WHEREAS, on May 6, 2015 the Authority, pursuant to the authority granted it under the provisions of the Housing Authorities Law (O.C.G.A.§8-3-1,et seq.), adopted a preliminary resolution authorizing the issuance of its revenue bonds in an aggregate principal amount not to exceed $10,000,000 to be designated “Housing Authority of Columbus, Georgia Multifamily Housing Revenue Bonds (Eagles Trace Apartments Project) Series 2015” (the “Series 2015 Bonds”) and lending the proceeds of the Series 2015 Bonds to the Borrower for the purpose of providing funds to: (i) acquire, renovate and equip the Project, (ii) fund reserves, including a debt service reserve for the Series 2015 Bonds and (iii) pay the costs of issuance of the Series 2015 Bonds; and
WHEREAS, the Authority held a public hearing with respect to the proposed issuance of the Series 2015 Bonds and the Project being financed with the proceeds of the Series 2015 Bonds on June 3, 2015, after publication of a notice 14 days or more prior to the date of the hearing in the Columbus Ledger-Enquirer, a newspaper of general circulation in Columbus, Georgia. A copy of the Certificate of the Chairman of the Authority regarding the public hearing which has been delivered to this Council and the Mayor is attached hereto as Exhibit A; and
WHEREAS, the Authority has requested that (i) Council approve the issuance of the Series 2015 Bonds and the Project for the limited purpose of meeting the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) in order to qualify the interest on the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code, and (ii) authorize the Mayor to execute a certificate substantially in the form attached as Exhibit B certifying such approval (“the Certificate”);
NOW, THEREFORE, BE IT RESOLVED and it is hereby resolved by the Council of Columbus, Georgia, as follows:
2. The Mayor shall be authorized to execute the Certificate.
Eagles Trace Certificate Housing Auth EXHIBIT A 6-18-15.pdf Eagles Trace Certificate of Approval EXHIBIT B 6-18-15.doc