THE STATE OF GEORGIA
EXECUTIVE ORDER
BY THE GOVERNOR:
WHEREAS: The Governor of the State of Georgia has been informed by officials of the Private Colleges and Universities Authority that the Private Colleges and Universities Authority on June 23, 1999 approved the application of Piedmont College, a Georgia nonprofit corporation (the "College") with respect to a plan of financing through the use of revenue bonds to be issued by the Private Colleges and Universities Authority in an amount not to exceed $4,500,000 to finance the facilities and projects described in the Application and more particularly described as various capital projects, as more particularly described in the College's application (the "Project"); and
WHEREAS: The aforementioned bonds will be issued by the Private Colleges and Universities Authority, an instrumentality of the State of Georgia and the Project will be owned and operated by the College which is located entirely within the boundaries of the State of Georgia;
WHEREAS: The Governor is the chief elected executive officer of the State of Georgia; and
WHEREAS: This executive order is intended to constitute the approval required by Section 147(f) of the Internal Revenue Code of 1986, as amended; and
WHEREAS: A hearing which was open to the public relating to the proposed issuance of the aforementioned bonds, was held on August 5, 1999, for which due and reasonable public notice was given in accordance with the provisions of law and the procedures established therefor; and
WHEREAS: The Private Colleges and Universities Authority, following such hearing, has recommended that the issuance of the aforementioned Bonds be approved; and
WHEREAS: The Governor has made a determination to approve the issuance of the aforementioned bonds solely for the purpose of satisfying the requirement for such approval under Section 147(f) of the Internal Revenue Code of 1986, as amended, as recommended by the Private Colleges and Universities Authorii.
NOW, THEREFORE, PURSUANT TO THE AUTHORITY VESTED IN ME AS GOVERNOR OF THE STATE OF GEORGIA, PARTICULARLY BY VIRTUE OF THE PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, IT IS HEREBY
ORDERED: The issuance of the aforementioned bonds by the Private Colleges and half of the State of Georgia is hereby approved
solely for the pu se of satisfying the requirements for such approval enue Code of 1986, as amended.