EXECUTIVE SUMMARY DATED JUNE 23, 2021 OF MEETING OF
THE PRIVATE COLLEGES AND UNIVERSITIES AUTHORITY
HELD JUNE 22, 2021
A special meeting of the Private Colleges and Universities Authority (the “Authority”) was held on Tuesday, June 23, 2021, in person at the offices of Alston & Bird LLP and by Zoom Virtual Conference at 3:00 p.m.
Members Raymond Cobb, Joe Evans, George G. Andrews, and Jim Timberlake were present in person for the meeting, and member James Lientz, Jr. was present by virtual conference for the meeting. Amber Pelot and Colony C. Canady of Alston & Bird, as counsel to the Authority, were also present in-person for the meeting.
Blake Sharpton, representative of Butler Snow, attended the meeting as a guest by virtual conference. Jim Netherton, representative of The Corporation of Mercer University (the “University”), attended the meeting as a guest by virtual conference. Lee White and Brad Gysin, representatives of Stifel Nicolaus & Company, Inc., attended the meeting as a guest by virtual conference.
A motion was made by Mr. Evans and seconded by Mr. Cobb to approve the minutes of the May 5, 2021 meeting as presented to the members of the Authority. The motion was approved unanimously by the members of the Authority.
Mr. Sharpton, together with Mr. White and Mr. Gysin, reviewed and presented the final pricing for the issuance of the Private Colleges and Universities Authority’s Revenue Bonds, Series 2021, for the benefit of the University (“Series 2021 Bonds”), noting a successful pricing and final issuance in the amount of $71,265,000.00. In connection with the University’s request for approval of the Supplemental Resolution, a motion was made by Mr. Lientz and seconded by Mr. Andrews to approve the Supplemental Resolution, which included the Fourth Supplemental Loan Agreement, Fourth Supplemental Trust Indenture, and Bond Purchase Agreement, and to approve the issuance of the Series 2021 Bonds. The motion was approved unanimously by the members of the Authority.
Mr. Evans presented the Treasurer’s report, including account balance updates. A motion was made by Mr. Evans and seconded by Mr. Andrews to approve the Alston & Bird invoice in the amount of $10,168.13 for services rendered from April 6, 2021 through June 11, 2021, and The Cincinnati Insurance Company invoice in the amount of $525.00 for the renewal of the Authority’s general liability policy. The motion was approved unanimously by the members of the Authority.
Ms. Pelot provided an update on the status of the farewell gifts ordered for the prior Authority members. Mr. Cobb noted that the webinar series initiative previously presented to the Authority would likely occur in 2022. Mr. Andrews provided an update on his efforts relating to the Authority’s outreach to local HBCUs, noting that he spoke with the President of Clark Atlanta University, who was open to a meeting with the Authority in July 2022.
There being no additional discussion items, a motion was made by Mr. Andrews and seconded by Mr. Evans to go into executive session. The motion was approved unanimously by the members of the Authority and all non-Authority members exited the meeting.