Chairman, Board of Commissioners of Bulloch County, Georgia

September 18, 2002
Chairman, Board of Commissioners
of Bulloch County, Georgia
Statesboro, Georgia
Re:
Proposed Revenue Bond Financing by the Development Authority of Bulloch
County for the Benefit of Georgia Southern University Housing Foundation
One,LLC
To the Addressee:
Georgia Southern University Housing Foundation One, LLC, a Delaware limited liability
company (the "Company"), whose sole member is Georgia Southern University Housing
Foundation, Inc., a Georgia nonprofit corporation, has requested that the Development Authority
of Bulloch County (the "Issuer") assist the Company in financing or refinancing, in whole or in
part, the cost of the demolition, construction, installation and equipping of student housing
facilities to consist of certain land, buildings, structures, equipment and related real and personal
property known as Oxford Hall, 317 Knight Drive and In the Pines, 428 Chandler Road, both
located on the campus of Georgia Southern University, in the City of Statesboro, Bulloch
County, Georgia 30460 (the "Project"), by issuing its revenue bonds for such purpose in the
aggregate principal amount of up to $50,000,000 (the "Bonds").
The undersigned, Stephen T. Rushing, as hearing officer for the Issuer (the "Hearing
Officer") has conducted a public hearing with respect to the financing of the Project and the
issuance of the Bonds and hereby requests that you approve the issuance of the Bonds and the
financing of the Project as required by Section 147(t) of the Internal Revenue Code of 1986, as
amended.
Attached hereto is (1) a certificate evidencing the conduct of the public hearing by the
Hearing Officer on September 18, 2002, and (2) a certificate to evidence your approval of the
issuance of the Bonds and the financing of te Project.
Very truly yours,
I
CERTIFICATE OF PUBLIC HEARING
The undersigned, Stephen T. Rushing, duly appointed hearing officer (the "Hearing
Officer") of the Development Authority of Bulloch County (the "Issuer") HEREBY
CERTIFIES, as follows:
1.
A public hearing was duly held on September 18, 2002, at 11:00 a.m. at the
offices of the Chamber of Commerce, 102 South Main Street, Statesboro, Georgia 30458,
pursuant to proper notice given in accordance with law as to the time and place of such hearing
prior to such hearing. The hearing was open to the public. The time of the hearing and the room
in which the hearing was held provided a reasonable opportunity for persons of differing views
to appear and be heard. At such hearing the following persons were in attendance:
Lorraine PUgliano
Charles H. Wessinger - Garden District
Joe Frankl in - GSU
Lee Davi s - GSU
Terry Wynn
Li sa Simoons
Katherine Fitch - S'boro Herald
A slJ11TBry of the questions and cooments appears as Exhibit "8".
2.
The Hearing Officer of the Issuer announced the commencement of a public
hearing on behalf of the Board of Commissioners of Bulloch County on the application of
Georgia Southern University Housing Foundation One, LLC, a Georgia limited liability
company (the "Company"), whose sole member is Georgia Southern University Housing
Foundation, Inc., a Georgia nonprofit corporation, and that notice of the hearing was published at
least fourteen (14) days prior to the hearing in the Statesboro Herald, a newspaper having
general circulation in Bulloch County, Georgia (the "Notice"). A copy of the Notice has been
filed and appears of record in the Minute Book of the Issuer and is attached hereto together with
an affidavit of publication as Exhibit "A."
3.
The undersigned Hearing Officer hereby requests that the Chairman of the Board
of Commissioners of Bulloch County, Georgia approve the Project and the Bonds referred to in
the Notice, it being understood that the Bonds will not be general obligations of the State of
Georgia, Bulloch County or the City of Statesboro, Georgia and that no tax revenues or other
revenues of the State of Georgia, Bulloch County or the City of Statesboro, Georgia will be used
to pay the Bonds.
No one else having appeared to speak on the matter, the Hearing Officer declared the
public hearing closed.
GIVEN under my hand, this 18th day of September, 2002.
Exhibits Attached:
"N' - Copy of Notice together with Publisher's Affidavi
"B" - SlIJ111ary of quest ions and cannents made at Publ ic Hearing
2
EXHIBIT "N'
NOTICE OF PUBLIC HEARING ON
PROPOSED REVENUE BOND FINANCING BY THE
DEVELOPMENT AUTHORITY OF BULLOCH COUNTY
FOR THE BENEFIT OF GEORGIA SOUTHERN UNIVERSITY
HOUSING FOUNDATION ONE, LLC
YOU ARE HEREBY NOTIFIED that on the 18th day of September, 2002, at 11 :00 a.m.,
at the offices of the Chamber of Commerce, 102 South Main Street, Statesboro, Georgia 30458,
the Development Authority of Bulloch County (the "Issuer") will hold a public hearing with
respect to the issuance by the Issuer of up to $50,000,000 in aggregate principal amount of its
revenue bonds (the "Bonds"), the proceeds of which are to be used to finance or refinance, in
whole or in part, the cost of (a) the demolition, construction, installation and equipping of student
housing facilities to consist of certain land, buildings, structures, equipment and related real and
personal property known as Oxford Hall, 317 Knight Drive and In the Pines, 428 Chandler Road,
both located on the campus of Georgia Southern University, in the City of Statesboro, Bulloch
County, Georgia 30460 (the "Project") for the benefit of and use by Georgia Southern University
Housing Foundation One, LLC, a Delaware limited liability company (the "Company"), whose
sole member is Georgia Southern University Housing Foundation, Inc., a Georgia nonprofit
corporation. The initial owner of the Project will be the Company and the initial operator of the
Project will be Georgia Southern 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 or
the location or the nature of the proposed Project may appear and be heard.
DEVELOPMENT AUTHORITY OF
BULLOCH COUNTY
EXHIBIT "B"
A summary of questions and comments made at the Public Hearing on
September 18, 2002 at 11 :00 a.m. follows:
Mr. Charles Wessinger, of the Garden District, appeared and inquired as to
whether the public would be permitted to view plans of the project. Mr. Lee
Davis of GSU responded that such plans were in process and subject to change,
but would be provided to Mr. Wessinger. Mr. Wessinger inquired further as to
who would bear the extra cost of service of the additional 5,000 students
anticipated by the University. He further suggested that GSU be open with its
activities and to advise the community of its intentions with respect to future
student housing. He Inquired as to whether there have been impact studies
prior to decisions being made about future student housing. Mr. Wessinger did
state that he had no issue whatsoever with the present request for bond
financing of the current project. He did inquire as to why the conclusion was
made that additional on-campus student housing was needed.
Ms. Lorraine Pugliano inquired as to whether and who supplemented the
student housing rentals to be collected. Mr. Joe Franklin of GSU responded that
the beds would be rented to students at the rate of $ 360.00 to $400.00 per
month and that this figure was comparable with the rentals being charged by
Campus Club Apartments adjacent to the University.
Mr. Wessinger added that student on-campus bids may place greater tax
burdens on other property in the county due to the additional services that may
be required.
Ms. Pugliano asked whether the University felt that this project would have a
negative or positive impact on the community in general. Mr. Joe Franklin
responded that they felt it most certainly would be a positive impact.
Mr. Wessinger inquired as to whether the Foundation was required to conduct a
public bid process with respect to the development contract for the project.
Mr. Lee Davis of GSU responded that the company was not required to conduct
a public bid process. Mr. Joe Franklin responded further that they had explored
approximately 25 companies for the project, narrowed it down to five and then
selected who they felt was the best contractor for the project.
No one else present spoke on the matter.