Whittier College News Release
Office of Public Relations
13406 Philadelphia St.
P.O. Box 634
Whittier, CA 90608-0634
April 15, 2004
Reference: 03/04: 51
Contact: Judy Browning at (562) 907-4216
or Jan Legoza at (562) 907-4205
Whittier College Closes $60 Million Bond Issue
Taking advantage of
historically low interest rates, Whittier College successfully closed a
$60 million Series 2004 bond issue this week, according to Jan Legoza,
vice president for finance and administration.
In an announcement to the campus, Legoza said, “These bonds give us an
excellent opportunity to enhance the college’s overall financial strength,
while significantly improving our ability to serve students and enhance
the campus environment.”
The $60 million bond
issue will provide approximately $55 million in proceeds, with the
difference being used for a debt service reserve fund and issuance costs,
Legoza said. Of this amount, approximately $40 million will be used to
refund the college Series 1993 Bonds or held to acquire Whittier Law
School’s property and facilities in Costa Mesa. Approximately $15 million
will be used for capital projects.
The bonds were issued through the City of Whittier but are secured by the
general revenues of the college and a mortgage on the law school property,
“Additionally, we were
successful in securing a BBB investment rating from Standard and Poor’s.
This is an important public indicator of the college’s financial strength
and good management. Nevertheless, we found that it was more cost
effective to insure the bonds. Thus, the bonds are insured by Radian,
which means they were sold with Radian’s AA rating.”
Projects under consideration include creation or renovation and expansion
of the campus center (student union), improvements in existing academic
and residential buildings –particularly to address issues of deferred
maintenance, but also to create program improvements–and construction of
suite- or apartment-style student residences.
In addition, Whittier Law School has identified a new office and classroom
building as a high priority, Legoza said.
The college’s Board of
Trustees is expected to approve a final list of projects to be funded at
its meeting in May. After that, Legoza said, the college will create
“multi-constituency building committees to oversee programming and hire
architects to assist in the planning process. This work will begin this
summer and continue into the next academic year.
Located 18 miles east of
Los Angeles, Whittier College is an independent, four-year college
offering traditional liberal arts majors and strong pre-professional
programs taught in the context of the liberal arts. Whittier Law School,
which is accredited by the American Bar Association and is a member of the
Association of American Law Schools, is located on a separate campus in