Commissioners record TEFRA hearing for Fairview Terrace bonds; county not liable, attorney says

The Henry County Board of Commissioners on Nov. 4 recorded that the Henry County Development Authority conducted a TEFRA hearing on tax-exempt revenue bonds for the Fairview Terrace multifamily project in Ellenwood and approved an extension of the bonds' weighted-average maturity.

Rob Meadows, attorney for the Henry County Development Authority, told the board the authority had held the required TEFRA hearing and provided public notice. "These debts do not constitute an obligation or an indebtedness of Henry County, of the state of Georgia, of the development authority, or any governmental entity," Meadows said, adding that the bonds are payable by the developers.

Meadows summarized prior financing and refinancings of the Fairview Terrace project and said the development authority was obligated under bond documents to assist with the extension request. He said the TEFRA hearing he conducted included development authority staff and staff from his office and that statutory requirements had been met.

A commissioner moved and a second was given to approve the record that the hearing had been conducted and notice provided; the chair called the vote and said the motion carried. No additional board action or county liability was authorized at the meeting; Meadows and the development authority will continue to administer the bond documents outside of county obligation.

The board took no further public testimony on the item. Meadows thanked commissioners and left the meeting after the vote.