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Subcommittee forwards $122.5 million revenue bond authorization for Westmont College
Summary
The Budget & Finance subcommittee read a resolution April 1 authorizing the California Municipal Finance Authority to issue up to $122.5 million in revenue bonds to finance Westmont College facilities; controller staff said the bonds do not affect the city's indebtedness and posed "no risk to the city." The item was forwarded to the full Board with recommendation.
The subcommittee on April 1 heard a resolution (Item 3) approving the issuance and sale of revenue bonds by the California Municipal Finance Authority in an aggregate principal amount not to exceed $122,500,000 to finance educational facilities owned and operated by Westmont College.
Monique Znuda of the controller's office summarized the request and told the committee these are revenue bonds that "do not impact our indebtedness at all" and present "no risk to the city." She noted nonprofit institutions may apply for such financing and that the committee's approval functions as public notice. There was no public comment at the subcommittee meeting.
Chair Supervisor John Avalos moved the item to the full Board with recommendation.
