Atlanta can expect to save about $42 million in the overall interest payments on money borrowed to upgrade the water and sewer system, based on a bond refinancing the Atlanta City Council approved by unanimous vote Wednesday.
Tag: bonds
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Ga. Supreme Court ruling casts pall over Cobb County funding of Braves stadium
In a ruling Monday that validated the sale of bonds for the Braves stadium, the Georgia Supreme Court said the deal “may push the law as far as it can go.” The order also raised the question of political ramifications of the transaction.
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Atlanta’s bonds for Falcons stadium rated investment grade, sale slated to close Tuesday
The $227 million bond package Atlanta was slated to sell Tuesday, to help pay for the new Falcons stadium, was rated as investment grade with a stable outlook by Moody’s Investors Service.
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DeKalb County school district: Credit rating stable, also wins $3 million grant from Wallace Foundation
A New York credit rating agency on Tuesday assigned a top score to the $36 million bond package the DeKalb County school district intends to sell Wednesday.
Also Tuesday, the Wallace Foundation announced DeKalb as a recipient of a $3 million grant to improve the leadership skills of its principal supervisors or regional superintendents, and to increase the number of regional superintendents in order to reduce a span-of-control that now averages 27 direct reports.
Taken together, the measures mark the continuation of the district’s slow but steady improvement from situations involving its accreditation probation and fiscal management in the 16 months since the DeKalb school board first named former state Labor Commissioner Michael Thurmond as interim superintendent.
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Atlanta’s role in stadium bond deal may involve Downtown Development Authority, a wing of Invest Atlanta
The city of Atlanta has at least four entities that could sell bonds to help finance construction of a new Atlanta Falcon’s stadium. The Atlanta Downtown Development Authority stands out as a likely candidate.
The DDA is beholden only to Atlanta City Hall – Mayor Kasim Reed chairs the DDA’s board, and he supports the new stadium; City Hall appoints or confirms the board members. State law sets no limit on the amount of bonds any DDA can issue.
The next Atlanta DDA board meeting is set for Feb. 21, if the board keeps to its routine schedule. Should the DDA be the chosen vehicle, this date would allow Atlanta to keep its proposed end of the project moving apace – which is in keeping with Gov. Nathan Deal’s approach to this year’s legislative session.
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New stadium deal in the works — bonding capacity could shift from state to the City of Atlanta
By Maria Saporta
A revised deal for a new stadium currently is being negotiated whereby the Georgia Legislature would not have to vote on increasing the bonding capacity of Georgia World Congress Center to $300 million.
Currently negotiations are underway at the Governor’s mansion between Gov. Nathan Deal, the Atlanta Falcons and the City of Atlanta where the bonding capacity would shift from the state to the city.
No matter which governmental entity would end up issuing the bonds for the $1 billion project, the deal would not change substantially. The $300 million bond package would continue to be backed by the existing hotel-motel taxes that are collected in the City of Atlanta. The Falcons and the National Football League would cover two-thirds of the stadium’s cost.
