A Resolution Authorizing A RESOLUTION OF THE COUNCIL OF COLUMBUS, GEORGIA, AUTHORIZING THE MAYOR, CITY
MANAGER, FINANCE DIRECTOR, AND OTHER OFFICIALS OF COLUMBUS TO TAKE SUCH ACTIONS
AS ARE NECESSARY FOR THE FINANCING OF THE EXPANSION AND RENOVATION OF THE
COLUMBUS, GEORGIA CONVENTION AND TRADE CENTER; TO REQUEST THAT THE COLUMBUS
BUILDING AUTHORITY TAKE ANY PRELIMINARY STEPS NECESSARY FOR THE ISSUANCE OF
COLUMBUS BUILDING AUTHORITY LEASE REVENUE BONDS IN THE AGGREGATE PRINCIPAL
AMOUNT OF APPROXIMATELY $22,000,000, EXCLUSIVE OF THE COSTS OF ISSUANCE; TO
DECLARE THE OFFICIAL INTENT OF COLUMBUS TO BORROW FOR SUCH PROJECT, AND FOR
OTHER PURPOSES. whereas, the Council of Columbus, Georgia (the "Council") desires to finance the
expansion and renovation of the Columbus, Georgia Convention and Trade Center
in the performance of its governmental, proprietary, and administrative
purposes (the "Project"); and
whereas, it is necessary and proper for Council to authorize the Mayor, City Manager,
Finance Director, and other officials to take such actions relating to the
Project as shall be necessary to develop and proceed with a plan of financing
for the same; and
WHEREAS, it is necessary and proper that the Council request that the
Columbus Building Authority (the "Authority") issue its Columbus Building
Authority Lease Revenue Bonds (the "Bonds") to provide funds for the Project,
in accordance with the purposes for which the Authority has been created; and
WHEREAS, Columbus anticipates such Bonds will need to be sold on or
about January 1, 2004; and
WHEREAS, prior to issuance of the Bonds, Columbus reasonably expects to
expend funds on the acquisition, construction, and equipping of the Project and
wishes to be reimbursed for such expenditures with Bond proceeds.
1. The Council of Columbus desires to proceed with financing for the
Project through the issuance of lease revenue Bonds by the Columbus Building
Authority.
2. The Mayor, City Manager, Finance Director, and other officials are hereby
authorized to take such actions as are necessary to make reasonable estimates
for the costs of the Project, and determine the structure of the financings to
allow for the sale of the Bonds on or about January 1, 2004.
3. Prior to the issuance of the Bonds, Columbus reasonably expects to expend
funds for the acquisition, construction, and equipping of the Project, and
Columbus wishes to be reimbursed for such expenditures from Bond proceeds.
Therefore, Council, pursuant to Treasury Regulations Section 1.150-2 hereby
declares its official intent to issue Bonds in the principal amount set forth
in the caption of this resolution, together with such amounts as may be
necessary to pay for the cost of issuance of such Bonds and to reimburse
original expenditures on the Project not to exceed $22,000,000 with proceeds
from the sale of the Bonds. Original expenditures for the Project shall be
paid from a construction or other account maintained by Columbus.
4. Upon finalizing plans for the proposed financing, the Council will adopt a
specific request to the Authority relating to the issuance of the Bonds and
will authorize the execution of such lease agreements and other documents as
may be necessary for the Authority to provide for the issuance and delivery of
Bonds.
Introduced at a regular meeting of the Council of Columbus, Georgia, held the 14th day of October, 2003 and adopted at said meeting by the affirmative vote of _____________ members of said Council.
No attachments for this document.