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Council approves reissuance of housing‑authority tax‑exempt bonds for Fairview Terrace
Summary
Milledgeville approved a resolution recognizing a required TEFRA hearing and authorizing the reissuance and extension of tax‑exempt revenue bonds for Fairview Terrace LP; outside counsel Allison Dyer told council the action is a refinancing and that the city bears no liability.
The Milledgeville City Council on Nov. 18 adopted a resolution approving the reissuance and extension of tax‑exempt revenue bonds for the benefit of Fairview Terrace LP, after a staff presentation and counsel’s explanation by telephone.
Allison Dyer, a partner with Holland & Knight LLP who participated by phone, told the council the resolution acknowledges that the housing authority properly held the public hearing required by the Internal Revenue Code. “What is a reissuance? It’s basically refinancing. It’s like when we redo our own mortgages,” Dyer said, and she emphasized that the city acts as the conduit issuer and is not obligated on the bonds.
City Manager Griffith said the action reallocates remaining bond proceeds within the Milledgeville Housing Authority package to Fairview Terrace and some apartment properties in Henry County. Griffith and Dyer said the reissuance changes loan terms for the borrower but does not create city liability.
The council voted to adopt Resolution R‑25‑11‑50 approving the reissuance and extension of the weighted‑average maturity of the bonds. The roll call recorded unanimous aye votes.
