Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Presentation and approval of a Resolution authorizing the financing of the Fulton County Jail Improvement project, including execution, delivery and performance of an Intergovernmental Agreement with the South Fulton Municipal Regional Jail Authority relating to the Issuer’s Jail Facilities Improvement Revenue Bonds (Fulton County Jail Improvement Project), which may be issued in one or more series or subseries, at one time or from time to time in the maximum aggregate principal amount not to exceed $1,363,000,000.00 to finance all or a portion of the planning, design, acquisition, construction, equipping and completion of various renovations, additions and improvements to the Fulton County jail in one or more phases, and to pay costs of issuance of the bonds; ratifying, approving and authorizing, as the case may be, the preparation, use, execution, delivery and performance of a preliminary and final official statement(s), a continuing disclosure agreement and such other documents and certifications related to the bonds: and for other purposes.
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
Treasury Regulation. § 1.150-2
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: This Resolution announces the County’s intent to begin a Jail facility construction program, which is being financed through an Intergovernmental Agreement with the South Fulton Municipal Regional Jail Authority. The Presentation will outline current construction considerations and options, outline the estimated financing requirements and intergovernmental structure pursuant to which the County would make contractual payments backed by its full faith and credit to the Authority which will be sufficient for the Authority to meet annual debt service requirements, as well as requested actions and next steps. If approved, the South Fulton Municipal Regional Jail Authority would approve an Inducement Resolution, as well as requisite Bond Resolutions and the Intergovernmental Agreement before Bonds are submitted for validation.
Community Impact: Provides County authorization to proceed with plans for the Fulton County Jail Improvement Program
Department Recommendation: Finance recommends approval
Project Implications: This authorization provides authority to begin bond validation and the procurement cycle for initial project tasks for the program.
Community Issues/Concerns:
Department Issues/Concerns:
Fiscal Impact / Funding Source
Funding Line 1:
Jail Construction fund, (Fund 542-999-S100-8100) Bond Proceeds