COLLEGE BONDS PURSUED BOARD LOOKS FOR HELP TO DRAFT MEASURE.Byline: Jim Skeen Staff Writer LANCASTER - Antelope Valley College Antelope Valley College is a comprehensive community college located in Lancaster, California, USA. It is operated by the Antelope Valley Community College District, with a primary service area of 1,945 square miles covering portions of Los Angeles and Kern counties. officials plan to hire two firms to help pursue a multimillion-dollar bond measure for construction projects, including a proposed Palmdale college. At a special meeting this afternoon, the college district board will consider hiring a law firm to help prepare the bond measure and an underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. firm to structure, underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. and distribute the bonds. Among the duties of the bond counsel would be drafting a resolution for the board to pass by Dec. 5 in order to put a bond measure before voters. ``We need to act by December to get on the March primary,'' board member Michael Adams
Michael Adams (born November 17, 1971 in Truro, Cornwall, England) is an International Grandmaster of chess. said Thursday. ``I hope we can get moving on this.'' The law firm being considered is Stradling, Yocca, Carlson and Rauth, which has worked on bond measures for other community college districts, including the Coast, El Camino, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Ventura County districts. No firm dollar figure has been attached to the bond proposal. Last year, officials discussed the possibility of issuing $118 million in bonds in phases over a 10-year period. The fee schedule for the law firm would be based on the amount of bonds issued: 1 percent for the first $1 million worth; one-fifth of 1 percent for the next $10 million; one-eighth of 1 percent for the next $35 million; and one-tenth of 1 percent for all amounts after that. The underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. being considered is UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc., which worked on bond measures for the Palmdale, Lancaster and Westside school districts. The company would be paid 1 percent of the value of the bonds issued. A group of district officials held a series of meetings with teachers, other employees and students to gauge their support. ``The presentations have included information on growth projections, the state's formula for funding new labs and classrooms, and a description of the bond process,'' the acting college president, Jackie Fisher, wrote in a report to the board. ``The group has found overwhelming support for a bond measure from all sectors of the campus community.'' In the internal survey of about 300 people, 95.6 percent said they would support a bond measure. A telephone survey of 500 likely voters will be conducted next week. The survey will take about a week to complete, said college spokesman Steve Standerfer. College officials said much of the Lancaster campus is aging, and it lacks laboratory, library and office space. The college is also short of parking by about 500 spaces. A bond issue could also provide funding to establish the first phase of a Palmdale campus. Initial costs for a Palmdale campus are estimated at $41.7 million. The campus would be part of the 540-acre College Park housing development proposed for a site south of Barrel Springs Road, between 37th and 47th streets east. College officials said college district enrollment is projected to grow from 9,593 full-time students Full-Time Student A status that is important for determining dependency exemptions. An individual enrolled in a post-secondary institution may be eligible for certain tax breaks. Notes: The full-time status is based on what the individual's school considers full time. to more than 26,000 by the year 2020. Initial enrollment at the Palmdale campus would be about 3,000 students. Eventually, the district's second college would be as big as Antelope Valley College now is, with about 10,000 students. The ultimate build-out of the campus is projected to cost more than $100 million. Initially, college officials expected the Palmdale campus to be financed with funds from Proposition 1A, a $9.2 billion school-construction bond measure approved by California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). voters in 1998. However, revenue from those bonds was committed to other projects. Jim Skeen, (661) 267-5743 james.skeen(at)dailynews.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion