RESOLUTION
NO._________
RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS BY THE DOWNTOWN DEVELOPMENT
AUTHORITY OF COLUMBUS, GEORGIA FOR THE BENEFIT OF SCHOOLHOUSE ROAD ESTATES,
INC.
WHEREAS, The Downtown Development Authority of Columbus, Georgia (the
?Authority?) has considered the application of Schoolhouse Road Estates, Inc.,
a New York non-profit corporation or a single member limited liability company,
which will be disregarded for Federal Income Tax purposes, the sole member of
which will be Schoolhouse Road Estates, Inc. (the ?Borrower?) requesting that
the Authority assist the Borrower in financing the acquisition, rehabilitation
and equipping a multi-family residential rental facility containing two hundred
sixty-nine (269) units for individuals and families of low and moderate income,
located at 211 12th Street, Columbus, Georgia 31901, and known as the ?Ralston
Towers? (the ?Project?) through the issuance of the Authority?s revenue bonds
in an aggregate principal amount of $10,500,000 (the ?Bonds?). The Authority
held a public hearing on February 28, 2014, with respect to such proposed
issuance of the Bonds and financing of the Project and a Certificate of the
Chairman of the Authority regarding the conduct of the public hearing is
attached hereto as Exhibit ?A? (the ?Public Hearing Certificate?); and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
?Code?), provides that the governmental unit having jurisdiction over the issue
of revenue bonds and over the area in which any facility financed with the
proceeds of the revenue bonds is located shall approve the issuance of such
revenue bonds. The Council of Columbus, Georgia (the ?Council?) is the body
required to approve the issuance of the Bonds on behalf of Columbus, Georgia
(the ?City?); and
WHEREAS, the Authority issues its revenue bonds pursuant to authority granted
it under the Downtown Development Authorities Law, O.C.G.A.? 36-42-1,et seq.,
and the Project is located within the City; and
WHEREAS, the Authority has requested that (i) Council approve, to the extent
required by Section 147(f) of the Code, the issuance of the Bonds and the
financing of the Project subject to the terms of the financing to be agreed
upon by the Authority, the Borrower and the purchaser(s) of the Bonds, and (ii)
authorize the Mayor of the City (the ?Mayor?) to execute a Certificate
substantially in the form attached as Exhibit ?B? certifying to such approval
(the ?Certificate?); and
WHEREAS, the Authority has delivered to the Council and the Mayor of the City a
certificate regarding the conduct of the public hearing:
NOW, THEREFORE, the Council hereby approves the issuance of the Bonds to the
extent required by said Section 147(f) of the Code. and hereby authorizes the
Mayor to execute the Certificate.
______________________
Itroduced at a regular meeting of the Council of Columbus, Georgia,
held the 11th day of March, 2014, 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 Henderson voting_____.
Councilor Huff voting___________.
Councilor McDaniel voting_______.
Councilor Pugh voting___________.
Councilor Thomas voting_________.
Councilor Woodson voting________.
______________________________
___________________________________
TINY B. WASHINGTON, CLERK TERESA PIKE
TOMLINSON, MAYOR
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