During the 2006 General Assembly, Senate Bill 562 was approved by the Legislature and signed into law by the Governor. The Georgia Higher Education Facilities Authority (“GHEFA”) was created for the purposes of financing the acquisition, construction and equipping of facilities for the benefit of public colleges, universities, and technical colleges in the State of Georgia; GHEFA is authorized to issue revenue bonds to finance projects for the Board of Regents of the University System of Georgia (“BORUSG”) and the Technical College System of Georgia (“TCSG”). All GHEFA projects must have a self liquidating revenue source for repayment.
GHEFA is governed by a board of five members (the “Board”) to establish policy and direction for the authority and to perform such other functions as provided by law. GHEFA is assigned to the Georgia State Financing and Investment Commission (“GSFIC”) for administrative purposes. GSFIC serves as staff to the authority.
GHEFA is authorized to have outstanding at any point in time a maximum of $300 million in revenue bonds. GHEFA has issued three series of bonds to date, all for BORUSG projects: $99,855,000 in November 2008 (Series 2008); $100,850,000 in July 2009 (Series 2009A); and $94,210,000 in August 2010 (Series 2010A).
During the 2012 legislative session, the General Assembly approved legislation, Senate Bill 302, to increase the amount of outstanding debt that the Authority can have outstanding at any point in time from $300 million to $500 million.