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          <BusinessName>
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          <USAddress>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>COLLINS COOPER CARUSI ARCHITECTS INC</BusinessNameLine1>
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          <USAddress>
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        <BusinessCd>900099</BusinessCd>
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      <ProgramServiceRevenueGrp>
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        <ManagementAndGeneralAmt>3616</ManagementAndGeneralAmt>
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      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>RYAN A NESBIT</PersonNm>
        <TitleTxt>CHAIRMAN</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>219264</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>216</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>27235</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>19914</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>266629</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ERIC P ORBOCK</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>190000</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>19000</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>24934</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>233934</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>TIMOTHY P BURGESS</PersonNm>
        <TitleTxt>FORMER CHAIRMAN</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>141942</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>24779</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>20562</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>5352</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>192635</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047060CP1</CUSIPNum>
        <BondIssuedDt>2008-01-29</BondIssuedDt>
        <IssuePriceAmt>56359497</IssuePriceAmt>
        <PurposeDesc>TO CONSTRUCT A PARKING DECK AND TO EXPAND AN EDUCATIONAL FACILITY</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047060EG9</CUSIPNum>
        <BondIssuedDt>2009-02-12</BondIssuedDt>
        <IssuePriceAmt>15953357</IssuePriceAmt>
        <PurposeDesc>TO ACQUIRE AND RENOVATE AN EDUCATIONAL FACILITY</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>HOUSING AUTHORITY OF THE CITY OF ATHENS GEORGIA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>586002838</BondIssuerEIN>
        <CUSIPNum>047093AV1</CUSIPNum>
        <BondIssuedDt>2009-07-15</BondIssuedDt>
        <IssuePriceAmt>50399696</IssuePriceAmt>
        <PurposeDesc>TO CONSTRUCT A RESIDENCE HALL</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047060EX2</CUSIPNum>
        <BondIssuedDt>2009-11-25</BondIssuedDt>
        <IssuePriceAmt>17538318</IssuePriceAmt>
        <PurposeDesc>TO CONSTRUCT TWO PARKING DECKS</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>3135000</RetiredAmt>
        <TotalProceedsAmt>56697823</TotalProceedsAmt>
        <CapitalizedInterestAmt>1623264</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>793313</IssuanceCostsFromProceedsAmt>
        <WorkingCapitalExpendituresAmt>1872047</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>52409199</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2009</SubstantialCompletionYr>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>4880000</RetiredAmt>
        <TotalProceedsAmt>15953477</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>271964</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>15681513</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2009</SubstantialCompletionYr>
        <CurrentRefundingInd>1</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <RetiredAmt>3490000</RetiredAmt>
        <TotalProceedsAmt>50401373</TotalProceedsAmt>
        <CapitalizedInterestAmt>2356458</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>648523</IssuanceCostsFromProceedsAmt>
        <WorkingCapitalExpendituresAmt>1170028</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>46226364</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2010</SubstantialCompletionYr>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <RetiredAmt>1705000</RetiredAmt>
        <TotalProceedsAmt>17538410</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>264662</IssuanceCostsFromProceedsAmt>
        <WorkingCapitalExpendituresAmt>10001</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>17263747</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2009</SubstantialCompletionYr>
        <CurrentRefundingInd>1</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>1</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>1</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>1</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>1</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>1</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>1</HedgeIdentifiedInBksAndRecInd>
        <HedgeProviderName>
          <BusinessNameLine1>WACHOVIA(HEDGE</BusinessNameLine1>
          <BusinessNameLine2>ISSUED-1277320</BusinessNameLine2>
        </HedgeProviderName>
        <TermOfHedgePct>31.300000000000</TermOfHedgePct>
        <SuperintegratedHedgeInd>0</SuperintegratedHedgeInd>
        <HedgeTerminatedInd>1</HedgeTerminatedInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>1</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>1</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>1</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>DATE REBATE COMPUTATION PERFORMED</FormAndLineReferenceDesc>
        <ExplanationTxt>ISSUER NAME: DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLAR DATE THE REBATE COMPUTATION WAS PERFORMED: 06/15/2014 ISSUER NAME: DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLAR DATE THE REBATE COMPUTATION WAS PERFORMED: 06/15/2014 ISSUER NAME: HOUSING AUTHORITY OF THE CITY OF ATHENS, GEORGIA DATE THE REBATE COMPUTATION WAS PERFORMED: 06/15/2014 ISSUER NAME: DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLAR DATE THE REBATE COMPUTATION WAS PERFORMED: 06/15/2014 ISSUER NAME: HOUSING AUTHORITY OF THE CITY OF ATHENS, GEORGIA DATE THE REBATE COMPUTATION WAS PERFORMED: 12/01/2013 ISSUER NAME: HOUSING AUTHORITY OF THE CITY OF ATHENS, GEORGIA DATE THE REBATE COMPUTATION WAS PERFORMED: 12/01/2013 ISSUER NAME: DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLAR DATE THE REBATE COMPUTATION WAS PERFORMED: 12/15/2013 ISSUER NAME: DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLAR DATE THE REBATE COMPUTATION WAS PERFORMED: 12/15/2013</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART IV, ARBITRAGE, LINE 2C</FormAndLineReferenceDesc>
        <ExplanationTxt>(A) ISSUER NAME: CUSIP#: 047093EL9 - HOUSING AUTHORITY OF THE CITY OF ATHENS, GEORGIA NO COMPUTATION DUE BASED ON THE DATE OF ISSUANCE (A) ISSUER NAME: CUSIP#: 047059FB1 - DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY, GA NO COMPUTATION DUE BASED ON THE DATE OF ISSUANCE</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART II PROCEEDS, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>INVESTMENT INCOME CUSIP #047060CP1 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $338,326. CUSIP #047060EG9 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $120. CUSIP #047093AV1 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $1,677. CUSIP #047060EX2 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $92. CUSIP #047093BZ1 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $1. CUSIP #047093EL9 - TOTAL PROCEEDS DO NOT EQUAL THE BOND ISSUED. DIFFERENCE IS INVESTMENT INCOME OF $134.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="RetDoc1053100002">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>HOUSING AUTHORITY OF THE CITY OF ATHENS GEORGIA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>586002838</BondIssuerEIN>
        <CUSIPNum>047093BZ1</CUSIPNum>
        <BondIssuedDt>2010-03-01</BondIssuedDt>
        <IssuePriceAmt>36102798</IssuePriceAmt>
        <PurposeDesc>TO REFIN HIGHER RATE BONDS (ORIG ISSUE 12/18/02) WITH LOWER RATE BONDS</PurposeDesc>
        <DefeasedInd>1</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>HOUSING AUTHORITY OF THE CITY OF ATHENS GEORGIA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>586002838</BondIssuerEIN>
        <CUSIPNum>047093DF3</CUSIPNum>
        <BondIssuedDt>2011-12-01</BondIssuedDt>
        <IssuePriceAmt>49335589</IssuePriceAmt>
        <PurposeDesc>TO REFIN HIGHER RATE BONDS (ORIG ISSUE 12/18/02) WITH LOWER RATE BONDS</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047059DA5</CUSIPNum>
        <BondIssuedDt>2011-12-15</BondIssuedDt>
        <IssuePriceAmt>33291961</IssuePriceAmt>
        <PurposeDesc>TO REFINANCE ALL REMAINING BONDS (ORIG ISS. 12/26/02) WITH LOWER RATE BONDS</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>HOUSING AUTHORITY OF THE CITY OF ATHENS GEORGIA</BusinessNameLine1>
        </IssuerName>
        <BondIssuerEIN>586002838</BondIssuerEIN>
        <CUSIPNum>047093EL9</CUSIPNum>
        <BondIssuedDt>2012-06-11</BondIssuedDt>
        <IssuePriceAmt>22476167</IssuePriceAmt>
        <PurposeDesc>TO CONSTRUCT A RESIDENCE HALL</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
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        <TotalProceedsAmt>36102799</TotalProceedsAmt>
        <RefundingEscrowAmt>35501248</RefundingEscrowAmt>
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        <WorkingCapitalExpendituresAmt>18963</WorkingCapitalExpendituresAmt>
        <OtherSpentProceedsAmt>125000</OtherSpentProceedsAmt>
        <SubstantialCompletionYr>2004</SubstantialCompletionYr>
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        <AdvanceRefundingInd>1</AdvanceRefundingInd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
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        <IssuanceCostsFromProceedsAmt>507841</IssuanceCostsFromProceedsAmt>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
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        <CapitalizedInterestAmt>898555</CapitalizedInterestAmt>
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        <CapitalExpendituresAmt>20867814</CapitalExpendituresAmt>
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        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
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      <TaxExemptBondsPrivateBusUseGrp>
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        <BondReferenceCd>C</BondReferenceCd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
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        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
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        <BondReferenceCd>D</BondReferenceCd>
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      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
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        <BondReferenceCd>B</BondReferenceCd>
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          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF THE UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY GA</BusinessNameLine1>
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        <BondIssuerEIN>582613761</BondIssuerEIN>
        <CUSIPNum>047059FB1</CUSIPNum>
        <BondIssuedDt>2013-06-27</BondIssuedDt>
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        <PurposeDesc>TO CONSTRUCT A DINING FACILITY</PurposeDesc>
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        <PoolFinancingInd>0</PoolFinancingInd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
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        <IssuanceCostsFromProceedsAmt>391775</IssuanceCostsFromProceedsAmt>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <TotalProceedsAmt>25031053</TotalProceedsAmt>
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        <BondReferenceCd>A</BondReferenceCd>
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        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>1</AnyResearchAgreementsInd>
        <EngageBondCounselResearchInd>1</EngageBondCounselResearchInd>
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        <BondReferenceCd>B</BondReferenceCd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
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        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
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        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IV, LINE 14A</FormAndLineReferenceDesc>
        <ExplanationTxt>UGA REAL ESTATE FOUNDATION, INC. PROVIDES THE HOUSING FOR THE UNIVERSITY OF GEORGIA'S STUDIES ABROAD PROGRAM IN CORTONA, ITALY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY OF GEORGIA RESEARCH FOUNDATION IS THE SOLE MEMBER OF THE UGA REAL ESTATE FOUNDATION, INC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY OF GEORGIA RESEARCH FOUNDATION ELECTS MEMBERS TO THE GOVERNING BODY OF THE UGA REAL ESTATE FOUNDATION, INC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY OF GEORGIA RESEARCH FOUNDATION HAS THE ABILITY TO APPROVE CERTAIN DECISIONS OF THE GOVERNING BOARD, SUCH AS CHANGING BY-LAWS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>ONCE THE DRAFT FORM 990 IS RECEIVED FROM THE TAX PREPARERS, THE INTERNAL ACCOUNTANTS AND THE UGA REAL ESTATE FOUNDATION, INC. PRESIDENT REVIEW IT AND WORK WITH THE TAX PREPARERS UNTIL ALL ARE IN AGREEMENT. ONCE THE FINAL DRAFT IS RECEIVED, IT IS ELECTRONICALLY PROVIDED TO ALL BOARD MEMBERS FOR THEIR REVIEW AND INPUT. THEY ARE GIVEN A TIME IN WHICH RESPONSES ARE NEEDED. ALL RESPONSES ARE ADDRESSED UNTIL THE DEADLINE IS REACHED, THEN THE TAX PREPARERS ARE INFORMED TO ISSUE THE FORM 990 UNLESS CHANGES ARE REQUESTED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS AND OFFICERS OF THE UGA REAL ESTATE FOUNDATION, INC. ARE GIVEN A FORM TO COMPLETE EACH YEAR REQUESTING DISCLOSURE OF ALL RELATED ENTITIES AND TRANSACTIONS. ANY CONFLICTS NOTED ARE DISCUSSED AND APPROPRIATE ACTION TAKEN, IF DEEMED NECESSARY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>AN INDEPENDENT COMPENSATION CONSULTANT RESEARCHES COMPARABLE DATA AND PROVIDES INFORMATION TO THE BOARD CONCERNING COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL. THE BOARD APPROVES AND DOCUMENTS THE COMPENSATION AMOUNTS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 18</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UGA REAL ESTATE FOUNDATION, INC.'S FORM 1023 AND 990 ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UGA REAL ESTATE FOUNDATION, INC.'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>CHANGE IN ACCOUNTING PRINCIPLE -6,681,474.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>DURING THE YEAR ENDED JUNE 30, 2014, THE REAL ESTATE FOUNDATION IMPLEMENTED SGAS NO. 65, "ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES." THIS REQUIRED THE REAL ESTATE FOUNDATION TO RETROACTIVELY ADJUST CERTAIN LIABILITIES AND ASSETS WHICH RESULTED IN RESTATING THE 2013 FINANCIAL STATEMENTS. THE NET ADJUSTMENT MADE DUE TO THESE CHANGES HAS BEEN INCLUDED ON LINE 9 IN THE RECONCILIATION OF NET ASSETS SCHEDULE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE A, LINE 11 H, COLUMN VII</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UGA REAL ESTATE FOUNDATION, INC. SUPPORTS THE UNIVERSITY OF GEORGIA BY FINANCING AND BUILDING PROJECTS. THE UNIVERSITY THEN PAYS THE UGA REAL ESTATE FOUNDATION, INC. RENT FOR THESE PROPERTIES. ANYWHERE FROM 19 TO 30 YEARS FROM THE INCEPTION OF EACH PROJECT'S LEASE, THESE PROPERTIES WILL TRANSFER TO THE BOARD OF REGENTS. SINCE THE UGA REAL ESTATE FOUNDATION, INC. DID NOT "GIVE" THE UNIVERSITY MONEY OR PROPERTY, THE AMOUNT OF SUPPORT REPORTED ON SCHEDULE A IS "0". NO SUPPORT WAS GIVEN TO THE UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC. (THE UGA REAL ESTATE FOUNDATION, INC.'S SOLE MEMBER) EITHER ON THEIR BEHALF OR ON BEHALF OF THE UNIVERSITY OF GEORGIA.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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          <BusinessNameLine1>UGAREF BOLTON COMMONS LLC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>1280 SOUTH LUMPKIN STREET</AddressLine1>
          <City>ATHENS</City>
          <State>GA</State>
          <ZIPCode>30602</ZIPCode>
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        <PrimaryActivitiesTxt>CONSTRUCTION OF RENTAL REAL ESTATE FOR UGA</PrimaryActivitiesTxt>
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          <BusinessNameLine1>UGAREF CARLTON STREET PARKING DECK LLC</BusinessNameLine1>
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          <AddressLine1>1280 SOUTH LUMPKIN STREET</AddressLine1>
          <City>ATHENS</City>
          <State>GA</State>
          <ZIPCode>30602</ZIPCode>
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