Public Hearing - $35 Million Bond Issuance Garden Lakes Apartments
NOTICE OF TELEPHONIC PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing will be held by the Housing Authority of the City of Columbia, South Carolina (the "Issuer"), on behalf of the Issuer and the City of Columbia, South Carolina ("City"), on Tuesday, October 5, 2021, at 1:00 p.m., or as soon thereafter as the matter can be heard (the "Public Hearing"), and will be held telephonically by the Issuer, in connection with the issuance by the Issuer of its Multifamily Housing Revenue Bonds (Garden Lakes Apartments Project), in one or more series (the "Bonds"), as part of a plan of financing in an aggregate principal amount not to exceed $35,000,000. The Bonds will be an issue of "exempt facility bonds" issued to finance a "qualified residential rental project, as defined in Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the "Code").
Principal User of Bonds and Project. The proceeds of such Bonds, when and if issued, will be loaned by the Issuer to Garden Lakes, LP (the "Borrower"). The Borrower will use the proceeds of the Bonds to acquire, construct and equip an approximately 288-unit new multifamily housing development and ancillary facilities to be located at 1307 Mason Road, Columbia, South Carolina 29203 (the "Project") in Richland County, South Carolina (the "County"), and to pay the costs of issuance of the Bonds. The Project will be initially owned and operated by the Borrower.
Limited Obligations. The Bonds will be payable by the Issuer solely and exclusively out of payments to be made by the Borrower to the Issuer. The Bonds will not constitute an indebtedness of the Issuer, the State of South Carolina, or any political subdivision thereof within the meaning of any South Carolina constitutional provision or statutory limitation (other than indebtedness payable only from a revenue-producing project or special source) nor give rise to a pecuniary liability of the Issuer, the State of South Carolina, the City or the County or any political subdivision of any of the foregoing. The Bonds will not constitute a charge against the general credit or taxing powers of the Issuer, the State of South Carolina, the City or the County or any political subdivision of any of the foregoing. The Issuer has no taxing authority.
Teleconference Only. Pursuant to Internal Revenue Service Rev. Proc. 2020-21, as extended by Rev. Proc. 2021-39, the Public Hearing will be conducted by the Issuer telephonically and the public will not be able to attend in person. However, all persons who wish to provide comments or listen to the Public Hearing may join by calling toll free at (877) 366-0711 (Toll Free) using meeting passcode: 24561502. Members of the public may submit oral or written comments to the Issuer to express their views for or against the proposed issuance of the Bonds or the location and nature of the Project. All persons who wish to submit oral comments during the Public Hearing must contact the Issuer, not less than 24 hours prior to the Public Hearing, via email to firstname.lastname@example.org to inform the Issuer of their desire to speak at the Public Hearing. Those who present comments during the Public Hearing will be permitted to address the Issuer regarding the Project or the Bonds for no more than five (5) minutes. Members of the public may submit views to the Issuer in writing via mail to LuCinda Herrera, Chief Development Officer, 1917 Harden Street, Columbia, South Carolina 29204, or via email to email@example.com. The Issuer will not prepare a transcript of the Public Hearing.
HOUSING AUTHORITY OF THE CITY OF COLUMBIA, SOUTH CAROLINA
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