A RESOLUTION
NO. _______
A RESOLUTION OF THE COUNCIL OF COLUMBUS, GEORGIA, REQUESTING THAT THE COLUMBUS
BUILDING AUTHORITY (THE ?AUTHORITY?) ISSUE ITS LEASE REVENUE BONDS IN ONE OR
MORE SERIES (THE ?BONDS?) IN THE AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY
$131,500,000, PLUS ESTIMATED COSTS OF ISSUANCE FOR THE BONDS; TO REQUEST THAT
THE AUTHORITY ISSUE ITS LEASE REVENUE REFUNDING BONDS (THE ?REFUNDING BONDS?)
IN AN AGGREGATE PRINCIPAL AMOUNT SUFFICIENT TO REFUND AND REDEEM THE
AUTHORITY?S OUTSTANDING LEASE REVENUE BONDS, SERIES 1997A; TO AUTHORIZE THE
EXECUTION OF LEASE CONTRACTS BETWEEN COLUMBUS AND THE AUTHORITY; TO AUTHORIZE
THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND TO
AUTHORIZE THE EXECUTION OF A FINAL OFFICIAL STATEMENT CONTAINING INFORMATION ON
THE GOVERNMENTAL AND FINANCIAL AFFAIRS OF COLUMBUS; TO PROVIDE THAT THE FINANCE
DIRECTOR OF COLUMBUS SHALL APPROVE THE BEST BIDS FOR THE BONDS; TO AUTHORIZE
THE TRANSFER OF PROPERTY TO THE AUTHORITY; TO AUTHORIZE THE MAYOR AND OTHER
OFFICIALS OF COLUMBUS TO TAKE SUCH FURTHER ACTIONS AS ARE NECESSARY TO PROVIDE
FOR THE ISSUANCE AND DELIVERY OF THE BONDS AND THE REFUNDING BONDS; AND FOR
OTHER PURPOSES.
WHEREAS, the Council of Columbus, Georgia (the ?Council?) desires to
finance certain capital outlay projects in the performance of its governmental,
proprietary, and administrative purposes (the ?Projects?); and
WHEREAS, the Projects are more specifically described in the bond
project list attached hereto as Exhibit A, and in the surveys, plans,
specifications, and estimated costs for the Projects which are on file in the
offices of Columbus and, by this reference thereto, are incorporated herein and
made a part hereof as fully set forth herein in their entirety; and
WHEREAS, it is necessary and proper for the Council to authorize the Mayor,
City Manager, Finance Director, and other officials to take such actions
relating to the Projects as shall be necessary to develop and proceed with a
plan of financing for the same; and
WHEREAS, Columbus, in consultation with the Authority has determined
that the most feasible manner of acquiring, constructing, and equipping the
Projects is through the issuance of Columbus Building Authority Lease Revenue
Bonds in one or more series (the ?Bonds?), in an amount sufficient to provide
net proceeds to the City of approximately $131,500,000, after the payment of
all estimated costs of issuance of the Bonds; and
WHEREAS, the payment of the Bonds and any bonds issued on a parity
therewith and the interest thereon shall be secured by a first and prior pledge
of and charge or lien on the basic rent to be paid by Columbus for the use of
the Projects, pursuant to the provisions of certain lease agreements (the
?Leases?) to be entered into between the Authority and Columbus; and
WHEREAS, it is proper that the Council authorize the Mayor to execute documents
conveying certain property of Columbus or property to be acquired by Columbus
or its intermediaries to the Authority and to execute such Leases as may be
required, so as to provide for the use by Columbus of the Projects to be funded
with proceeds from the sale of the Bonds; and
WHEREAS, Columbus has heretofore entered into a Master Lease Contract and a
First Supplemental Lease Contract with the Authority, both dated as of April 1,
1997 (together, the ?1997A Lease?), under which Columbus leased from the
Authority, for use in the performance of the governmental functions of
Columbus, (i) the golf course project, and (ii) the landfill project; and
WHEREAS, the facilities subject to the 1997A Lease were acquired,
constructed, and equipped from proceeds from the sale of the Authority?s Lease
Revenue Bonds, Series 1997A in the aggregate principal amount of $9,350,000
(the ?Series 1997A Bonds?), of which $4,965,000 is presently outstanding; and
WHEREAS, the Council has determined that the outstanding Series 1997A
Bonds should be currently refunded in order to reduce total debt service of the
Authority and the corresponding lease payments due from Columbus; and
WHEREAS, Columbus, in consultation with the Authority has determined that the
most feasible manner of refunding the Series 1997A Bonds is through the
issuance of Columbus Building Authority Lease Revenue Refunding Bonds (the
?Refunding Bonds?), in an amount sufficient to refund and redeem the Series
1997A Bonds; and
WHEREAS, it will be necessary in connection with the issuance of the Bonds or
for the issuance of the Refunding Bonds for Columbus in association with the
Authority to cause to be prepared a preliminary official statement and an
official statement or separate preliminary official statements (collectively,
the ?Preliminary Official Statements?) or official statements (collectively,
the ?Official Statements?) for each series of bonds, and the Authority and
Columbus anticipate distributing and causing to be published in The Bond Buyer,
a financial journal of general circulation published daily in the city and
state of New York, official notices of sale in which bidders will be requested
to submit bids to the Authority for purchase of the Bonds or the Refunding
Bonds; and
WHEREAS, it is proper that the Council authorize its officers to take
such further actions as are necessary for the issuance and delivery of the
Bonds in accordance with the intents and purposes of this resolution.
NOW, THEREFORE, BE IT RESOLVED by the Council of Columbus, Georgia as
follows:
1. The Council of Columbus desires to proceed with financing for the
Projects through the issuance of lease revenue bonds by the Columbus Building
Authority and hereby specifically requests that the Authority issue its Bonds
in one or more series in an aggregate principal amount sufficient to provide
net proceeds to the City of approximately $131,500,000 after the payment of all
costs of issuance, including original issue discounts on the sale of the Bonds,
if any.
2. The Council of Columbus desires to proceeds with the refunding of
the Series 1997A Bonds through the issuance of lease revenue refunding bonds by
the Columbus Building Authority and hereby specifically requests that the
Authority issue its Refunding Bonds in such aggregate principal amount as is
determined to be necessary to accomplish the purposes of such refunding.
3. The Mayor, City Manager, Finance Director, City Attorney and other
officials are hereby authorized to take such actions as are necessary to make
reasonable estimates for the cost of the Projects and determine the structure
of the financings to allow for the sale of the Bonds. Said officials are
authorized and directed to take such actions as are necessary in connection
with the refunding of the Series 1997A Bonds and to determine the structure of
the financing to issue the Refunding Bonds either through the publication of a
notice of sale and the receipt of bids therefore or by negotiated sale or
placement.
4. The Authority is requested to cause the issuance and publication of
notices of sale for the Bonds and if the Refunding Bonds are to be offered for
sale pursuant to a notice of sale to cause the issuance and publication of a
notice of sale for the Refunding Bonds. The Authority is requested to review
all bids received in accordance with such notices and to award the sale of the
Bonds and/or the Refunding Bonds to the bidders submitting bids resulting in
the highest and best bids, with the lowest true interest cost to the Authority,
and all actions required by the Authority for such purposes are hereby
authorized and approved, subject to approval of said bids by the Finance
Director of Columbus.
5. The Council specifically requests that the Authority give notice to
the District Attorney of the Chattahoochee Judicial Circuit and seek validation
of the Bonds and the Refunding Bonds in accordance with the laws of the State
of Georgia. The Mayor or City Manager is authorized and directed to cause to
be prepared an answer to be filed in said validation proceedings requesting
that the Bonds, the Refunding Bonds, and the security therefor be declared
valid in all respects.
6. The Mayor is hereby authorized on behalf of Columbus to execute the
Leases as are necessary to secure the payment of the Bonds and to execute any
necessary amendments to the 1997A Lease to secure payment of the Refunding
Bonds. The Mayor is further authorized on behalf of Columbus to execute such
supplemental leases as may be required to add or delete specific property to be
included within the Leases or in the 1997A Lease in order to accomplish the
intents and purposes of this resolution. The Clerk of Council is authorized to
attest the execution by the Mayor of the Leases and supplemental leases, if
necessary, and to affix the seal of Columbus to such documents.
7. The Mayor is authorized to execute such deeds as may be required to
convey property to the Authority, which is to be property subject to the Leases
and to direct any intermediaries which may acquire or hold property which is to
become subject to the Leases to convey the same to the Authority, and the Mayor
is authorized to approve the form of such deeds and the exhibits thereto, and
the Clerk of Council is authorized to attest the execution by the Mayor of such
deeds and to affix the seal of Columbus to such documents.
8. The Mayor, City Manager, Finance Director, the City Attorney and
other officers and agents of Columbus are authorized and directed to cause to
be prepared and distributed the Preliminary Official Statements, and the
Finance Director is authorized to execute and deliver a certificate to ?deem
final? the Preliminary Official Statements within the meaning of Securities
Exchange Act Rule 15c2-12. The Preliminary Official Statements shall be used
as the basis for preparing the Official Statements after bids are received.
The Mayor is authorized to execute the final Official Statements on behalf of
Columbus, and such other officers and agents of Columbus are authorized to take
such actions and make such certifications as may be required relating to the
issuance and delivery of the Bonds or the Refunding Bonds. The Refunding Bonds
may be privately placed without the preparation of a Preliminary Official
Statement or Official Statement if such documents are not required in
connection with any such placement.
9. The Mayor or City Manager is authorized to execute, with the advice
of Gray & Pannell LLP, Savannah, Georgia, as bond counsel, and Government
Funding Advisory Associates, Atlanta, Georgia, as financial advisor, in a form
approved by the Finance Director, such agreements or undertakings as may
reasonably be required for Columbus to comply as an obligated person with the
continuing disclosure and other requirements of the Securities and Exchange
Commission Rule 15c2-12.
10. The Mayor, City Manager, Finance Director, City Attorney and such
other officers or agents as may be required of Columbus are directed to take
such actions as are necessary to provide security for payment of the Bonds and
the Refunding Bonds and to fulfill the obligations of Columbus pursuant to the
Leases and the 1997A Lease, as the same may be delivered, supplemented, or
amended, and to take such other actions as may be required in accordance with
the intents and purposes of this resolution.
INTRODUCED at a regular meeting of the Council of Columbus, Georgia,
held October 13, 2009, 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
LOCAL OPTION SALES TAX
Bond Project List
Fire/EMS Station 2,000,000
Correctional Facilities 31,000,000
PUBLIC SAFETY Subtotal 33,000,000
Road Projects 31,100,000
Flood Abatement / Stormwater 23,200,000
City Service Center 9,500,000
CSC Parking Garage 9,500,000
Natatorium 7,500,000
Recycling/Sustainability Center 8,500,000
Ice Rink 7,700,000
Cooper Creek Tennis Center Expansion 1,500,000
ROADS & INFRASTRUCTURE Subtotal 98,500,000
TOTAL 131,500,000
CERTIFICATE OF CLERK OF COUNCIL
I, the undersigned Clerk of Council of Columbus, Georgia, keeper of the
records and the seal thereof, hereby certify that the foregoing is a true and
correct copy of a resolution of the Council of Columbus, Georgia, adopted
October 13, 2009, a duplicate original of which resolution has been entered in
the official records of Columbus, Georgia, under my supervision and is in my
official possession, custody, and control.
I further certify that the meeting was held in conformity with the
requirements of Title 50, Chapter 14 of the Official Code of Georgia Annotated.
(S E A L) _______________________________
Clerk of Council
Attachments
No attachments for this document.