THE STATE OF GEORGIA

EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

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 that the Private Colleges and
Universities Authority on June 10, 2013, approved the application (the
“Application”) of Emory University, a Georgia nonprofit corporation
organized and existing under the laws of the State of Georgia (the
"University") with respect to a plan of financing through the use of
revenue bonds to be issued by the Private Colleges and Universities
Authority in an amount not to exceed $450,000,000 (the “Bonds”), to
finance or refinance certain University facilities and to refund certain
outstanding indebtedness of the University (collectively, the "Project");
and

The aforementioned Bonds will be issued by the Private Colleges and
Universities Authority, an instrumentality of the State of Georgia, and the
Project 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(D 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 June 25, 2013, for which due
and reasonable public notice was given in accordance with the provisions
of law and the procedures established therefor; and