EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

EXECUTIVE ORDER
APPROVING THE ISSUANCE OF
PRIVATE ACTIVITY BONDS

I, as Governor of the State of Georgia, have been informed by officials of the
Private Colleges and Universities Authority that the Private Colleges and
Universities Authority (the “Issuer”) on January 12, 2012, approved the
application of The Corporation of Mercer University, a Georgia nonprofit
corporation (the “University”) with respect to a plan of financing through the use
of revenue bonds to be issued by the Issuer in an amount not to exceed $110
million (the “Bonds”) to provide funds for the purpose of (A) financing or
refinancing, in whole or in part, the costs of the acquisition, construction,
installation, renovation, expansion, equipping and/or improvement of certain
educational, academic and recreational facilities, equipment and infrastructure
located on the University’s campuses located at 1400 Coleman Avenue, Macon,
Georgia; 1021 Georgia Avenue, Macon, Georgia; and 3001 Mercer University
Drive, Atlanta, Georgia, including, but not limited to, (i) a music center, student
center, academic center, welcome center, bookstore, administrative buildings,
library, Willet Science Center, Medical School, University Center, Walter F.
George School of Law, Cecil B. Day Hall, Swilley Library, Davis Building and
Pharmacy Administration and Cafeteria Building (collectively, the “Facilities”);
and (B) refunding certain prior obligations issued by or for the benefit of the
University which were issued to finance or refinance, in whole or in part, the
costs of the acquisition, construction, installation, renovation, expansion,
equipping and/ or improvement of the Facilities; and

The aforementioned Bonds will be issued by the Issuer, an instrumentality of the
State of Georgia, and the Facilities will be owned and operated by the University
which is located entirely within the boundaries of the State of Georgia; and

The Governor is the chief elected executive officer of the State of Georgia; and

This executive order is intended to constitute the approval required by Section
147(f) of the Internal Revenue Code of 1986, as amended; and

A hearing which was open to the public relating to the proposed issuance of the
aforementioned Bonds was held on January 25, 2012, for which due and
reasonable public notice was given in accordance with the provisions of law and
the procedures established therefor; and