RESOLUTION
NO.
A RESOLUTION PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL AD VALOREM TAX
TO PROVIDE FUNDS FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE
$52,015,000 IN PRINCIPAL AMOUNT OF MUSCOGEE COUNTY SCHOOL DISTRICT (GEORGIA)
GENERAL OBLIGATION SALES TAX BONDS, SERIES 2010
WHEREAS, on the 15th day of September 2009, the voters of the Muscogee County
School District (the ?School District?), which embraces all of Muscogee County,
Georgia, did, at an election (the ?Election?) called for that purpose,
authorize the imposition of a special sales and use tax of one percent on all
sales and uses in Columbus, Georgia, for a period of time not to exceed 20
calendar quarters, commencing on January 1, 2010, to raise not more than
$223,155,784 (the ?Sales and Use Tax?) and the issuance of general obligation
debt of the School District, in the aggregate principal amount of $70,000,000.
The School District now desires to issue a portion of such general obligation
debt in the form of a Muscogee County School District (Georgia) General
Obligation Sales Tax Bonds, Series 2010 in the principal amount of $52,015,000
(the ?Bonds?), dated the date of delivery, for the purpose of providing funds
to pay or to be applied toward the cost of (a)(i) the acquisition, construction
and equipping of new school buildings and facilities, including, but not
limited to a new Carver High School, a new middle school, one and possibly two
new elementary schools, a fine arts academy and other such projects, (ii)
adding to, renovating, improving and equipping existing school buildings and
facilities, including, but not limited to, Richards Middle School 12-Classroom
Addition and Renovation, Northside High School 20-Classroom Addition, Jordan
High School Auditorium Upgrade, Kinnett Stadium Upgrades, System-Wide Athletic
Facilities Upgrades, air-conditioning gymnasiums, security upgrades,
Alternative School and Adult Education Facility Upgrades and other such
projects, (iii) acquiring new school equipment and making certain technology
improvements, (iv) acquiring any property necessary or desirable therefore,
both real and personal (collectively, the ?Projects?); and (b) the cost of
issuing the Bonds; and
WHEREAS, the Board of Education of Muscogee County, the body charged with
contracting debts and managing the affairs of the School District, in order to
issue the Bonds, is required by Article IX, Section V, Paragraph VI of the
Constitution of the State of Georgia to cause the levy of a direct annual tax
for the purpose of paying the principal of and interest on the Bonds in the
amounts and for the years hereinafter stated; and
WHEREAS, it is necessary at this time that a tax be levied annually in amounts
sufficient to pay, along with available Sales and Use Tax proceeds the
principal of, and the interest on, the Bonds as the same become due, which tax
must be levied in the year preceding the year in which the payments are
required to be made so that said payments may be made in a timely fashion;
NOW, THEREFORE, BE IT RESOLVED by the Council of Columbus Consolidated
Government, Georgia, in a meeting duly assembled and open to the public, and it
is hereby resolved by authority of the same, that there be and is hereby levied
a direct annual tax in order to pay debt service on the Bonds coming due in the
years 2010 through 2013 upon all property subject to taxation for school bond
purposes and located in the School District, which School District embraces all
of the territory comprising Muscogee County, Georgia, which tax shall be
sufficient, in addition to Sales and Use Tax proceeds, to raise the sums in
each of the years as more fully set forth in Exhibit A hereto attached and made
a part hereof. The sums hereby levied are irrevocably pledged and appropriated
to the payment of the principal of, and interest on, the Bonds as the same
become due and payable.
The said several sums shall be collected by the Tax Commissioner of Muscogee
County, Georgia, in each of said years, and shall be annually (or sooner) paid
into a sinking fund to be maintained for and applied to the payment of the
principal of, and interest on, the Bonds as the same become due and payable,
and provisions to meet the requirements of this resolution shall be made
annually (or sooner) thereafter.
BE IT FURTHER RESOLVED by the authority aforesaid, and it is hereby resolved by
authority of the same, that all orders and resolutions in conflict with the
resolution this day passed, if any, be and the same are hereby repealed.
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Introduced at a regular meeting of the Council of Columbus Consolidated
Government, Georgia held on the 13th day of April, 2010, and adopted at said
meeting by the affirmative vote of _____ members of said Council
Councilor Allen voting ____________________.
Councilor Anthony voting__________________.
Councilor Baker voting____________________.
Councilor Barnes voting___________________.
Councilor Davis voting____________________.
Councilor Henderson voting________________.
Councilor Hunter voting___________________.
Councilor McDaniel voting_________________.
Councilor Pugh voting_____________________.
Councilor Woodson voting__________________.
________________________________
_____________________________________
TINY B.
WASHINGTON JIM WETHERINGTON
CLERK
MAYOR
EXHIBIT A
DEBT SERVICE SCHEDULE
CLERK?S CERTIFICATE
COLUMBUS, GEORGIA
I, the undersigned Clerk of the Council of Columbus Consolidated Government,
Georgia, DO HEREBY CERTIFY that the foregoing pages of typewritten matter
constitute a true and correct copy of resolution adopted by the Council of
Columbus Consolidated Government, Georgia, in meeting duly assembled, on the
13th day of April, 2010, in connection with the issuance of the $52,015,000
Muscogee County School District (Georgia) General Obligation Sales Tax Bonds,
Series 2010, the original of which resolution has been duly recorded in the
Minute Book of said office, which is in my custody and control.
WITNESS my official hand and the seal of the Council of Columbus Consolidated
Government, Georgia this 13th day of April, 2010.
By:__________________________________
Clerk
(SEAL)
Attachments
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