HomeMy WebLinkAbout04-23 - Costa Mesa Acquiring Land and Facilities Currently Leased by Whittier CollegeRESOLUTION NO. 04-23
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
REVENUE REFUNDING BONDS (WHITTIER COLLEGE), SERIES 2004
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$60,000,000 FOR THE PURPOSE OF ACQUIRING THE LAND AND
FACILITIES (INCLUDING EQUIPMENT AND FURNISHINGS)
CURRENTLY LEASED BY WHITTIER COLLEGE FOR ITS COSTA
MESA CAMPUS AND PLANING, CONSTRUCTING, EQUIPPING AND
FURNISHING NEW FACILITIES AT THE COSTA MESA CAMPUS TO
PROVIDE OFFICE, CLASSROOM AND MULTI-PURPOSE SPACE TO
SUPPORT PROGRAMS OF WHITTIER COLLEGE.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE 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 $60,000,000 (the "Bonds") for the purpose of, among
other things, (a) acquiring the land and facilities (including equipment and furnishings)
currently leased by the College for its law school, located at 3333 Harbor Boulevard,
Costa Mesa, California 92626 (the "Costa Mesa Campus"), (b) planning, constructing,
equipping and furnishing new facilities at the Costa Mesa Campus to provide office,
classroom and multi-purpose space to support College programs, and (c) making
general improvements to the Costa Mesa Campus including landscaping, parking,
utilities and other exterior spaces; and
WHEREAS, the owner and operator of the facilities described in the
preceding clause being 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 required
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 with
respect to 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 15th day of March, 2004.
ATTEST:
Q �---'
Deputy Clerk of the City of Costa Mesa Mayor of thel City of Costa Mesa
APPROVED AS TO FORM:
City A torney
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, Deputy City Clerk and ex -officio Clerk of the City Council of the
City of Costa Mesa, hereby certify that the above and foregoing Resolution No.
04-23 was duly and regularly passed and adopted by the said City Council at a
regular meeting thereof held on the 15TH day of March, 2004, by the following roll call
vote:
AYES.:. Mansoor, Cowan, Steel, Scheafer
NOES: None
ABSENT: Monahan
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 16TH day of March, 2004.
(::: �' ") vr� � 0
Depuy City Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa