A RESOLUTION
NO. ___________
A RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY
OF COLUMBUS, GEORGIA TO FINANCE A PROJECT FOR THE BENEFIT OF EAGLES TRACE GA
LLC
WHEREAS, JPC Charities, an Ohio nonprofit corporation (the ?Corporation?),
through Eagles Trace GA LLC, a Georgia limited liability company of which the
Corporation is the sole member (the ?Borrower?), wishes to finance the
acquisition, renovation, and equipping of a 383-unit multifamily apartment
complex known as the Eagles Trace Apartments (the ?Project?) located within the
territory of Columbus, Georgia, a consolidated government (?Columbus?) which
the jurisdiction of the area of operation of the Housing Authority of Columbus,
Georgia (the ?Authority?); and
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:
1. For the limited purpose of qualifying the interest on the 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
Bonds by the Authority in the aggregate principal amount not to exceed
$10,000,000 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 Bonds.
2. The Mayor shall be authorized to execute the Certificate.
__________________
Introduced at a regular meeting of the Council of Columbus, Georgia, held on
the 23RD day of June, 2015 and adopted at said meeting by the affirmative vote
of ______ members of said Council.
Councilor Allen voting _____.
Councilor Baker voting _____.
Councilor Barnes voting _____.
Councilor Buck voting ______
Councilor Davis voting _____.
Councilor Henderson voting _____.
Councilor Huff voting _____.
Councilor Thomas voting _____.
Councilor Pugh voting _____.
Councilor Woodson voting _____.
_______________________________
___________________________________
TINY B. WASHINGTON, CLERK TERESA PIKE TOMLINSON,
MAYOR
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