Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution authorizing the execution, delivery and performance of an Intergovernmental Agreement with the Fulton County Urban Redevelopment Agency (the “issuer”); relating to the issuer’s facility Improvement Revenue Bonds, Series 2021 in the maximum Aggregate Principal Amount of not to exceed $55,000,000.00 to finance a portion of the Public Projects included in or contemplated by Fulton County’s Urban Redevelopment Plan (as amended) previously approved by the County, and to pay costs of Issuance of the Series 2021 bonds; Ratifying, Approving and Authorizing, as the case may be, the Preparation, Use, Execution, Delivery and Performance of a Final Official Statement, a continuing Disclosure Agreement and such other documents and Certificates Relating of the Series 2021 bonds; and for other purposes. (APPROVED)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
IN accordance with Chapter 61 of Title 36 of the Official Code of Georgia Annotated and other Provisions of State of Georgia, Law, the Board of commissioners is expressly authorized to and must approve intergovernmental agreements relating to the undertaking of urban redevelopment projects, such as the Series 2021 Projects, for the county’s use and benefit, and to provide for the payment therefor.
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.)
Finance recommends approval of the attached Resolution.
Scope of Work: The County previously passed a Resolution January 22, 2020 (the “Reimbursement Resolution” declaring official intent to issue revenue bonds, notes, or other obligations in the maximum aggregate principal amount of not to exceed $55,000,000 to finance all or a portion of the cost of acquiring, construction and equipping of items and public projects or phases of such public projects and otherwise implementing a portion of Fulton County’s Urban Redevelopment Plan. The County will enter into an Intergovernmental Agreement pursuant to which the Issuer will agree to issue the Series 2021 bonds and provide for financing of the Series 2021 Projects, and the county will pledge its full faith and credit to meet its contractual obligation to make payments to eh Issuer in amounts sufficient to enable the Issuer to pay, when due, the principal of , redemption premiums (if any, and interest of the Series 2021 Bonds, and all other amounts owing under the Issuer’s related bond resolutions and the Agreement.
Community Impact: Will allow continued facility improvements to County facilities in the designated urban redevelopment areas.
Department Recommendation: Finance recommends approval.
Project Implications: Will allow financing of listed facility project improvements.
Community Issues/Concerns: None
Department Issues/Concerns: None