In the News

NOTICE OF PUBLIC HEARING

NOTICE OF PUBLIC HEARING ON

PROPOSED REVENUE BOND FINANCING BY THE

DEVELOPMENT AUTHORITY OF

THE CITY OF MILLEDGEVILLE AND BALDWIN COUNTY

FOR THE BENEFIT OF USG REAL ESTATE FOUNDATION XII, LLC

 

YOU ARE HEREBY NOTIFIED that on the 2nd day of March, 2021 at 12:00 p.m., a public hearing will be held via teleconference in accordance with Revenue Procedure 2020‑49 due to the COVID-19 pandemic and will be accessible to the residents of the approving governmental unit by calling a toll-free telephone number. The public is invited to join by dialing (844) 735‑0635 (Meeting ID 29315193#).  The Development Authority of the City of Milledgeville and Baldwin County (the “Issuer”), on the request of USG Real Estate Foundation XII, LLC, a Georgia limited liability company (the “Company”), the sole member of which is University System of Georgia Foundation, Inc., a Georgia nonprofit corporation, will hold the public hearing with respect to the issuance by the Issuer of its tax-exempt revenue bonds (the “Bonds”) in an aggregate principal amount not to exceed $100,000,000.  The proceeds of the Bonds will be used by the Company to (a) refund all of the Issuer’s outstanding Student Housing Refunding Revenue Bonds (Georgia College & State University Foundation Property V, LLC Project), Series 2007 (the “Series 2007 Bonds”), the proceeds of which were applied to finance, refinance or reimburse student housing facilities, and related student service facilities, amenities and parking (collectively, the “Project”) located on the campus of Georgia College & State University (the “University”) at 211 W. Hancock Street, 120 West Campus Drive NW, 136 West Campus Drive NW, 421 W. Greene Street, 631 W. Franklin Street, 420 W. Greene Street, 550 W. Greene Street, 410 W. Greene Street, 510 W. Greene Street, and the western corner of Hancock Street and Irwin Street, all in the City of Milledgeville, Georgia 31061, (b) finance or reimburse the costs of renovations and improvements to the Project, (c) pay all or a portion of the costs of terminating an interest rate hedge related to the Series 2007 Bonds and (d) pay the costs of issuing the Bonds.  The Company will own the Project which is used and operated by the University.

 

The Bonds will not constitute an indebtedness or obligation of the State of Georgia or of any county, municipal corporation or political subdivision thereof, but will be payable solely from revenues derived from the Company and pledged to the payment thereof.

 

Any person interested in the proposed issuance of the Bonds to and the financing, refinancing or reimbursing of costs of the Project may heard by joining the teleconference meeting as instructed above.

 

The Issuer will not conduct any performance audit or performance review with respect to the Bonds as described in O.C.G.A. § 36‑82‑100.

 

DEVELOPMENT AUTHORITY OF THE CITY OF MILLEDGEVILLE AND BALDWIN COUNTY