City of Atlanta
Georgia

Ordinance
16-O-1247

AN ORDINANCE BY FINANCE/EXECUTIVE COMMITTEE TO ANTICIPATE AND APPROPRIATE LOAN PROCEEDS IN THE PAR AMOUNT OF TEN MILLION SEVEN HUNDRED SEVENTY-FIVE THOUSAND AND ZERO CENTS ($10,775,000); AND RECOGNIZE OTHER FUNDING SOURCE IN THE AMOUNT OF ONE MILLION SEVEN HUNDRED EIGHTY-THREE THOUSAND SIX HUNDRED FIFTY SIX AND TWENTY-FIVE CENTS ($1,783,656.25), FOR THE PRINCETON LAKES TAX ALLOCATION DISTRICT (TAD) REFUNDING BOND SERIES 2016; AND FOR OTHER PURPOSES.

Information

Department:FinanceSponsors:
Category:FinanceFunctions:Legislative Liaison - Charlene Parker

Attachments

  1. Printout
  2. PRINCETON LAKES-4-28-16
  3. 16o1247

Body

WHEREAS, the City Council of Atlanta, Georgia adopted an ordinance 16-O-1106 on March 2016, which authorized the borrowing of an aggregate principal amount not to exceed $10,785,000, such borrowing to be in the form of two loans, the proceeds of which will be used to provide for the payment, in full, of certain outstanding tax allocation bonds previously issued to pay Redevelopment costs associated with the projects within the Princeton Lakes Tax Allocation  District; and finance all or a portion of the cost of the design, construction and equipping of a fire station to be located within the Princeton Lakes Tax Allocation District; to authorize paying expenses incident to accomplishing the foregoing; to authorize the execution of a loan agreement; and for certain other purposes, all in connection with the loans and as otherwise authorized under the Redevelopment Powers Law; and

 

WHEREAS, the Princeton Lakes TAD District anticipated the use of $1,783,656.25 of available funds towards the execution of the loan agreements, and

 

WHEREAS, the loan transaction has been executed, and the loan proceeds need to be anticipated and appropriated in the proper fund account and cost center; 

 

NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ATLANTA, GEORGIA, as follows,

 

 

SECTION 1: That the 2016 (2016 Bond Project Fund) budget is amended as follows:

             

 

ADD TO ANTICIPATIONS

 

FDOA

 

2704.000002.3931002.0000000.0000000.00000.0000.00000000.00000000        

$              5,820,000.00

Series 2016 Princeton Lakes TAD Proceeds/Escrow Restructure

 

 

 

2704.000002.3936009.0000000.0000000.00000.0000.00000000.00000000        

                 4,955,000.00

Series 2016 Princeton Lakes TAD Other Loan Proceeds

 

 

 

 

 

 

 

 

 

Total Princeton Lakes TAD Refunding Series 2016

$           10,775,000.00

 

 

ADD TO APPROPRIATIONS

 

FDOA

 

2704.200922.5850001.8000000.0000.00000000.0000.00000000.00000000

                 5,820,000.00

Series 2016 Princeton Lakes TAD Payment to Escrow Agent

 

 

 

2704.200922.5414001.8000000.0000.00000000.0000.00000000.00000000

                 4,955,000.00

Series 2016 Princeton Lakes TAD Infrastructures

 

 

 

 

 

Total Princeton Lakes TAD Refunding Series 2016

$           10,775,000.00

 

 

TRANSFER FROM APPROPRIATION

 

FDOA

 

2704.200841.5212001.8000000.0000000.00000.0000.00000000.00000000        

$              1,783,656.25

Series 2016 Princeton Lakes TAD Other Loan Proceeds

 

 

 

ADD TO APPROPRIATIONS

 

FDOA

 

2704.200922.5850001.8000000.0000.00000000.0000.00000000.00000000

$              1,783,656.25

Series 2016 Princeton Lakes TAD Payment to Escrow Agent

 

 

 

 

 

 

SECTION 2:  That the Chief Financial Officer be and is hereby authorized to create accounts make payments from said fund account centers as necessary.

 

SECTION 3: That all ordinances and parts of ordinances in conflict herewith are hereby waived to the extent of the conflict.

 

 

SECTION 4:  All ordinances or parts of ordinances in conflict herewith are hereby waived to the extent of the conflict.

 

Meeting History

May 16, 2016 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

REFERRED TO FINANCE/EXECUTIVE COMMITTEE BY A ROLL CALL VOTE OF 13 YEAS; 0 NAYS

RESULT:REFERRED TO COMMITTEE [13 TO 0]
AYES:Michael Julian Bond, Mary Norwood, Andre Dickens, Carla Smith, Ivory Lee Young Jr., Cleta Winslow, Alex Wan, Howard Shook, Yolanda Adrean, Felicia A Moore, Clarence "C. T." Martin, Keisha Lance Bottoms, Joyce M Sheperd
ABSENT:Natalyn Mosby Archibong
AWAY:Kwanza Hall
Jun 6, 2016 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

ADOPTED BY A ROLL CALL VOTE OF 15 YEAS; 0 NAYS

RESULT:ADOPTED [UNANIMOUS]
AYES:Michael Julian Bond, Mary Norwood, Andre Dickens, Carla Smith, Kwanza Hall, Ivory Lee Young Jr., Cleta Winslow, Natalyn Mosby Archibong, Alex Wan, Howard Shook, Yolanda Adrean, Felicia A Moore, Clarence "C. T." Martin, Keisha Lance Bottoms, Joyce M Sheperd