A Resolution Authorizing AND APPROVING COLUMBUS, GEORGIA'S PARTICIPATION WITH THE COLUMBUS AIRPORT
COMMISSION IN ISSUING NOT TO EXCEED $4,825,000 COLUMBUS AIRPORT COMMISSION
AIRPORT REFUNDING REVENUE BONDS, SERIES 2003, AND AUTHORIZING AND APPROVING
EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH WITH CERTAIN PARAMETERS
SET FORTH HEREIN AND THE PREPARATION, USE AND DISTRIBUTION OF A PRELIMINARY
OFFICIAL STATEMENT. whereas, the Consolidated Government of Columbus, Georgia (?Columbus, Georgia?), and the
Columbus Airport Commission (the ?Commission?) are co-sponsors of the Columbus
Metropolitan Airport (the ?Airport?); and
whereas, the Commission has previously issued its $7,175,000 Airport Improvement Revenue
Bonds, Series 1994 (the ?Series 1994 Bonds?) which bonds refunded the
Commission?s Airport Improvement Revenue Bonds, Series 1988 (the ?1988 Bonds?)
previously issued to provide funds for the cost of making certain additions,
extensions and improvements to the Airport; and
WHEREAS, in connection with the issuance of the Series 1994 Bonds, Columbus,
Georgia, entered into a contract dated as of October 1, 1994 with the
Commission, the provisions of which, among other things, pledged the full faith
and credit of Columbus, Georgia, to assist the Columbus Airport Commission in
paying the principal and interest on the Series 1994 Bonds if, for any reason,
the Commission became unable to make debt service payments on the bonds; and
WHEREAS, by Resolution adopted September __, 2003, the Commission has
authorized the issuance of its Airport Refunding Revenue Bonds, Series 2003
(the ?Series 2003 Bonds?), in the aggregate principal amount not to exceed
$4,825,000 within certain other parameters described herein (the ?Bond
Resolution?), for the purpose of currently refunding the principal amount
outstanding of the Series 1994 Bonds maturing after January 1, 2004 so as to
reduce the amount of interest payable over the term of the financing; and
WHEREAS, the Bond Resolution provides that the Series 2003 Bonds have a final
maturity of January 1, 2013 and that the aggregate principal amount of the
Series 2003 Bonds not exceed $4,825,000, that the maximum interest rate not
exceed 5% per annum and that the maximum principal and interest due in any year
not exceed $660,000, resulting in a minimum savings of $100,000 in principal
and interest payments over that which would have been due on the Series 1994
Bonds through their maturity; and
WHEREAS, it is in the best interest of Columbus, Georgia, to participate in the
refunding of the 1994 Bonds since the reduction of the interest paid on the
balance of the principal of said bonds reduces the potential exposure of
Columbus; and
WHEREAS, as security for the Series 2003 Bonds, it is necessary that Columbus,
Georgia enter into a Contract, dated as of October 1, 2003 (the ?Contract?)
with the Commission pursuant to which the Columbus, Georgia will commit to (i)
make payments to the Commission in the amounts sufficient to enable the
Commission to pay, when due, the principal of and interest on the Series 2003
Bonds and all other amounts owing under the Bond Resolution and the Contract,
and (ii) make certain additional payments as may be necessary from time to time
to assure the continued operation, maintenance and repair of the Airport; and
(iii) assess, levy and collect an annual tax on taxable property located within
the boundaries of Columbus, Georgia, at such rate or rates, within any limits
prescribed by law, as may be necessary to produce in each year revenues which
are sufficient to fulfill the Columbus, Georgia?s obligations under the
Contract; and
WHEREAS, in order to provide for the sale and distribution of the Series 2003
Bonds, the Commission has authorized the publication of a Notice of Sale and
Bid Form calling for the receipt of bids from prospective purchasers for the
Series 2003 Bonds; and
WHEREAS, in connection with the issuance of the Series 1994 Bonds, Columbus,
Georgia, entered into a contract dated as of October 1, 1994 with the
Commission, the provisions of which, among other things, pledged the full faith
and credit of Columbus, Georgia, to assist the Columbus Airport Commission in
paying the principal and interest on the Series 1994 Bonds if, for any reason,
the Commission became unable to make debt service payments on the bonds; and
WHEREAS, by Resolution adopted September __, 2003, the Commission has
authorized the issuance of its Airport Refunding Revenue Bonds, Series 2003
(the ?Series 2003 Bonds?), in the aggregate principal amount not to exceed
$4,825,000 within certain other parameters described herein (the ?Bond
Resolution?), for the purpose of currently refunding the principal amount
outstanding of the Series 1994 Bonds maturing after January 1, 2004 so as to
reduce the amount of interest payable over the term of the financing; and
WHEREAS, the Bond Resolution provides that the Series 2003 Bonds have a final
maturity of January 1, 2013 and that the aggregate principal amount of the
Series 2003 Bonds not exceed $4,825,000, that the maximum interest rate not
exceed 5% per annum and that the maximum principal and interest due in any year
not exceed $660,000, resulting in a minimum savings of $100,000 in principal
and interest payments over that which would have been due on the Series 1994
Bonds through their maturity; and
WHEREAS, it is in the best interest of Columbus, Georgia, to participate in the
refunding of the 1994 Bonds since the reduction of the interest paid on the
balance of the principal of said bonds reduces the potential exposure of
Columbus; and
WHEREAS, as security for the Series 2003 Bonds, it is necessary that Columbus,
Georgia enter into a Contract, dated as of October 1, 2003 (the ?Contract?)
with the Commission pursuant to which the Columbus, Georgia will commit to (i)
make payments to the Commission in the amounts sufficient to enable the
Commission to pay, when due, the principal of and interest on the Series 2003
Bonds and all other amounts owing under the Bond Resolution and the Contract,
and (ii) make certain additional payments as may be necessary from time to time
to assure the continued operation, maintenance and repair of the Airport; and
(iii) assess, levy and collect an annual tax on taxable property located within
the boundaries of Columbus, Georgia, at such rate or rates, within any limits
prescribed by law, as may be necessary to produce in each year revenues which
are sufficient to fulfill the Columbus, Georgia?s obligations under the
Contract; and
WHEREAS, in order to provide for the sale and distribution of the Series 2003
Bonds, the Commission has authorized the publication of a Notice of Sale and
Bid Form calling for the receipt of bids from prospective purchasers for the
Series 2003 Bonds; and
WHEREAS, it has have proposed that the Columbus, Georgia deem final and approve
the distribution and use of the Preliminary Official statement with respect to
the Series 2003 Bonds; and
WHEREAS, in order to assist the successful bidder for the Series 2003
Bonds in their compliance with the requirements of Rule 15c2-12 promulgated by
the Securities and Exchange Commission (the ?Rule?), it is proposed that
Columbus, Georgia execute a Continuing Disclosure Agreement, dated as of
October 1, 2003 (the ?Continuing Disclosure Agreement?)., it has have proposed
that the Columbus, Georgia deem final and approve the distribution and use of
the Preliminary Official Statement with respect to the Series 2003 Bonds; and
WHEREAS, in order to assist the successful bidder for the Series 2003
Bonds in their compliance with the requirements of Rule 15c2-12 promulgated by
the Securities and Exchange Commission (the ?Rule?), it is proposed that
Columbus, Georgia execute a Continuing Disclosure Agreement, dated as of
October 1, 2003 (the ?Continuing Disclosure Agreement?).____________
1.
That the Director of Finance of Columbus, Georgia is directed to review the bid
form of the Successful Bidder as certified by an authorized representative of
the Commission and assure that the principal amounts and rates of the Series
2003 Bonds contained in the final form of the Contract are within the
parameters set forth in the Bond Resolution attached hereto as Exhibit ?A?, the
same being made a part hereof, together with all of its exhibit, by this
specific reference; which parameters require (i) that the maximum principal
amount of the Series 2003 Bonds not exceed $4,825,000, (ii) that the maximum
interest rate not exceed 5% per annum and (iii) that the maximum principal and
interest due in any year not exceed $660,000 (the ?Parameters?).
2.
That Columbus, Georgia, hereby authorizes, approves, and ratifies the
execution, delivery and performance of the Contract dated as of October 1,
2003, by and among Columbus, Georgia, and the Commission, in substantially the
form attached as Exhibit ?B? to the Bond Resolution of the Commission, the same
being made a part hereof by this specific reference within the Parameters set
forth herein and in the Bond Resolution.
3.
That the execution of the Contract by the Mayor and Clerk, or by any Assistant
Clerk he shall designate, in the form attached as Exhibit ?B? to the Bond
Resolution of the Commission, subject to such minor changes, insertions and
omissions as may be approved by the Mayor, in quadruplicate on behalf of said
Columbus, Georgia, and the impression of the official seal of Columbus,
Georgia, is hereby authorized, adopted, approved, accepted and ratified. The
signing of the Contract by the Mayor and attested as aforesaid shall be
conclusive evidence of the approval of any such minor changes, insertions or
omissions.
4.
That Columbus, Georgia, hereby authorizes, approves, and ratifies the
execution, delivery and performance of the Continuing Disclosure Agreement,
dated as of October 1, 2003, in substantially the form attached as Exhibit ?C?
to the Bond Resolution of the Commission, the same being made a part hereof by
this specific reference.
5.
That the execution of the Continuing Disclosure Agreement by the Mayor, and
attestation by the Clerk, or by any Assistant Clerk he shall designate, in the
form attached as Exhibit ?C? to the Bond Resolution of the Commission, subject
to such minor changes, insertions and omissions as may be approved by the
Mayor, in quadruplicate on behalf of said Columbus, Georgia, and the impression
of the official seal of Columbus, Georgia, is hereby authorized, adopted,
approved, accepted and ratified. The signing of the Continuing Disclosure
Agreement by the Mayor and attested as aforesaid shall be conclusive evidence
of the approval of any such minor changes, insertions or omissions.
6.
That Columbus, Georgia, hereby authorizes, the Director of Finance of Columbus,
Georgia to approve and ?deem final? the Preliminary Official Statement, and
further ratifies the publication and delivery of same as final as of its date
except for the permitted omissions as the same are defined in the Bond
Resolution.
7.
That Columbus, Georgia, hereby authorizes, approves and ratifies the
publication and delivery of a final official statement, substantially in the
form of the preliminary official statement.
8.
That the execution of said final official statement by the Mayor, subject to
such minor changes, insertions and omissions as may be approved by the Mayor,
is hereby authorized, adopted, approved, accepted and ratified. The signing of
the official statement by the Mayor shall be conclusive evidence of the
approval of such minor changes, insertions or omissions.
9.
The Mayor, is hereby authorized to acknowledge service and to make answer in
the proceedings to confirm and validate the Series 2003 Bonds in the Superior
Court of Muscogee County, Georgia.
10.
That Columbus, Georgia, hereby authorizes the Mayor, City Manager, City
Attorney and Clerk, or any Assistant Clerk he shall designate, to sign any and
all documents or certificates as may be necessary to carry out the purposes of
this Resolution. All acts of any officer of Columbus, Georgia in connection
with the issuance of the Series 2003 Bonds and the transactions contemplated by
this Resolution are hereby ratified.
___________
Introduced at a regular meeting of the Council of Columbus, Georgia, held the _________ day of _____________ and adopted at said meeting by the affirmative vote of _____________ members of said Council.
No attachments for this document.
EXHIBIT ?A?