HomeMy WebLinkAboutApproving the Issuance of Revenue Bonds
Augusta Richmond GA
DOCUMENT NAME: fI f f R 0'1 I f'I d -hu, :r q. <; \J "N eG<O ~ R",,, IE" N " G: IS <!> '" 0 :,
DOCUMENT TYPE: Rl'2: SOLU\I~N
YEAR: dOD l.\
BOX NUMBER: d L\
FILE NUMBER: l ~ )' 0 C)
NUMBER OF PAGES: 3
...
. - -
RESOLUTION OF THE AUGUSTA-RICHMOND COUNTY COMMISSION
APPROVING THE ISSUANCE OF REVENUE BONDS
BY THE HOUSING AUTHORITY OF THE CITY OF AUGUSTA
FOR THE BENEFIT OF MAXWELL HOUSE, LLC
WHEREAS, the Housing Authority of the City of Augusta (the "Authority") has considered the
application of Maxwell House Apartments, LLC (the "Borrower") requesting the Authority's assistance in
fmancing the acquisition, rehabilitation and equipping of an existing apartment building located at 1002
Greene Street, Augusta, Georgia known as the Maxwell House Apartments containing 216 units made up
of efficiency and one-bedroom apartments (the "Project") through the issuance of the Authority's
multifamily housing revenue bonds in an aggregate principal amount not to exceed $5,500,000 (the
"Bonds"); and
WHEREAS, a public hearing was held on behalf of the Consolidated Government of Augusta-
Richmond County (the "Governmental Unit") on October 29,2004 with respect to such proposed issuance
of the Bonds and financing of the Project; 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 area in which any facility financed with the
proceeds of Bonds is located and on behalf of which such Bonds are issued shall approve the issuance of
such bonds; and
WHEREAS, the Project is located in Augusta, Georgia, the Authority issues its revenue bonds on
behalf of the Governmental Unit, and the Augusta-Richmond County Commission, as the elected
legislative body of the Governmental Unit, constitutes the "applicable elected representative" of the
Governmental Unit, as such term is defined in Section 147{f)(2)(E) of the Code, since it is the elected
legislative body of such Governmental Unit; and
WHEREAS, the Authority has requested approval of the issuance of the Bonds, and the fmancing
of the Project, subject to terms of the financing to be agreed upon by the Authority, the Borrower and the
purchaser of the Bonds; and
WHEREAS, the Authority has delivered to the Augusta-Richmond County Commission a
certificate regarding the conduct of the public hearing, which certificate has been filed with the Clerk of the
Augusta-Richmond County Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE AUGUSTA-RICHMOND COUNTY
COMMISSION AS FOLLOWS:
(1) The issuance of the Bonds by the Authority in an amount not to exceed $5,500,000 for the
benefit of the Borrower to assist in the financing of the Project is hereby approved to the extent required by
said Section 147(f) of the Code.
~~
I
(2) Such approval by the Augusta-Richmond County Commission does not constitute an t
endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Borrower or the:
Project, and the Bonds shail not constitute an indebtedness or obligation of the Consolidated Government I
of Augusta-Richmond County, the State of Georgia or of any municipal corporation, county, or political I
subdivision thereof, but the Bonds shall be payable solely from the revenues derived from the Borrower'
and pledged to the payment thereof and no owner of the Bonds shall ever have the right to compel any!
exercise of the taxing power of said Consolidated Government of Augusta-Richmond County, said State or
of any municipality, county or political subdivision thereof, nor to enforce the payment thereof against any
property of said Consolidated Government of Augusta-Richmond County, said State or of any such
municipal corporation, county, or politicaf subdivision thereof.
(3) This resolution shall take effect immediately upon its adoption.
.. ..
ADOPTED as of the 21st day of December, 2004.
By.
Name:
Title:
(SEAL)
,c,. ;"0.
:..c
y
"
m
~.
""" .."'t r- ... ~" ...
~~ ..'~ ~,~
ON
01
'l
..
CLERK'S CERTIFICATE
I, the undersigned Clerk of the Augusta-Richmond County Commission, DO HEREBY CERTIFY
that the foregoing page of typewritten matter pertaining to the approval of the issuance of revenue bonds by
the Housing Authority of the City of Augusta for the benefit of Maxwell House, LLC constitutes a true and
correct copy of the Resolution adopted on December 21, 2004, by a majority of the members of the
Augusta-Richmond County Commission in a meeting duly called and assembled, which was open to the
public and at which a quorum was present and acting throughout, that the original of said Resolution
appears of record in the Minute Book of the Augusta-Richmond County,lCommission which is in my
custody and control. '- ,
Given under my hand and seal of the Augusta-Ri<(hrIi:~nq ~oiliitYCommi~Sion thisJ1 day of
December, 2004. ~ ~ :.:;; __ /., : ,~~
-.......--; ~
, ,
[SEAL]
55139.000005 ATLANTA 53730lv2
Cl