Hawkeye Sells $15 Million in Bonds

Trustees approved the bond sale to fund Butler Hall renovations and the start of the Challenger Learning Center project.

Updated on Nov. 2, 2026 in Financial Aid

Isometric editorial illustration of stacked rebar and a brick pallet beside an open trench on a flat construction site, evoking campus building work. — Hawkeye Community College trustees approved a $15 million general obligation bond sale on Oct. 27, with TD Financial Products paying $16.19 million to fund Butler Hall renovations and the Challenger Learning Center. AI Illustration. Upload story photo >

Live Poll

Do you support local college borrowing to fund campus building renovations?

The Hawkeye Community College board of trustees approved the sale of $15 million in general obligation bonds on Oct. 27. TD Financial Products of New York City was selected from nine bidders, agreeing to pay nearly $16.19 million for the bonds.

Why it matters

The bonds fund completion of Butler Hall renovations and the start of work on the Challenger Learning Center, both tied to the $35 million bond issue voters approved in March 2023. The sale matters to Waterloo residents because it advances campus projects funded through local bonding.

The players

Hawkeye Community College

A public community college based in Waterloo, Iowa, whose board of trustees approved the bond sale and oversees the campus renovation projects.

TD Financial Products

A New York City financial firm that was selected to purchase the college's bonds after outbidding eight competitors.

The details

TD Financial Products was selected for the sale out of nine bidders, and all bidders included a premium, with the additional $1.19 million paid to the college. Moody's Rating Agency assigned an Aa1 rating to the bonds, and the college has already sold $20 million in bonds for the Butler Hall project.

March 2023: Voters approved the $35 million bond issue for Butler Hall.
Oct. 27, 2026: Trustees approved the bond sale and authorized issuing the bonds.
Nov. 17, 2026: A public hearing is scheduled on the Challenger Learning Center project.
Fall 2027: The Challenger Learning Center is expected to be completed.
Fall 2028: Butler Hall renovations are expected to be completed.

Waterloo students and families benefit from campus upgrades funded by bonds that were sold at a 3.82% true interest rate, rather than through direct tuition increases. The projects expand classroom and learning spaces on the Hawkeye campus.

The takeaway

Voter-approved bond measures can fund large campus projects while the college retains bond proceeds through premiums paid by underwriters. Residents interested in the Challenger Learning Center can track the Nov. 17 public hearing for updates.

What happens next

The Challenger Learning Center project will hold a public hearing on Nov. 17, 2026, and is expected to be followed by approval of a construction contract.