WHEREAS, on June 17, 2015 the Authority, pursuant to the authority granted it under the provisions of the Housing Authority 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 $30,000,000 to be designated “Housing Authority of Columbus, Georgia Multifamily Housing Revenue Bonds (HACG RAD I 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, furnish, 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 July 8, 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 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) the Council approve the issuance of the Series 2015 Bonds and the Project for the limited purpose of meeting the requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) in order to qualify the interest on the Series 2015 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 by the Council of Columbus, Georgia, as follows:
1. For the limited purpose of qualifying the interest on the Series 2015 Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to applicable provisions of the Code, the issuance of the Series 2015 Bonds by the Authority in the aggregate principal amount not to exceed $30,000,000 and the financing of the Project with the proceeds of the Series 2015 Bonds is approved. This approval is given solely for the purpose of compliance with provisions of the Code and in no event shall this approval constitute any obligation on the part of Columbus with respect to the Series 2015 Bonds.
2. The Mayor shall be authorized to execute the Certificate.
TINY B. WASHINGTON, CLERK EVELYN PUGH, MAYOR PRO-TEM
EXHIBIT A.pdf EXHIBIT B.pdf