CMFA Issues Tax-Exempt Financing for Westmont College
The college is an independent, coeducational, four-year Christian college offering a rigorous liberal arts curriculum. The College enrolls about 1,200 students on campus each semester with another 100 students participating in programs away from campus. Students come from 24 states, 11 countries, with 33 denominations. The campus is located in a beautiful, wooded section of Montecito on 111 acres with 24 major buildings.
Westmont College has requested that the California Municipal Finance Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $80,000,000 pursuant to a plan of financing to: (a) finance and refinance the acquisition, construction, improvement, renovation, upgrading and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located at the College’s Montecito Campus facilities at 955 La Paz Road, Santa Barbara, California 93108, including but not limited to, (i) a 45,000 square foot residence hall facility; and (ii) various other qualified educational facilities, buildings, improvements and infrastructure, as determined from time to time by the College, located at or adjacent to the Campus; (b)refinance all or a portion of the College’s outstanding California Municipal Finance Authority Variable Rate Demand Revenue Bonds, issued to, (i) finance or refinance the costs of acquisition, construction, improvement, renovation, upgrading or equipping of educational facilities located at or adjacent to the Campus, including (A) a 28,000 square foot visual arts building; (B) a 42,000 square foot science building; (C) a 1,500 square foot observatory; (D) a central plant building to heat and cool the new buildings being constructed; (E) various infrastructure improvements on the Campus, including, without limitation, construction of a new perimeter road around and throughout the Campus; (F) new baseball and soccer fields, an all-weather track, stadium seating areas, dugouts and storage and restroom facilities; (G) a 44,000 square foot residence hall facility; and (H) various other qualified educational facilities, buildings, improvements and infrastructure, as determined from time to time by the College; (ii) fund a debt service reserve fund with respect to the 2010A Bonds; (iii) pay capitalized interest on the 2010A Bonds; and (iv) pay the costs of issuance of the 2010A Bonds; (c) pay funded interest with respect to the Bonds; and (d) pay costs of issuance and certain interest with respect to the Bonds.