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FILE NUMBER: \5l'6 \
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RESOLUTION OF THE AUGUSTA-RICHMOND COUNTY COMMISSION
PROVIDING FOR A PARTiAL REDEMPTION OF tHE RICHMOND COUNTY
PUBLIC FACILITIES, INC. CERTIFICATES OF PARTICIPATION (AUGUSTA GOLF
COURSE PROJECT) SERIES 1998
TillS RESOLUTION adopted by the Augusta-Richmond County Commission (the
"Commission").
WHEREAS, on July 2, 1998 the Richmond County Public Facilities, Inc. Certificates of
Participation (Augusta Golf Course Project) Series 1998 (the "Certificates") were issued in the
principal amount of$1,705,000 which evidence an interest in the Public Purpose Installment Sale
Agreement dated as of June 1, 1998 between Richmond County Public Facilities, Inc. as Seller
and Augusta, Georgia as Purchaser (the "Sale Agreement");
WHEREAS, the Commission desires to exercise its rights under Section 4.5(c) of the
Sale Agreement to prepay in part the Basic Payments due under the Sale Agreement on the
Interest Payment Date of December 31, 2001 and to thereby cause a partial redemption of the
Certificates.
NOW, THEREFORE, BE IT RESOLVED by the Commission, and it is hereby
resolved by authority of same as follows:
. Section 1. Partial Prepayment of Basic Payments. Augusta, Georgia elects, pursuant to
the provisions of Section 4.5( c) of the Sale Agreement, to make a prepayment of the Basic
Payments due thereunder in the total amount of $750,000 which includes the principal payment
due on December 31,2001 of $44,178.16 and an additional prepayment of Basic Payments in the
amount of $705,821.84. This prepayment shall be paid to Regions Bank, as Trustee (the
"Trustee") under the Trust Indenture between Richmond County Public Facilities, Inc. and
Regions Bank, as Trustee dated as of June 1, 1998 , as amended (the "Indenture"), at least five (5)
days prior to December 31, 2001. The Trustee shall use this partial prepayment of the Basic
Payments to effect a partial redemption of the Certificates on December 31, 2001 as provided for
in the Indenture and Sale Agreement.
Section 2. Authorization of the Giving of Notice to the Trustee ofthe Prepayment in Part
of the Basic Payments. The Mayor of Augusta, Georgia is hereby authorized and directed on or
before November 25,2001 to give written notice to the Trustee of Augusta, Georgia's intention
to prepay in part the Basic Payments as herein authorized.
Section 3. Effective Date. This resolution shall become effective upon its adoption.
ADOPTED November 20,2001.
4\ By:
Attest:
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CLERK'S CERTIFICATE
I, &j(1b. ~ &~ , Clerk of the Augusta-Richmond County
Commission, (the "Commission") DO HEREBY CERTIFY that the foregoing pages of
typewritten matter constitute a true and correct copy of a resolution, passed by the Commission at
a regular meeting of the Commission duly held onNovember 20,2001, at 2:00 p.m., open to the
public and at which a quorum was present and acting throughout, and that the original of said
Resolution appears of record in the Minute Book o'f the Commission, which is in my custody and
control.
Given under my hand and seal of the Commission, this :21Aay of November, 2001.
~~~PNDCOUNTY
COMMISSION
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