: 61/Low: 41
Financial Officer Sandra Sales. 10.14 • Sunny
If the COPs are not issued, the High: 65/Low: 43
science building could be put on hold, 10.15 • Mostly Sunny
but the meeting seemed very upbeat, High: 67/Low: 44
she said. By Kendell LaRoche
“The state treasurer is still moving
forward with the Nov. 6 closing of the
COPs,” Sales said. OUR BAD
Right now the campus needs $11.3
million to continue construction for The photo on page A13 in
November, Sales said, and a combined the Sept. 25 edition of The
$3.4 million for construction in Metropolitan was of Metro
December and January to cover women’s tennis player Mitra
contract costs. Hirad.
Bridge money should keep the
project on track through those months To notify The Metropolitan of
if the COPs are not issued, Sales said. an error in any of our reports,
“The State treasurer doesn’t please contact Editor in Chief
want to wait till past November or James Kruger at jkruger1@
December,” she said. “But the state’s mscd.edu
intention is to get this project done.”