TO WHOM IT MAY CONCERN:
You are hereby notified that, pursuant to the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), on January 29, 2024, at 10:30 a.m., or as soon thereafter as the matter may be heard, a Public Hearing will be held by the Private Colleges and Universities Authority (the “Authority”), as the issuer of the below defined Bonds, with respect to the plan of finance (the “Plan of Finance”) proposed by The Corporation of Mercer University (“Mercer”) involving the issuance of the Bonds and with respect to the location and nature of the facilities to be financed and the Authority’s outstanding revenue bonds to be refunded. The hearing will be located at the offices of Alston & Bird LLP, One Atlantic Center, 49th Floor, 1201 West Peachtree Street, Atlanta, Georgia 30309-3424 and is also accessible via conference call (Dial In: 888-525-7866 and Participant Passcode: 4048817528).
The Private Colleges and Universities Authority Revenue Bonds (Mercer University Project), Series 2024 (the “Bonds”), are to be issued as qualified 501(c)(3) bonds, as defined in the Internal Revenue Code of 1986, as amended, in one or more series or subseries in an aggregate principal amount not to exceed $70,000,000 to provide funds for (a) financing or refinancing all or a portion of the costs of certain capital expenditures, including, but not limited to, acquiring, constructing, maintaining, enlarging, improving, and/or equipping one or more of the following: (1) golf and tennis facility improvements, (2) football stadium improvements, and (3) a baseball performance center; (b) paying certain necessary expenses incidental thereto, including the costs of issuing the Series 2024 Bonds (defined below), and any credit enhancement in connection therewith (together, (a) and (b) constitute the “Projects”); (c) financing capitalized interest on the Series 2024 Bonds; and (d) refunding all of the outstanding Private Colleges and Universities Authority Revenue Bonds (Mercer University Project), Series 2013 (the “Refunded Bonds”), with a portion of the proceeds of the Series 2024 Bonds. The Bonds are to be issued by the Authority pursuant to the Plan of Finance for the benefit of Mercer.
The Projects are located within the corporate limits of the State and within the jurisdiction of the Authority. The owner or operator of the Projects is Mercer. The Public Hearing is for the purpose of providing a reasonable opportunity for interested individuals to express their views, both orally and in writing, on the proposed issuance of the Bonds and on the location and nature of the facilities to be financed.
THE BONDS SHALL NEVER CONSTITUTE AN INDEBTEDNESS OR GENERAL OBLIGATION OF THE STATE OF GEORGIA, OR ANY OTHER POLITICAL SUBDIVISION OR AGENCY OF THE STATE OF GEORGIA BUT SHALL BE PAYABLE SOLELY FROM FUNDS PAID BY MERCER PURSUANT TO ONE OR MORE LOAN AGREEMENTS TO BE ENTERED INTO BETWEEN THE AUTHORITY AND MERCER AND NOT FROM ANY OTHER FUND OR SOURCE AND SHALL BE SECURED BY COLLATERAL FURNISHED BY MERCER.
O.C.G.A. Section 36-82-100 requires an auditor, consultant or other provider to carry out a performance audit of the expenditure of the proceeds of the Bonds. IN ACCORDANCE WITH PARAGRAPH (d) OF O.C.G.A. SECTION 36-82-100, THIS CONSTITUTES NOTICE THAT NO PERFORMANCE AUDIT OR PERFORMANCE REVIEW WILL BE CONDUCTED WITH RESPECT TO THE BONDS OR THE PROJECTS.
Persons wishing to express their views regarding the Projects being financed, the outstanding bonds to be refunded, and/or the issuance of the Bonds may appear at the hearing or may submit their views in writing. Written comments should be submitted to the Private Colleges and Universities Authority, c/o Alston & Bird LLP, One Atlantic Center, 1201 West Peachtree Street, Atlanta, Georgia 30309-3424, Attention Amber Pelot or emailed to amber.pelot@alston.com, and should be mailed in sufficient time to be received before the date of the hearing.