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Development Authority to consider bonds for GSU project

    The Development Authority of Bulloch County will hold a meeting at 10 a.m. Monday at the Chamber of Commerce to consider a bond resolution on the application by the Georgia University Housing Foundation Four LLC for its 2008 student housing project.

   According to Chairman Steve Rushing, the development authority would approve the bond issuance and    the actual sale would be handled by Merchant Capital LLC. The proceeds of the sale would then be loaned to the housing foundation, which would use the funds for their upcoming construction projects, including Centennial Place and the acquisition of Campus Courtyard.

   Over the last decade, this has been the preferred method of financing construction costs at various     university facilities throughout the state. The development authority holds a security interest in the properties until the bonds are repaid.

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