A task force on the College of Santa Fe, convened by Gov. Bill Richardson to try to salvage the troubled institution, has been meeting for a month. The group, of more than 30 members, is composed of public university administrators, elected officials, CSF students and teachers, finance experts from state government and local business people.

The task force has come up with at least four creative ways to continue college operations, including options that are a mix of public and private enterprise. The problem with all of these options is time — and money.

The college is due to shut down in a few weeks, after graduation. Non-graduating students have been finding other schools where they can continue their education. Faculty members have been offered jobs at other institutions. If a plan isn't in place within days, there will be no college left.

Maintenance and security staff is due to leave. There will be no one to check to see if pipes have burst or roofs are leaking. Vandals will have easy access to the campus.

The college's assets could be tied up for years in litigation among its creditors, with the campus becoming ever more derelict.

Last year Laureate, a for-profit company that operates some 44 colleges around the world, looked at acquiring the college. However, the company was unable to take on more debt.

Several state universities have looked at taking over the college. New Mexico State dismissed the idea almost immediately. The University of New Mexico did an extensive study and came to the same conclusion. Highlands was interested, until the Legislature refused funding.

Laureate is back in the picture, offering to operate the college as an art/film/music school, as long as it takes on no debt.

The governor has made it clear that the state cannot take the lead in paying off the $35-38 million the college owes its debtholders.

Two weeks ago, Santa Fe City Councilor Rebecca Wurzburger came up with a plan for the city to issue revenue bonds and pay off the debt. Mayor David Coss has supported the initiative. The idea is for various entities to rent portions of the college's 100-acre campus, providing money to pay off the bonds. Tenants could include Laureate, public colleges and universities, the State Library and Department of Higher Education. This could mean a private world-class arts college for Santa Fe, with millions pumped into the local economy in the next decade. It could mean that students could attend local classes in many subjects, offered by universities based in other parts of the state.

The councilor has made it clear that saving the College of Santa Fe cannot put the city's already shaky finances further at risk. The entities that hold the college's debt must understand that. As Wurzburger said, the city is their last hope and the city cannot afford to pay all the millions that are owed.

The debtholders will have to be content with being paid pennies on each dollar they are owed. The alternative is years of litigation and a campus that becomes more derelict as time passes.

The future depends on tough negotiations with the many entities that hold the college's debt, with the city taking the lead. It wouldn't hurt, however, to have the governor help out with his famous negotiating abilities.