THE STATE OF GEORGIA

EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

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 on August 5, 2014,
approved the application of The Savannah College of Art and
Design, Inc., a Georgia nonprofit corporation (“SCAD”), and
adopted a Bond Resolution 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
$205,000,000 (the “Bonds”), to finance and refinance the
acquisition, construction, renovation and equipping of certain
facilities for use by SCAD (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 SCAD,
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 August 29,
2014, for which due and reasonable public notice was given in
accordance with the provisions of law and the procedures
established therefor; and