HomeMy WebLinkAbout2001-12-18; City Council; 16487; Finance Additional Construction At GIAI ‘b
CITY OF CARLSBAD -AGENDA BILL
AB# b’d-t8-) TITLE:
APPROVE ISSUANCE OF QUALIFIED 501 (c)(3) DEPT HD.
MTG. 12/18/01 BONDS BY CSCDA TO REFINANCE & CITY A
DEPT. FIN PREVIOUSLY ISSUED BONDS AND FINANCE
ADDITIONAL CONSTRUCTION AT THE CITY MGRa
GEMOLOGICAL INSTITUTE OF AMERICA
RECOMMENDED ACTION:
. Hold public hearing.
. Adopt Resolution No. 2001-38d approving the issuance of qualified 501(c) (3) bonds by the
California Statewide Communities Development Authority (the Authority) for the Gemological
Institute of America.
ITEM EXPLANATION:
In October 1994, the City joined the California Statewide Communities Development Authority
(CSCDA). CSCDA is a joint powers agency formed through the cooperation of the League of
California Cities and the County Supervisors Association of California designed to assist member
agencies in pursuing programs that improve the quality of life and economic vitality of communities.
The primary tool available to CSCDA is the use of tax-exempt financing vehicles that reduce the
cost of borrowing for qualified businesses.
In November 1994, Council authorized the sale of tax exempt bonds by CSCDA to finance a portion
of the Gemological Institute of America’s (GIA) new world headquarters in the Carlsbad Ranch area
of the city. The GIA is a qualified non-profit corporation under Section 501(c)(3) of the Federal Tax
Code, thus they are able to participate in the non-profit public benefit financing program offered by
CSCDA.
Recently, GIA submitted an application to CSCDA to refinance their outstanding bonds and issue
additional bonds to assist GIA in the expansion of their facilities. The original bond issue was for
approximately $30 million and was used to finance portions of the facility currently at the site. The
new issue will be for an amount not to exceed $40 million of which approximately $34 million
(including reserves and issuance costs) will be used to refinance the outstanding bonds. The
remaining $6 million will be used to finance 1) a portion of the acquisition of raw land for the
purpose of a future expansion of the Carlsbad campus, (2) the purchase of research and laboratory
equipment and (3) a variety of additional capital improvements, capital items and rehabilitation
projects.
The primary purpose of this transaction is to refinance GIA’s 1995 bonds at lower interest rates.
Estimated savings to GIA from the refunding are expected to be approximately $2.1 million on a
present value basis. The major public benefits received from the GIA are:
. Educating aspiring and active jewelry industry professionals
. Public access to a library with 14,000 volumes and 125 journals . Providing uniform standards for the grading of diamonds and gem stones worldwide . Providing information to the public through speakers, computer information networks,
publications, and educational material . Development of advanced gemological instruments and analytical equipment
Page2ofAgendaBill# lb) q g7
Although the City of Carlsbad is not the issuer of the debt that will finance the GIA facilities, the
Internal Revenue Code requires that the financing by CSCDA be approved by the City because the
proposed facilities are located within the City’s jurisdictional boundaries. In addition, the Joint
Exercise of Powers Agreement between the City and CSCDA states that CSCDA cannot issue debt
to finance any project unless the governing body of the jurisdiction has approved the financing.
All parties should clearly understand that the debt to be issued to fund these facilities is not debt of
the Citv of Carlsbad in any way. There is no oblisation of any kind on the part of the City, the City
Council or any entity controlled by the City to repay the debt issued by CSCDA. All repayment of
debt is the strict obligation of the property owner, GIA. All monitoring and administrative actions
related to this issue are the responsibility of CSCDA.
The Internal Revenue Service (IRS) requires that the City provide “reasonable public notice” of the
public hearing date and time, which is generally interpreted to mean 14 days prior to the meeting
date. Staff arranged for timely publication of the notice; however, due to an error on the part of the
newspaper the notice was not published on the date requested. The City was informed that the
soonest it could be published was 12 days prior to the hearing. At the direction of Orrick Herrington
& Sutcliffe, LLP, the bond counsel for the transaction, notice was published for 3 consecutive days
(the 10th through the 12’h day prior to the hearing) and also mailed to impacted property owners
more than 1 week prior to the hearing. In the opinion of Orrick Herrington & Sutcliffe, this has
provided sufficient notice to satisfy the requirements of the IRS code.
The staff is recommending that the City Council hold the public hearing as required by the Internal
Revenue Code. Following the public hearing, the City Council may consider the adoption of the
attached resolution, which states the Council’s endorsement of the GIA financing plan. This
resolution will provide CSCDA with the authority to proceed with the GIA financing.
FISCAL IMPACT:
The City of Carlsbad’s costs related to this financing will be limited to minimal staff time to monitor
the CSCDA process. All direct costs, if any, will be funded through the debt issue.
EXHIBITS:
1. Resolution No. 300 r-3 82 approving the issuance of qualified 501(c) (3) revenue bonds by the
California Statewide Communities Development Authority (the Authority) for the Gemological
Institute of America.
RESOLUTION NO. 2o01-382
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA APPROVING THE ISSUANCE
OF QUALIFIED 501(c)(3) REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
(THE AUTHORITY) FOR THE GEMOLOGICAL INSTITUTE OF AMERICA
WHEREAS, the California Statewide Communities Development Authority (the
“Authority”) is authorized pursuant to the provisions of California Government Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated
as of June 1, 1988 (the “Agreement”), among certain local agencies throughout the State of
California, including the City of Carlsbad (the “City”), to issue revenue bonds in accordance with
the Agreement and state law; and
WHEREAS, the Gemological Institute of America (the “Borrower”), a nonprofit
corporation under Section 501(c)(3) of the Internal Revenue Code of 1986 (the “Code”), has
requested that the Authority issue qualified 501(c)(3) revenue bonds in an aggregate principal
amount not to exceed $40,000,000 to refinance the acquisition, construction and equipping of
certain administrative and educational facilities, including classrooms, administrative offices, a
library, laboratories, a conference center and parking facilities located at 5345 Armada Drive,
Carlsbad, California (the “Campus”), to finance the acquisition of certain laboratory equipment
to be used at the Campus and a portion of the acquisition of real property on the corner of
Cannon and Lego Drives in Carlsbad and related capital improvements (collectively, the
“Project”), and to fund certain reserves and pay other costs related thereto; and
WHEREAS, the qualified 501(c)(3) bonds will be “private activity bonds” for
~ purposes of the Code; and
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WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the “applicable elected representative” of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed or refinanced by such
bonds is to be located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this “Council”) are the applicable
elected representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the jurisdiction of the City, a notice that a public hearing
regarding the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on said date by this Board, at
which time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the qualified 501 (c)(3) bonds for the Project; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the qualified 501(c)(3) bonds required by Section 147(f) of the Code and Section 9 of
the Agreement, as applicable;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Carlsbad, as follows:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the qualified
501(c)(3) revenue bonds by the Authority for the Project. It is the purpose and intent of the City
Council that this resolution constitute approval of such bonds for the purposes of (a) Section 1470
of the Code, with respect to the qualified 501 (c)(3) bonds, and (b) Section 9 of the Agreement.
Section 3. The City Manager, City Attorney and the Administrative Services
Director are hereby authorized and directed, jointly and severally, to do any and all things and to
execute and deliver any and all documents that they
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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 approved hereby.
Section 4. The City Clerk is hereby directed to forward a certified copy of this
Resolution to:
Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Section 5. This resolution shall take effect immediately upon its passage.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on
the 18th day of DECEMBER , 2001, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Fin a, Nygaard, Ha
NOES: None
ABSENT: None
CLAUDE A. LEWIS, Mayor
From: “de1 Rio, Ana Marie” <AMDELRlO@Orrick.com> To: “‘Karen Kundtz”’ cKkund@ci.carlsbad.ca.us>, “Janice Breitenfeld” cJBrei@ci.carlsbad.ca.us>
Date: 12/15/01 4:05PM
Subject: RE: GIA
Thanks to all of you for all your help with the GIA project. As you know
the TEFRA is Tuesday and we are closing the transaction on Friday 12/21 at 9 a.m.
Is there any way that someone can fax me a copy of affidavit of publication,
evidencing publication of the notice for the three days, and a copy of
whatever was mailed to property owners (with a list is available). We will
also need confirmation of the Council’s action to close. Could I have a form or resolution or other evidence faxed to me by the end of Thursday.
I know everyone is busy with year-end and would be happy to discuss an easy way to get all this done.
I can be reached at 415.7735509 or 415.773.5759 (fax). Thanks again.
-----Original Message-----
From: Karen Kundtz [mailto:Kkund@ci.carlsbad.ca.us] Sent: Wednesday, December 05,200l 3:08 PM
To: Janice Breitenfeld; AMDELRIO@Orrick.com
Cc: Bobbie Hoder; Lisa Hildabrand; Trish Pullara Subject: RE: GIA
Ana Marie, Thank you for obtaining the APN for the property. That info
is needed so that the labels of surrounding property owners can be prepared. I discussed this with Bobbie Hoder, of our Planning Dept. this morning. Now
that we have the APN, she has offered to obtain the labels for us. We are planning to mail the notices by Fri. 1217. Thanks again for the
information.
Karen Kundtz, Assistant City Clerk City of Carlsbad
(760) 434-2917
>>> “de1 Rio, Ana Marie” cAMDELRIO@Orrick.com> 12/05/01 02:56PM ~-2 Here is the APN: Parcel #211-023-l O-00.
Please let me know what we need to do to obtain addresses, labels, what-have-you, so that the notice can be mailed early next week. I appreciate your assistance with this matter.
-----Original Message-----
From: Janice Breitenfeld [mailto:JBrei@ci.carIsbad.ca.us]
Sent: Wednesday, December 05,200l IO:47 AM To: AMDELRIO@Orrick.com Subject: RE: GIA
Thank you, Ana Marie. -Janice.
>>> “de1 Rio, Ana Marie” <AMDELRIO@Orrick.com> 12/05/01 10:44AM >>>
Per your phone message. I am attempting to get an APN number.
In the meantime, there is the property description if it helps:
Lots 5 and 6 of Carlsbad Tract No. 92-7 (Carlsbad Ranch Unit 1 and
Unit 2) according to Map No. 13078.
-----Original Message----- From: Janice Breitenfeld [mailto:JBrei@ci.carIsbad.ca.us]
Sent: Wednesday, December 052001 9:05 AM
To: Karen Kundtz; Trish Pullara; amdelrio@orrick.com Cc: Bobbie Hoder; Lisa Hildabrand
Subject: Re: GIA Newspaper AD
Suzanne Ryan, at the North County Times, has offered to run the ad for Dee 6
(free), Dee 7 and Dee 8th for a total cost of $30.45. This covers the work
they have already done to prepare the ad for publication. I thought this was fair and told her to go ahead. -Janice.
>>> Trish Pullara 12/05/01 09:OlAM >>> Hello Karen (and Janice),
Per my conversation with Janice this AM, Lisa has informed me that Orrick,
Herrington & Sutcliffe, LLP want the AD to run in the paper on the following
dates for the hearing:
December 6th December 7th
December 8th
As mentioned, please contact Ana Marie del Rio at Orrick, Herrington & Sutcliffe at 4157735509 (amdelrio@orrcik.com) to coordinate all the
particulars.
Lisa would like the NC Times to pick up the tab for this AD running for
these three days but if they are unwilling, please let Ana Marie and Lisa
know what the additional charges will be and it will be sorted.
Please let us know the outcome.
Thank you.
Trish
Trish Pullara Administrative Secretary
FINANCE DEPARTMENT City of Carlsbad
1635 Faraday Avenue
Carlsbad, CA 92008
Phone: 760-602-2430 Fax: 760-602-8553 www.ci.carlsbad.ca.us
Transmission Report J
Date/T I me
Local ID
Loca I Name
Company Logo
This document was confirmed.
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Document Size Letter--S
AC P*clFlcvlEw CORPORATE CIO RREEFAMER UC
2121 PALOMAR AIRPORT RD In00 CCRLseAO CA 82009
CARLSBAD RANCH COMPANY L P, cm CHRIS c CALKINS
56CC AVENIDA ENCINAS ItI M CAR, SRPi” c.4 92008
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CARLSBAD IWNCH MAlNTENANCE ASSN
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LEWLANO C*LIFORN,* INC 4F> UO FINANCE DEFT 5800 AvENiDA ENCINAS 8130
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CARLSBAD RANCH co, CARLS8AD cm CARLTAS co 5630 *“ENID* ENCINAS*loo CARLSBAD CA 92008
GEMOLoGlCAL lNSTlT”TEOFAMER 534.5 ARMADA OR CARLSBAC cn 92008
OCEAN TERRIZCE: L I. C c/o KOLL REAL ESTATE GROUP 4275 EXECUTIVE SP W40 LA JOLLA CA 92337
SAN DIEGO GAS*ELECTRlC CO CALlFORNlA STATE ASSESSED oooco
SAN MEGO GAS+ELECTF,C CO CALlPORNlA STATE PtsSESSED
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12--17-01 ; 8:33AM
760 720 6917
carlsbad city clerk
Tota I Pages Scanned : 3’ Tota / Pages ConfIrmed : 3’
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1 064 14157735759 12-17-01; 8Z31AM 1’43” 31 3 EC CP 14400
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Transmission Repot-t
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company Logo
This document was confirmed.
(reduced sample and details below)
Document Size Letter-S
PROOF OF PIJBLICATION
(2010 % 2011 C.C.P.)
STATE OF CALlFORNlA couoty of San Diego
1 am a citizen of the United States and a resident of
the County aforesaid: 1 am over the age of eightan years and not a pany to or intercstcd in the ahove-cntitlcd mw. I am the principal clerk of the plintar of
North County Times
Fonnmly known as the Blade-Citizen and The Times-Advocate and which newspqxr~ have been
adjudicated newapaperr of general circtilion by the Supaior Corn of the County of San Diego, State of California for the County of San Diego, that the notice of which the annexed is a printal copy (set in typz not smaller than nonptiel), has ken published in each regular and entire issue of said new,qwpe~ and nut in my supplernenr thereof on the fallowing dates, lo-wit:
December 6. 7, 8, 2001
1 cati@ (or declsre) under pen&y of p-z&y that the foregoing is tmc and corrc~t.
San marcos Dated at __ _ , Califomi~
lath thi- &Y
^, December, 2001
This space is for the County Clerk’s Fig Stamp
3 -1 . ..I_-_--- r-,; 1: 12 x II ::. j, ,,:.A:, I- ’ I[ :
Roof of Publication of
Notice bf Public Hear:ng
12--17-01; 8: 30AM
760 720 6917
carlsbad city clerk
NORTH COUNTY TlMkS I.@ Advertising
Tota I Pages Scanned : I’ Tota I Pages Confirmed : I’
NO. Dot Rempte Stat loi- Start Time Duration pages Mode Comments Results
1 061 14157735759 12--17-01; 8:29AM 1’ 14” I/ 1 EC CP 14400
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NOTICE OF PUBLIC HEARING
REGARDING THE ISSUANCE OF REVENUE BONDS
FOR THE GEMOLOGICAL INSTITUTE OF AMERICA
NOTICE IS HEREBY GIVEN that, at 6:00 p.m. or as soon thereafter as the
matter can be heard on Tuesday, December 18, 2001, in the City Council Chambers,
City Hall, 1200 Carlsbad Village Drive, Carlsbad, California, the City Council of the City
of Carlsbad (the ‘City”) will conduct a public hearing as required by Section 1470 of the
Internal Revenue Code of 1986 (the ‘Code”), at which it will hear and consider
information concerning the proposed issuance by the California Statewide Communities
Development Authority of not to exceed $40 million aggregate principal amount of
revenue bonds to refinance the acquisition, construction and equipping of certain
administrative and educational facilities, including classrooms, administrative offices, a
library, laboratories, a conference center and parking facilities located at 5345 Armada
Drive, Carlsbad, California (the ‘Campus”), to finance the acquisition of certain
laboratory equipment to be used at the Campus and a portion of the acquisition of real
property on the corner of Cannon and Lego Drives in Carlsbad and related capital
improvements (collectively, the “Project,,), and to fund certain reserves and pay other
costs related thereto. The Project is owned and operated by the Gemological Institute
of America, a California nonprofit corporation described in section 501(c)(3) of the
Code.
Those wishing to comment on the proposed financing and the nature and
location of the Project may either appear in person at the public hearing or submit
written comments, which must be received by the City prior to the hearing. Written
comments should be sent to City of Carlsbad, 1200 Carlsbad Village Drive, Carlsbad,
California, 92008, Attention: City Clerk.
CARLSBAD CITY COUNCIL
PUBLISH: December 6, 7 and 8,200l
3 ,-- /fl” / 4”. ..--I’ 4
AC PACIFIC VIEW CORPORATE
C/O RREEF AMER LLC
2121 PALOMAR AIRPORT RD #lOO
CARLSBAD CA 92009
CARLSBAD RANCH COMPANY L P,
C/O CHRIS C CALKINS
5600 AVENIDA ENCINAS #IO0
CARLSBAD CA 92008
KILROY REALTY L P
C/O DELOITTE & TOUCHE P 0 BOX 131152
CARLSBAD CA 92013
OCEAN TERRACE L L C C/O KOLL REAL ESTATE GROUP
4275 EXECUTIVE SQ #240 LA JOLLA CA 92037
SAN DIEGO GAS+ELECTRIC CO CALIFORNIA STATE ASSESSED
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C B RANCH ENTERPRISES
5600 AVENIDA ENCINAS #IO6
CARLSBAD CA 92008
CARLSBAD RANCH MAINTENANCE
ASSN C/O CHRIS C CALKINS
5600 AVENIDA ENCINAS #IO0 CARLSBAD CA 92008
LEGOLAND CALIFORNIA INC <LF>
C/O FINANCE DEPT 5600 AVENIDA ENCINAS #I30
CARLSBAD CA 92008
RANCH PAUL ECKE
P 0 BOX 230488
ENCINITAS CA 92023
CARLSBAD RANCH CO, CARLSBAD
C/O CARLTAS CO 5600 AVENIDA ENCINAS #IO0
CARLSBAD CA 92008
GEMOLOGICAL INSTITUTE OF AMER
5345 ARMADA DR
CARLSBAD CA 92008 .
OCEAN TERRACE L L C C/O KOLL REAL ESTATE GROUP
4275 EXECUTIVE SQ #240
LA JOLLA CA 92037
SAN DIEGO GAS+ELECTRIC CO
CALIFORNIA STATE ASSESSED
00000
PROOF OF PUBLICATION
(2010 & 2011 C.C.P.)
STATE OF CALIFORNIA
County of San Diego
I am a citizen of the United States and a resident of
the County aforesaid: I am over the age of
eighteen years and not a party to or interested in the
above-entitled matter. I am the principal clerk of
the printer of
North County Times
Formerly known as the Blade-Citizen and The
Times-Advocate and which newspapers have been
adjudicated newapapers of general circulation by
the Superior Court of the County of San Diego,
State of California, for the County of San Diego,
that the notice of which the annexed is a printed
copy (set in type not smaller than nonpariel), has
been published in each regular and entire issue of
said newspaper and not in any supplement thereof
on the following dates, to-wit:
December 6, 7, 8, 2001
I certify (or declare) under penalty of perjury that
the foregoing is true and correct.
San marcos Dated at , California
10th this day
of December, 2001
This space is for the County Clerk’s Filing Stamp
Proof of Publication of
Notice of Public Hearing
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NOTICE IS HEREBY GIVEN that, at 6:00 p.m. or a
soon thereafter as the matter can be heard on Tuesdal
December 18, 2001, in the City Council Chambers, City Hall, 126
Carlsbad Village Drive, Carlsbad, California, the City Council of thl
Sity of Carlsbad (the “City”) <will conduct a public hearing as require1
3y Section 147(f) of the Internal Revenue Code of 1986 (the ‘Code”;
at which it will hear and consider information concerning thl
sroposed issuance by the California Statewide Communitie: Ievelopment Authority of not to exceed $40 million
aggregate principal amount of revenue bonds to refinance
he acquisition, construction and equipping of certain administrative
and educational facilities, including classrooms, administrative offices
3 library, laboratories, a conference center and parking facilitie:
ocated at 5345 Armada Drtte, Cartsbad, California (the “Campus”), tc
inance the acquisition of certain labaratory equipment to be used a
he Campus and a portion of the acquisition of real property on tht :orner of Cannon and Leg0 Drives in Carlsbad and related capita
nprovements (collectively, the “Project”), and to fund certain reserve:
md pay other costs related thereto. The Project is owned ant
operated by the Gemologicaf Institute of America, a California
ronprofit corporation described in section 501(c)(3) of the Code.
-hose wishing to comment on the proposed financing and the nature
tnd location of the Project may either appear in person at the public
iearing or submit written comments, which must be received by ths
:ity prior to the hearing. Written comments should be sent to City oi
:arlsbad, 1200 Carlsbad Village Drive, Carlsbad, California, 92008,
Jtention: City Clerk.
;ARLSBAD CITY COUNCIL
egal#71701
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NORTH COUNTY TIM&
Legal Advertising
NOTICE OF PUBLIC HEARING
REGARDING THE ISSUANCE OF REVENUE BONDS
FOR THE GEMOLOGICAL INSTITUTE OF AMERICA
NOTICE IS HEREBY GIVEN that, at 6:00 p.m. or as soon thereafter as the
matter can be heard on Tuesday, December 18, 2001, in the City Council Chambers,
City Hall, 1200 Carlsbad Village Drive, Carlsbad, California, the City Council of the City
of Carlsbad (the “City”) will conduct a public hearing as required by Section 1470 of the
Internal Revenue Code of 1986 (the ‘Code”), at which it will hear and consider
information concerning the proposed issuance by the California Statewide Communities
Development Authority of not to exceed $40 million aggregate principal amount of
revenue bonds to refinance the acquisition, construction and equipping of certain
administrative and educational facilities, including classrooms, administrative offices, a
library, laboratories, a conference center and parking facilities located at 5345 Armada
Drive, Carlsbad, California (the “Campus”), to finance the acquisition of certain
laboratory equipment to be used at the Campus and a portion of the acquisition of real
property on the corner of Cannon and Lego Drives in Carlsbad and related capital
improvements (collectively, the “Project”), and to fund certain reserves and pay other
costs related thereto. The Project is owned and operated by the Gemological Institute
of America, a California nonprofit corporation described in section 501(c)(3) of the
Code.
Those wishing to comment on the proposed financing and the nature and
location of the Project may either appear in person at the public hearing or submit
written comments, which must be received by the City prior to the hearing. Written
comments should be sent to City of Carlsbad, 1200 Carlsbad Village Drive, Carlsbad,
California, 92008, Attention: City Clerk.
CARLSBAD CITY COUNCIL
PUBLISH: December 4,200l
‘6 , 7 ,-Cc”
11/30/01 FRI 13:25 FAX 700 761 0908 NORTH COTJNTY TIMES SM MOO1
1204-Carlsbad-3x5 12:25 PM Page 1
i&$7 NOTICE IS HEREBY GIVEN that, at 6:00 p.m. or as soon thereafter as the matter can be heard on Tuesday, December 15, 2001, in the City Council Chambers, City Hall, 1200 Carlsbad Village Drive, Carlsbad, California, the City Council of the City of Carlsbad (the “City”) will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”). at which it will hear and consider information‘ concernin9’the proposed issuance by the California Statewide Communities Development Authority of not to exceed $40 million aggregate principal amount of revenue bonds to refinance the acquisition, construction and equipping of certain administrative and educational facilities. including classrooms, administrative offices, a library, laboratories, a conference center and parking facilities located at 5345 Armada Drive, Carlsbad, California (the “Campus”), to finance the acquisition of certain laboratory equipment to be used at the Campus and a portion of the acquisition of real property on the corner of Cannon and Lego Drives in Carlsbad and related capital improvements (collectively, the “Project”), and to fund certain reservws and pay other costs related thereto. The Project is owned and operated by the Gemological Institute of America, a California nonprofit corporation described in section
501 (c)(3) of the Code.
Those wishing to comment on the proposed financing and the nature and location of the Project may either appear in person at the public hearing or submrt written comments, which must be received by the City prior to the hearing. Written comments should be sent to City of Carlsbad, 1200 Carlsbad Village Drive, Carlsbad, California, 92008, Attentjon: City Clerk.
CARLSBAD CITY COUNCIL
December 4,200l
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NOTICE IS HEREBY GIVEN that, at 690 p.m.
ar as soon thereafter as the matter can be heard on Tuesday1 December 18, 2001, in the City Council C ambers,
city Hal
P
200 Carlsbad Village Drive, Carlsbad, & lifornie,
the City until of the City of Carlsbad (the “City”) will conduct
a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), at which it will hear and
consider information concerning the proposed issuance by the California Statewide Communities Development Authority of not to exceed $40 million aggregate revenue bonds to refinance the acquisi
the corner of Cannon and Lego Drives i
capital improvements (collectively, the “Project”), and to fund certain reserves and pay other costs related thereto. The Project is owned and operated by the Gemolcgical Institute of
America, a California nonprofit corporation described in
section 501 (c)(3) of the Code.
Those wishing to comment on the proposed financing and the
nature and location of the Project may either appear in person at the public hearing or submit written comments, which must
be received by the City prior to the hearing,-
1200 Carlsbad Village Drive, Carlsbad, California, 92008,
Attention: City Clerk.
CARLSBAD CITY COUNCIL
December 4,200l
NOTICE OF PUBLIC HEARING
REGARDING THE ISSUANCE OF REVENUE BONDS
FOR THE GEMOLOGICAL INSTITUTE OF AMERICA
NOTICE IS HREBY GIVEN that, at 6:00 p.m. or as soon thereafter as the matter
can be heard on Tuesday, December 18, 2001, in the City Council Chambers, City Hall,
1200 Carlsbad Village Drive, Carlsbad, California, the City Council of the City of
Carlsbad (the “City”) will conduct a public hearing as required by Section 147(f) of the
Internal Revenue Code of 1986 (the “Code”), at which it will hear and consider
information concerning the proposed issuance by the California Statewide Communities
Development Authority of not to exceed $4 illion aggregate principal amount of
property on the corner of Cannon and
improvements (collectively, the “Project”), and to fund certain reserves and pay other
costs related thereto. The Project is owned and operated by the Gemological Institute
of America, a California nonprofit corporation described in section 501(c)(3) of the
Code.
Those wishing to comment on the proposed financing and the nature and
location of the Project may either appear in person at the public hearing or submit
written comments, which must be received by the City prior to the hearing. Written
comments should be sent to City of Carlsbad, 1200 Carlsbad Village Drive, Carlsbad,
California, 92008, Attention: City Clerk.
CARLSBAD CITY COUNCIL
PUBLISH: December 4,200l
NOU-29-2001 13:44 CITY OF CQRLSBAD
NOTlCE OF PUBIJ
REGARDING THE ISSUANCE OF REVENUE EtONDS
FOR THE GEMO’IJGICAL INSTITUTE OF -RICA
.
NOTICE IS HEREBY GIVEN that, at p.m., or as soon thereafter as rhe
matter can be heard, on Tuesday, Dcccmbcr l%, 2001, &% Civ Council Chmbcrh, City Hall,
1200 C&bad Village Drive, Carlsbacl, California, the City Council of the City of Carlsbad (tie
“Cily”) will condlxt a public hearing as required by Section 147(f) of the kmal Revenue Cade
of 1986 (the “Code’*), at which it will hear and consider tiormation conczming rhe proposed
issuance by the Califomia Statewide Communities Development Authority of not to exceed 340
million aggregate principal amount of revenue bonds to re5nance the acquisition conmtion
and equipping aP certain admj.nismtive and educational focilia’es, intludir$g classrooms,
adminisidive aftices, a library, laboratories, a confereacc ccntcr and parking facilities located at
5345 Armada Drive, Carlsbad, California (the “Campus’), to finance the acquisitioa of cc&
IaborJtary equipment to be used at the Campus and a portion of the acquisition of real propem
011 the calner of Cannon ancl &go Dn’ves in Cad&ad and related capital imprbvemenrs
(cdleclive)y, the “ProjeW), and to fund certain WZV~S and pay olthu costs related uhereto. The
Project is o~ncd and operated by the GemologW Iadrute of America, a Califoruia nonprofit
corporation described in section 501(c)(3) ofti Cpde,
Those wishing to comracnt on the proposed financing and the nature and location
of the Pro&r may either appear in person at the public hearing OT srrbmir writren comments,
+ich must be r=&cd by rht County prior 10 the hearing. Wfitcen comments should be sent to
c&f of Culsb& 1200 Cud&d Village D&E, CneLba4 C&O~ 92008. ~&&CUX C&I Cl&
CITY CLERK
CI'T'YOFCARLSBAD
Dared: December [4], 2001
‘Must be published a~ least 14 days prior to tire bearing date.