Columbus, Georgia

A RESOLUTION

No.



WHEREAS, the Columbus Board of Water Commissioners (?Board? or ?Columbus Water

Works?) at its regular meeting on July 8, 2002 approved a Capital Improvement

Program (CIP) for water and wastewater systems projects, and



WHEREAS, the Board subsequently, on November 11, 2002 adopted a five-year rate

adjustment program, to be reviewed annually and presented to the Board and City

Council of Columbus, Georgia to finance the ongoing CIP with a combination of

State Revolving Loan Funds or Issuance of additional Revenue Bonds,



WHEREAS, the interest rate in the bond market has provided the opportunity to

refund $14 million of the 1997 outstanding bonds, producing a savings of

$980,000, and



WHEREAS, $32 million is currently needed by the Columbus Water Works to fund

this phase of the Capital Improvement Program, and



WHEREAS, Columbus Water Works desires to take advantage of this favorable bond

market and combine the refunding and new bonds into one bond issue totaling $46

million and providing additional savings in issuance cost of approximately

$100,000,



WHEREAS, Columbus Water Works, has resolved on November 8, 2004 (Attachment A

to this Resolution) that its President and/or Senior Vice President of Finance

of Columbus Water Works was thereby authorized, pending approval by the

Columbus City Council, to proceed with this Bond issue,



WHEREAS, Columbus Water Works seeks the approval by resolution of the City

Council of Columbus, Georgia to proceed with the above-described new bond

issue, which will be brought back to City Council for final acceptance of the

new bond issue, presently anticipated in December, 2004.



NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA HEREBY RESOLVES:



We hereby approve and authorize the Columbus Water Works to proceed with the

above-described bond refunding ($14 million) and new bond issue ($32 million),

with final acceptance by this Council anticipated in December, 2004. Let a copy

of this resolution be forwarded to the Columbus Board of Water

Commissioners.







Introduced at a regular meeting of the Council of Columbus, Georgia, held on

the 16th day of November, 2004, and adopted at said meeting by the affirmative

vote ten members of said Council.





Councilor Allen voting .

Councilor Anthony voting ___ .

Councilor Davis voting .

Councilor Henderson voting _ .

Councilor Hunter voting ____ .

Councilor McDaniel voting __ .

Councilor Rodgers voting ___ .

Councilor Suber voting .

Councilor Pugh voting .

Councilor Woodson voting ___ .











TINY B. WASHINGTON ROBERT S.

POYDASHEFF

CLERK MAYOR