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HomeMy WebLinkAbout08-75 - Miscellaneous Capital Projects at Costa Mesa Campus of Whittier CollegeRESOLUTION NO. 08-75 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, APPROVING THE ISSUANCE AND SALE OF THE CITY OF WHITTIER VARIABLE RATE DEMAND REVENUE AND REFUNDING BONDS (WHITTIER COLLEGE), SERIES 2008 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $70,000,000 FOR THE PURPOSE OF REFINANCING THE CITY OF WHITTIER VARIABLE RATE DEMAND REVENUE AND REFUNDING BONDS (WHITTIER COLLEGE), SERIES 2004, AND FINANCING THE PLANNING, CONSTRUCTION, RENOVATION, REMODELING, AND/OR IMPROVING OF NEW FACILITIES, CLASSROOMS AND MISCELLANEOUS CAPITAL PROJECTS AT THE COSTA MESA CAMPUS OF WHITTIER COLLEGE TO SUPPORT PROGRAMS OF WHITTIER COLLEGE. THE CITY COUNCIL OF THE CITY OF COSTA MESA HEREBY RESOLVES AS FOLLOWS: WHEREAS, Whittier College, a California nonprofit public benefit corporation (the "College"), has requested that the City of Whittier (the "Issuer") participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $70,000,000 (the "Bonds") for the purpose of, among other things, (a) refinancing the City of Whittier Variable Rate Demand Revenue and Refunding Bonds (Whittier College), Series 2004, which proceeds were used to (i) acquire the land and facilities (including equipment and furnishings) then leased by the College for its law school, located at 3333 Harbor Boulevard, Costa Mesa, California 92626 (the "Costa Mesa Campus"), (ii) plan, construct, equip and furnish new facilities at the Costa Mesa Campus to provide office, classroom and multi-purpose space to support College programs, and (iii) make general improvements to the Costa Mesa Campus including landscaping, parking, utilities and other exterior spaces; and (b) financing the planning, construction, renovation, remodeling and/or improving of facilities, classrooms and miscellaneous projects at the Costa Mesa Campus; and WHEREAS, the owner and operator of the facilities described in the preceding clause being refinanced or financed with a portion of the proceeds of the Bonds (the "Facilities") will be the College and the Facilities are located within the City of Costa Mesa on the Costa Mesa Campus of the College (the "City"); and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds by the Issuer must be approved by the City because the Facilities are located within the territorial limits of the City; and WHEREAS,. the City Council of the City (the "Council') is the elected legislative. body of the City and is one of the applicable elected representatives authorized. to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS; the Issuer and the College have requested that the Council approve the issuance of the Bonds by the Issuer in order to satisfy the public approval requirement of Section 147(f) of the Code; and WHEREAS, the City's granting. such approval does not obligate the City to .pay ,: for, nor pledge the full faith and credit nor the taxing power of the City for the payment of, the principal of, the premium, if any, the purchase price, or interest on the Bonds, nor shall the. City be liable or obligated to pay for any other costs, expenses, or obligations of any kind, with respect.to the Bonds and the City's approval of their issuance; and WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Issuer; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Costa Mesa as follows: Section 1. The Council hereby approves the issuance of the Bonds by the Issuer. It is the purpose and intent of the Council that this resolution constitutes approval of the issuance of the Bonds by the Issuer, for the purposes of Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Facilities are located, in accordance with said Section 147(f). Section 2. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. Section 3. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 7th day of October, 2008. ATTEST: Qe Z_: �) �- V�', 0 lie Folcik, City Clerk Eric R. Bever, Mayor APPROVED AS TO FORM: Kimberly Hall Barlow, City Attorney STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF COSTA MESA ) I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY that the above and foregoing 'is the original of Resolution No. 08-75. and was duly passed and adopted by the City Council of the City of Costa Mesa at a regular meeting held on the 7th day of October, 2008, by the following roll call vote, to wit AYES: COUNCIL MEMBERS: BEVER, MANSOOR, DIXON, FOLEY, LEECE NOES: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the City of Costa Mesa this 8th day of October, 2008. JU E FOLCIK, CITY CLERK (SEAL)