Marietta Daily Journal
Cobb County

Nov 30, 2012 | 87 views | email to a friend | print

M-7768 NOTICE TO THE PUBLIC YOU ARE HEREBY NOTIFIED that on December 11, 2012, at 9:30 A.M., at the Cobb County Courthouse in Marietta, Georgia, the Presiding Judge of the Superior Court of Cobb County will hear the case of STATE OF GEORGIA vs. DEVELOPMENT AUTHORITY OF COBB COUNTY and KSU SRAC REAL ESTATE FOUNDATION, LLC, Civil Action File No. 12-1-11076-99, in the Superior Court of Cobb County, the same being a proceeding to confirm and validate the revenue bonds designated "Development Authority of Cobb County Student Recreation and Activities Center Revenue Bonds (KSU SRAC Real Estate Foundation, LLC Project), Series 2012" (the "Series 2012 Bonds"), in the original aggregate principal amount not to exceed $50,000,000. The Series 2012 Bonds are to be issued by the Development Authority of Cobb County (the "Issuer") for the purpose of obtaining funds to loan to KSU SRAC Real Estate Foundation, LLC (the "Borrower"), a Georgia limited liability company, to finance (1) the costs of renovating the existing student recreation center presently known as "Kennesaw State University Student Recreation Center" (the "Existing Student Center"), which is and will be owned and operated by the Board of Regents of the University System of Georgia (the "Regents"), and (2) the costs of acquiring, constructing, and installing buildings, improvements, machinery, fixtures, furnishings, equipment, and other real and personal property located within the territorial limits of Cobb County, Georgia, constituting an expansion of the Existing Student Center (the "Facilities"), to be rented by the Borrower, as landlord, to the Regents, as tenant, and to finance related costs, in order to develop and promote trade, commerce, industry, and employment opportunities for the public good and the general welfare; to promote the general welfare of the State of Georgia; and to increase or maintain employment in the territorial area of the Issuer, all in accordance with the provisions of a proposed Loan Agreement, to be dated as of December 1, 2012, between the Issuer and the Borrower. In such proceeding the Court will also pass on the validity of the security for the payment of the Series 2012 Bonds, which consists of the Loan Agreement, the Trust Indenture and Security Agreement between the Issuer and Wilmington Trust, National Association, as trustee, the Series 2012 Promissory Note of the Borrower, the Deed to Secure Debt and Assignment of Rents and Leases from the Borrower to the Issuer, and the Security Agreement between the Borrower and the Issuer, all proposed to be executed in connection therewith. All questions of law and fact pertaining to the right to issue the Series 2012 Bonds and to provide the security therefor will be heard and determined. Any citizen of the State of Georgia residing in Cobb County, Georgia, or any person wherever residing who has a right to object, may intervene and become a party to this proceeding. WAIVER OF PUBLIC ACCOUNTABILITY: NO PERFORMANCE AUDIT OR PERFORMANCE REVIEW UNDER SECTION 36-82-100 OF THE OFFICIAL CODE OF GEORGIA ANNOTATED SHALL BE CONDUCTED WITH RESPECT TO THE SERIES 2012 BONDS. This the 26th day of November 2012. Jay C. Stephenson CLERK, Superior Court of Cobb County 11:30,12:7