City of Atlanta
Georgia

Ordinance
19-O-1539
Adopted on Substitute
Oct 7, 2019 1:00 PM

A SUBSTITUTE ORDINANCE BY FINANCE/EXECUTIVE COMMITTEE AUTHORIZING THE CHIEF FINANCIAL OFFICER TO AMEND THE FISCAL YEAR 2020 BUDGET BY ADDING TO ANTICIPATIONS AND APPROPRIATIONS BOND PROCEEDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED ONE HUNDRED THREE MILLION, ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS AND NO CENTS ($103,135,000.00) IN CONNECTION WITH THE CITY OF ATLANTA WATER AND WASTEWATER REVENUE REFUNDING BONDS, SERIES 2019; AND FOR OTHER PURPOSES.

Information

Department:FinanceSponsors:
Category:FinanceFunctions:None Required

Body

WHEREAS, the City Council of the City of Atlanta adopted Ordinance 19-O-1351 on July 1, 2019, which authorized the issuance of the City of Atlanta Water and Wastewater Revenue Refunding Bonds, Series 2019 (the “Series 2019 Bonds”); and

WHEREAS, the proceeds of the Series 2019 Bonds in the aggregate principal amount of not to exceed One Hundred Three Million, One Hundred Thirty-Five Thousand Dollars and No Cents ($103,135,000.00) must be an              ticipated and appropriated to the proper fund, account, and cost centers of the City of Atlanta (the “City”).

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

 

SECTION 1: That the City’s Fiscal Year 2020 Budget is hereby amended as follows:

To Record Sources of Funds (Par Bond Proceeds and Premium on Bonds Sold)

ADD TO ANTICIPATIONS

5081.000002.3937001.0000000.000000.00000.0000.00000000.00000000                                          $103,135,000.00

Series 2019 Bonds - Par Bond Proceeds

5081.000002.3934001.0000000.000000.00000.0000.00000000.00000000                                              19,617,608.20

Series 2019 Bonds - Net Premium on Bonds Sold

Total                                                                                                                                                          $122,752,608.20

To Record Sources of Funds (Transfer of Other Sources)

TRANSFER FROM APPROPRIATIONS

5061.200888.6110197.8000000.000000.00000.0000.00000000.00000000                                          $    6,412,353.22

Transfer - Series 2009A Debt Service Reserve

5061.200892.6110197.8000000.000000.00000.0000.00000000.00000000                                                            12.11

Transfer - Series 2009B Debt Service Reserve                                                                                   

5061.200939.6110197.8000000.000000.00000.0000.00000000.00000000                                                2,224,986.28

Transfer - Debt Service Fund Contribution

 

5066.200888.6110197.8000000.000000.00000.0000.00000000.00000000                                                1,000,000.00

Transfer - Series 2009A Project Fund

Total                                                                                                                                                          $    9,637,351.61

 

 

TRANSFER TO ANTICIPATIONS

5081.000002.3912021.0000000.000000.00000.0000.00000000.00000000                                          $    6,412,353.22

Transfer - Series 2009A Debt Service Reserve

5081.000002.3912021.0000000.000000.00000.0000.00000000.00000000                                                            12.11

Transfer - Series 2009B Debt Service Reserve                                                                                   

5081.000002.3912021.0000000.000000.00000.0000.00000000.00000000                                                2,224,986.28

Transfer - Debt Service Fund Contribution

5081.000002.3912064.0000000.000000.00000.0000.00000000.00000000                                                1,000,000.00

Transfer - Series 2009A Project Fund

Total                                                                                                                                                          $    9,637,351.61

 

Grand Total                                                                                                                                            $132,389,959.81

 

To Record Uses of Funds

ADD TO APPROPRIATIONS

5081.200939.5850001.8000000.000000.00000.0000.00000000.00000000                                          $131,088,717.75

Series 2019 Bonds - Escrow Account

5081.200939.5840004.8000000.000000.00000.0000.00000000.00000000                                                  871,158.50

Series 2019 Bonds - Cost of Issuance

5081.200939.5840008.8000000.000000.00000.0000.00000000.00000000                                                  430,083.56

Series 2019 Bonds - Underwriters Discount

Grand Total                                                                                                                                            $132,389,959.81

To Increase Debt Service Fund Budget (Debt Service Fund Contribution)

TRANSFER FROM APPROPRIATIONS

5051.200801.5999901.1512000.000000.00000.0000.00000000.00000000                                                      $    2,224,986.28

Debt Service Fund Contribution

Total                                                                                                                                                                      $    2,224,986.28

 

 

TRANSFER TO APPROPRIATIONS

5051.200825.6110999.8000000.000000.00000.0000.00000000.00000000                                                      $    2,224,986.28

Debt Service Fund Contribution

Total                                                                                                                                                          $    2,224,986.28

 

To Record Transfer of Debt Service Contribution to Sinking Fund:

ADD TO APPROPRIATIONS

5051.200825.6110999.8000000.000000.00000.0000.00000000.00000000                                                      $    2,224,986.28

Debt Service Fund Contribution - Transfer

Total                                                                                                                                                                      $    2,224,986.28

ADD TO ANTICIPATIONS

5061.000002.3912042.0000000.000000.00000.0000.00000000.00000000                                                      $    2,224,986.28

Debt Service Fund Contribution - Transfer

Total                                                                                                                                                                      $    2,224,986.28

 

To Increase Debt Service Reserve Budgets

ADD TO ANTICIPATIONS

5061.000002.3890032.0000000.000000.00000.0000.00000000.00000000                                          $                12.11

Debt Service Reserve Budget - Series 2009A Bonds

Total                                                                                                                                                          $                12.11

ADD TO APPROPRIATIONS

5061.200888.5840021.8000000.000000.00000.0000.00000000.00000000                                          $                12.11

Debt Service Reserve Budget - Series 2009A Bonds

Total                                                                                                                                                          $                12.11

 

SECTION 2: That the Fiscal Year 2020 Budget be adjusted for debt service due on the Series 2019 Bonds

TRANSFER FROM APPROPRIATIONS

5061.200892.5821002.8000000.000000.00000.0000.00000000.00000000                                          $    2,902,823.61

Series 2009B Bonds - Debt Service (Interest)

Total                                                                                                                                                          $    2,902,823.61

TRANSFER TO APPROPRIATIONS

5061.200939.5821002.8000000.000000.00000.0000.00000000.00000000                                          $    2,902,823.61

Series 2019 Bonds - Debt Service (Interest)

Total                                                                                                                                                          $    2,902,823.61

 

SECTION 3: That to the extent any residual Cost of Issuance (“COI”) amounts remain after all COI invoices are paid, funds shall be transferred to the debt service interest account to pay interest on the Series 2019 Bonds.

SECTION 4: That the Chief Financial Officer be and is hereby authorized to create accounts and make payments from said fund account centers as necessary.

SECTION 4: That all ordinances and parts of ordinances in conflict herewith are hereby waived to the extent of the conflict only.

 

 

Meeting History

Sep 11, 2019 1:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft

TO BE REFERRED TO FINANCE/EXECUTIVE COMMITTEE

Sep 16, 2019 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]
MOVER:Carla Smith, Councilmember, District 1
SECONDER:Andre Dickens, Councilmember, Post 3 At Large
AYES:Matt Westmoreland, Andre Dickens, Carla Smith, Amir R Farokhi, Antonio Brown, Cleta Winslow, Natalyn Mosby Archibong, Jennifer N. Ide, J. P. Matzigkeit, Dustin Hillis, Andrea L. Boone, Marci Collier Overstreet, Joyce M Sheperd
AWAY:Michael Julian Bond, Howard Shook
Sep 25, 2019 1:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft

John Gaffney, Deputy CFO, Finance

RESULT:FAVORABLE ON SUBSTITUTE [UNANIMOUS]
MOVER:Howard Shook, Chair
SECONDER:Matt Westmoreland, Post 2 At Large
AYES:Howard Shook, Andrea L. Boone, J. P. Matzigkeit, Matt Westmoreland
ABSENT:Natalyn Mosby Archibong, Andre Dickens, Jennifer N. Ide
Oct 7, 2019 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

ADOPTED SUBSTITUTE BY A ROLL CALL VOTE OF 12 YEAS; 0 NAYS

RESULT:ADOPTED ON SUBSTITUTE [12 TO 0]
MOVER:Dustin Hillis, Councilmember, District 9
SECONDER:Marci Collier Overstreet, Councilmember, District 11
AYES:Michael Julian Bond, Andre Dickens, Carla Smith, Amir R Farokhi, Cleta Winslow, Natalyn Mosby Archibong, Jennifer N. Ide, Howard Shook, J. P. Matzigkeit, Dustin Hillis, Marci Collier Overstreet, Joyce M Sheperd
AWAY:Matt Westmoreland, Antonio Brown, Andrea L. Boone