A RESOLUTION
NO. _________________
A RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY
OF COLUMBUS, GEORGIA TO ISSUE BONDS TO
FINANCE THREE PROJECTS LOCATED IN COLUMBUS, GEORGIA
FOR THE BENEFIT OF HACG RAD I, LP
WHEREAS, HACG RAD I, LP, a Georgia limited partnership, or an affiliate thereof
(the ?Borrower?), wishes to finance the acquisition, renovation, furnishing,
and equipping of (a) an existing 289 unit residential rental housing facility,
located at 3400 8th Avenue, Columbus, Georgia 31904, and known as Wilson Homes;
(b) an existing 100 unit residential rental housing facility, located at 1313
14th Street, Columbus, Georgia 31901, and known as Nicholson Terrace; (c) an
existing 92 unit residential rental housing facility, located at 3811 Baker
Street, Columbus, Georgia 31903, and known as E.J. Knight Apartments; and (d)
an existing 102 unit residential housing facility, located at 1901 Nina Street,
Columbus, Georgia 31906, and known as Farley Homes (collectively, the
?Project?), located within the territory of Columbus, Georgia, a consolidated
government (?Columbus?), the jurisdiction of the area of operation of the
Housing Authority of Columbus, Georgia (the ?Authority?); and
WHEREAS, on June 17, 2015 the Authority, pursuant to the authority granted it
under the provisions of the Housing Authority 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 $30,000,000 to be designated
?Housing Authority of Columbus, Georgia Multifamily Housing Revenue Bonds (HACG
RAD I 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, furnish, 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 July 8, 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 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) the Council approve the issuance
of the Series 2015 Bonds and the Project for the limited purpose of meeting the
requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended
(the ?Code?) in order to qualify the interest on the Series 2015 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 by the Council of Columbus, Georgia, as follows:
1. For the limited purpose of qualifying the interest on the Series
2015 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 Series 2015 Bonds by the Authority in the aggregate principal
amount not to exceed $30,000,000 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 Series 2015 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 14th day of July, 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 EVELYN
PUGH, MAYOR PRO-TEM
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