RESOLUTION
NO. _________________
A RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS BY
THE PUBLIC FINANCE AUTHORITY
TO FINANCE FACILITIES LOCATED IN COLUMBUS, GEORGIA
FOR THE BENEFIT OF RHCSC COLUMBUS AL HOLDINGS LLC AND RHCSC COLUMBUS HEALTH
HOLDINGS LLC
WHEREAS, RHCSC Columbus AL Holdings LLC and RHCSC Columbus Health Holdings LLC,
each a Georgia limited liability company, and each having as its sole member
Regional Housing & Community Services Corporation, a California nonprofit,
public benefit corporation and an organization described in Section 501(c)(3)
of Code (collectively, the ?Borrowers?), desire to refinance, rehabilitate and
upgrade The Landings of Columbus, a 64-bed assisted living facility located at
6830 River Road, Columbus, Georgia 31904 (the ?Project?); and
WHEREAS, on May 9, 2018, the Public Finance Authority (the ?Public Finance
Authority?), a commission organized under and pursuant to the provisions of
Section 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended,
which has nationwide issuing authority, adopted a preliminary resolution under
which it agreed in principle to issue its refunding revenue bonds or other
appropriate obligations (the ?Bonds?) and to lend the proceeds of the Bonds to
the Borrowers for the purpose of (i) refinancing the Borrowers? Taxable Notes,
Series 2018 (collectively, the ?Notes?) that were issued on April 6, 2018 to
finance the cost of acquiring the Project, the cost of rehabilitating the
Project, and the costs of issuing the Notes; and (ii) paying a portion of the
costs of issuing the Bonds; and
WHEREAS, the Project will be owned and operated by the Borrowers and will be
managed by Affinity Living Group, LLC; and
WHEREAS, on June 18, 2018, a public hearing was held regarding the Bonds and
the Project being refinanced with the proceeds of the Bonds following public
notice that appeared on June 4, 2018 (which was at least 14 days prior to the
date of the hearing) in the Columbus Ledger-Enquirer, a newspaper of general
circulation in Columbus, Georgia (the ?City?) and
WHEREAS, a copy of the Report of the Hearing Officer is attached hereto as
Exhibit A; and
WHEREAS, the limited purpose of this resolution is to satisfy the public
approval requirement 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
WHEREAS, THE BONDS SHALL NOT EVER REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF
THE FAITH AND CREDIT OR THE TAXING POWER OF COLUMBUS GEORGIA OR ANY OTHER
POLITICAL SUBDIVISION OR MUNICIPAL CORPORATION AND SHALL SOLELY BE SECURED AND
PAYABLE FROM PAYMENTS MADE BY AND COLLATERAL PROVIDED BY THE BORROWERS.
NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA, HEREBY RESOLVES AS FOLLOWS:
1. For 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
Public Finance Authority in the aggregate principal amount not to exceed
$6,440,000 for the purpose of (i) refinancing the Notes and (ii) paying a
portion of the costs of issuing the Bonds is approved.
2. 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 the City with respect to the Bonds.
Introduced at a regular meeting of the Council of Columbus, Georgia, held the
19th day of June, 2018 and adopted at said meeting by the affirmative vote of
________ members of said Council.
Councilor Allen voting
Councilor Baker voting
Councilor Barnes voting
Councilor Davis voting
Councilor Garrett voting
Councilor Huff voting
Councilor Thomas voting
Councilor Turner voting
Councilor Woodson voting
Tiny B. Washington, Clerk of Council Teresa Pike Tomlinson, Mayor
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