EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

EXECUTIVE ORDER
APPROVING THE ISSUANCE OF
PRIVATE ACTIVITY BONDS

The Governor of the State of Georgia has been informed by officials of the Private
Colleges and Universities Authority (the “Issuer”) that The Corporation of Mercer
University, a Georgia nonprofit corporation (the “University”), has submitted an
application dated March 8, 2012 to the Issuer 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 $50,000,000 (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 (i) certain educational, academic, student housing 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,
student housing facilities, apartments and dormitories, a music center, student
center, academic center, administrative buildings, gateway entrance and fencing,
Newton Hall, Wiggs Hall, pedestrian crossings, campus lighting, security
systems; (ii) certain real property previously occupied by the Georgia Baptist
Convention and located at 2930 Flowers Road South, Atlanta, Georgia 30341;
and (iii) the Mercer Engineering Research Center located at 135 Osigan
Boulevard, Warner Robins, Georgia 31008 (collectively, the “Facilities”); and (B)
refunding certain prior obligations issued by or for the benefit of the University
or issued by or for the benefit of Mercer Housing Corporation, a Georgia
nonprofit corporation, 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;

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