City of Atlanta
Georgia

Ordinance
20-O-1185
Returned as HELD
May 3, 2021 1:00 PM

****AN ORDINANCE BY COUNCILMEMBERS CARLA SMITH, CLETA WINSLOW, MATT WESTMORELAND, JOYCE M. SHEPERD, MICHAEL JULIAN BOND, AMIR R. FAROKHI, ANTONIO BROWN, NATALYN M. ARCHIBONG AND ANDRE DICKENS AS SUBSTITUTED AND AMENDED (2) BY COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE AND AS AMENDED BY FINANCE/EXECUTIVE COMMITTEE (2) TO REQUEST THE ISSUANCE BY THE URBAN RESIDENTIAL FINANCE AUTHORITY OF THE CITY OF ATLANTA, GEORGIA (THE “FINANCE AUTHORITY”) OF ITS TAXABLE REVENUE BONDS (HOUSING OPPORTUNITY PROGRAM), SERIES 2020 (THE “SERIES 2020 BONDS”), IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $200,000,000.00, FOR THE PURPOSE OF ASSISTING ATLANTA HOUSING OPPORTUNITY, INC. (THE “HOUSING CORPORATION”), A GEORGIA NONPROFIT CORPORATION AND A PUBLIC BODY CORPORATE AND POLITIC, AND THE CITY OF ATLANTA (THE “CITY”) IN FINANCING THE PROGRAM KNOWN AS THE HOUSING OPPORTUNITY PROGRAM RELATED TO THE FINANCING OF CERTAIN ELIGIBLE SINGLE FAMILY AND MULTIFAMILY RESIDENTIAL HOUSING PROJECTS WITHIN THE CITY; TO AUTHORIZE THE MAYOR TO EXECUTE, DELIVER AND PERFORM A SECOND AMENDED AND RESTATED INTERGOVERNMENTAL HOUSING COOPERATION AGREEMENT WITH THE HOUSING CORPORATION; TO AUTHORIZE ACKNOWLEDGMENT OF SERVICE AND THE FILING OF AN ANSWER ON BEHALF OF THE CITY IN VALIDATION PROCEEDINGS TO BE BROUGHT IN VALIDATING THE SERIES 2020 BONDS; TO AUTHORIZE THE MAYOR TO ACKNOWLEDGE AND AGREE TO A BOND PURCHASE AGREEMENT AND CONTINUING DISCLOSURE AGREEMENT IN CONNECTION WITH THE SALE OF THE SERIES 2020 BONDS; TO AUTHORIZE THE INCLUSION OF INFORMATION RELATED TO THE CITY IN THE FINANCE AUTHORITY’S PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT AND THE USE AND DISTRIBUTION OF THE SAME; TO AUTHORIZE CERTAIN RELATED ACTIONS ALL IN CONNECTION WITH THE HOUSING OPPORTUNITY PROGRAM FINANCED THROUGH THE FINANCE AUTHORITY’S ISSUANCE OF THE SERIES 2020 BONDS; AND FOR OTHER PURPOSES.

Information

Department:Office of the Municipal ClerkSponsors:Councilmember, District 1 Carla Smith, Councilmember, District 4 Cleta Winslow, Councilmember, District 12 Joyce M Sheperd, Councilmember, Post 2 At Large Matt Westmoreland, Councilmember, Post 1 At Large Michael Julian Bond, Councilmember, District 2 Amir R Farokhi, Councilmember, District 3 Antonio Brown, Councilmember, District 5 Natalyn Mosby Archibong, Councilmember, Post 3 At Large Andre Dickens
Category:Personal PaperFunctions:None Required

Item Discussion

(Favorable on Substitute as amended by Community Development/Human Services Committee 3/24/20) (Forwarded with No Recommendation on Substitute as Amended by Finance/Executive Committee 3/25/20) (Referred back to Committee by Full Council 4/20/20) (Amended and held 4/29/20 by Finance/Executive Committee)

Body

WHEREAS, the City of Atlanta (the “City”) has determined that it is in the best interests of the citizens of the City to implement, on a priority basis, strategic neighborhood placed-based redevelopment, with a strong emphasis on the connectivity of affordable housing close to job centers and transit corridors, and minimizing the displacement of existing residents as a result of redevelopment efforts; and

WHEREAS, Atlanta Mayor Bottoms has established the “One Atlanta” vision agenda centered around five citywide goals focused on creating a safe, welcoming and inclusive City; world-class employees, infrastructure and services; ethical, transparent, and fiscally responsible government; thriving neighborhoods, communities, and businesses; and residents equipped for success; and

WHEREAS, the Bottoms Administration, since taking office, has invested more than $252,000,000 in public funds to assist in the construction and preservation of more than 3,500 housing opportunities for Atlantans; and

WHEREAS, a specific plan for housing, the “One Atlanta: Housing Affordability Action Plan,” was released by the Bottoms Administration on June 24, 2019 with four concrete strategies:

·              Create or preserve 20,000 affordable homes by 2026 and increase overall supply;

·              Invest $1 billion from public, private, and philanthropic sources in the production and preservation of affordable housing;

·              Ensure equitable growth for all Atlantans and minimize displacement; and

·              Support innovation and streamline processes; and

WHEREAS, the One Atlanta: Housing Affordability Action Plan calls for the identification of new local funding sources and the provision of new funding allocation under the Housing Opportunity Program, as extended, modified and enlarged (as defined herein); and

WHEREAS, as the City’s Comprehensive Development Plan recognizes that within neighborhoods, a broad range of housing types and price levels may bring people of diverse ages, races, and incomes into daily interaction, strengthening the personal and civic bonds essential to an authentic community, it is in the best interest of the City that its workforce have as many tools at its disposal to be able to afford to live in the City and have a full range of housing options; and

WHEREAS, the housing policies of the City’s Comprehensive Development Plan include promoting opportunities for mixed income housing developments throughout the City and promoting housing affordability in order to minimize the number of households that must pay more than 30 percent of their income in rent or mortgage payments; said policies are aimed to encourage the development and preservation of mixed income residential areas; and

WHEREAS, the City, through the Office of the Mayor, Department of City Planning, the Department of Grants and Community Development, the Housing Authority of the City of Atlanta (the “Housing Authority”), and the Atlanta Development Authority (d/b/a “Invest Atlanta”), is tasked with the responsibility to oversee and implement comprehensive affordable housing initiatives; and

WHEREAS, the Housing Authority has been created under the Constitution and laws of the State of Georgia, particularly the provisions of the Housing Authorities Law of the State of Georgia (O.C.G.A. § 8-3-1, et seq.), as amended (the “Housing Authorities Law”), and an activating resolution of the governing body of the City adopted on May 18, 1938, and is now existing and operating as a public body corporate and politic; and

WHEREAS, the Housing Authorities Law authorizes the Housing Authority to incorporate one or more nonprofit corporations pursuant to the “Georgia Nonprofit Corporation Code” as subsidiary corporations of the Housing Authority for the purpose of carrying out any of the powers of the Housing Authority and accomplishing any of the purposes of the Housing Authority, which subsidiary corporations shall be public bodies corporate and politic exercising public and essential governmental functions; and

WHEREAS, pursuant to such authorization, the Housing Authority, by resolution duly adopted on January 17, 2007, approved the incorporation of Atlanta Housing Opportunity, Inc. (the “Housing Corporation”) pursuant to the “Georgia Nonprofit Corporation Code,” solely for the purpose of participating in the hereinafter defined Housing Opportunity Program; and

WHEREAS, the Housing Authorities Law authorizes the Housing Corporation to issue its notes or other obligations from time to time, in its discretion, to provide funds to make direct loans for “eligible housing units,” which are defined in the Housing Authorities Law to mean real and personal property constituting single or multifamily dwelling units suitable for occupancy by “low and moderate income families” (as defined in the Housing Authorities Law) and such “community facilities” (as defined in the Housing Authorities Law) as may be incidental or appurtenant thereto (“Eligible Housing Units”); provided, however, that all multifamily dwelling units located within an apartment complex shall qualify as Eligible Housing Units if at least 20 percent of the multifamily dwelling units within the complex are occupied by or held available for occupancy by “low and moderate income families”; and

WHEREAS, the Housing Authorities Law authorizes the Housing Corporation to purchase “mortgage loans,” which are defined to mean notes and other evidences of indebtedness secured by security deeds on Eligible Housing Units, or other forms of collateral and participations therein from “mortgage lenders,” which are defined to include entities authorized to extend loans for single or multifamily housing under the laws of the State of Georgia, and other holders of such collateral and to make commitments therefor, and to issue its notes or other obligations from time to time, in its discretion, to provide funds to purchase “mortgage loans” or other forms of collateral or participation interests therein from “mortgage lenders”; and

WHEREAS, the Housing Authorities Law authorizes the Housing Corporation to pledge the revenues from which its notes or other obligations are payable as security for the payment of the principal of and interest on such obligations and any agreements made in connection therewith; and

WHEREAS, pursuant to Article IX, Section II, Paragraph III(a)(3) and (8) of the Constitution of the State of Georgia, the City has the power to provide public health facilities and services and public housing; and

WHEREAS, pursuant to the Charter of the City (the “Charter”) (Ga. Laws 1996, p. 4469), the City has the power to provide services in the area of public housing and to make appropriations and to authorize the expenditure of funds for such purposes, and to provide a definition of public housing; and

WHEREAS, the Charter and Sections 2-243 and 6-306 of the Code of Ordinances of the City also empowers the City to assist in financing City-initiated housing and development programs and provide relocation assistance to displaced persons and community services and property management in conjunction with programs and projects related to such services, and has the authority to appropriate and donate money, derived from taxation, contribution or otherwise for and to any corporation, company association or institution for purely charitable purposes; and

WHEREAS, O.C.G.A. § 8-3-150, et seq., known as the Housing Cooperation Law (the “Housing Cooperation Law”), authorizes the City, for the purpose of aiding and cooperating in the planning, undertaking, construction, or operation of any work or undertaking of the Housing Corporation pursuant to the Housing Authorities Law, located within the area in which it is authorized to act, to, upon such terms, with or without consideration, as it may determine, (i) do any and all things necessary or convenient to aid and cooperate in the planning, undertaking, construction, or operation of any work or undertaking of the Housing Corporation pursuant to the Housing Authorities Law, (ii) enter into agreements (which may extend over any period, notwithstanding any provision or rule of law to the contrary) with the Housing Corporation respecting action to be taken by the City pursuant to any of the powers granted by the Housing Cooperation Law, and (iii) donate money to the Housing Corporation or to agree to take such action; and

WHEREAS, Article IX, Section III, Paragraph I(a) of the Constitution of the State of Georgia of 1983 authorizes any municipality of the State of Georgia to contract for any period not exceeding fifty years with any public corporation or public authority for joint services, for the provision of services or for the joint or separate use of facilities or equipment, provided that such contract deals with activities, services, or facilities which the contracting parties are authorized by law to undertake or provide; and

WHEREAS, the Urban Residential Finance Authority of the City of Atlanta, Georgia (the “Finance Authority”) has been created pursuant to the Urban Residential Finance Authorities Act for Large Municipalities (O.C.G.A. § 36-41-1 et seq.), as amended (the “Finance Authorities Act”), and an activating resolution of the City Council of the City adopted on May 7, 1979 and approved by the Mayor of the City on May 19, 1979, and is now existing and operating as a public body corporate and politic; and

WHEREAS, the Finance Authorities Act authorizes the Finance Authority to make and contract to make loans to lending institutions, which are defined to include any governmental agency that has a place of business in the State of Georgia and that is authorized to do business in the State of Georgia, on such terms and conditions as it shall determine, in accordance with the criteria set forth in the Finance Authorities Act, and all lending institutions are authorized by the Finance Authorities Act to borrow from the Finance Authority in accordance with administrative guidelines of the Finance Authority established pursuant to the criteria set forth in the Finance Authorities Act; and

WHEREAS, the Finance Authorities Act authorizes the Finance Authority to participate in the making of loans secured by mortgages or security interests or other security devices, to undertake commitments to make loans secured by mortgages or security interests or other security devices, and to acquire and to contract to acquire mortgages or security interests or participations therein; and

WHEREAS, the Finance Authorities Act defines “residential housing” to mean any real property and improvement thereon, whether multifamily residential housing or single-family residential housing, within the geographic boundaries of the City, which is owned, in whole or in part, by an “eligible household” (as defined in the Finance Authorities Act) or which is providing or shall provide, in whole or in part, dwelling accommodations for “eligible households,” provided, however, that with respect to multifamily residential housing, such multifamily residential housing shall be deemed to be occupied by “eligible households” if at least 20 percent of the dwelling units of such multifamily residential housing are occupied by “eligible households” (“Residential Housing”); and

WHEREAS, the Finance Authorities Act authorizes the Finance Authority to issue any bonds on behalf of any public housing authority within the State of Georgia; and

WHEREAS, the Finance Authorities Act authorizes the Finance Authority to issue its revenue bonds in such principal amounts as, in the opinion of the Finance Authority, shall be necessary to provide sufficient funds for achieving the corporate purposes of the Finance Authority, including the making of loans for the acquisition, financing, construction, and rehabilitation of Residential Housing as provided in the Finance Authorities Act; and

WHEREAS, the Housing Corporation, at the request and direction of the City, with assistance from the Finance Authority, previously established its Housing Opportunity Program, as may be extended, modified and enlarged (the “Housing Opportunity Program”) pursuant to which the Housing Corporation, among other things (i) established a revolving loan program to make loans to finance, in part, single family and multifamily housing in the City that constitute Eligible Housing Units and Residential Housing, (ii) purchased land to be held for future sale for use as part of Eligible Housing Units and Residential Housing, and (iii) made a grant to the Housing Authority to pay or reimburse the costs of certain public improvements for the benefit of the City associated with Eligible Housing Units and Residential Housing, all pursuant to the requirements set forth in the hereinafter defined Amended and Restated Intergovernmental Agreement; and

WHEREAS, pursuant to the terms of a Master Bond Resolution of the Finance Authority, dated as of April 1, 2007, as supplemented and amended from time to time (the “Bond Resolution”), the Finance Authority, on behalf of the Housing Corporation, is authorized to issue its Taxable Revenue Bonds (Housing Opportunity Program), in one or more series from time to time, in order to provide funds to make one or more loans to the Housing Corporation to finance the Housing Opportunity Program; and

WHEREAS, pursuant to the Bond Resolution, as supplemented by that certain Series 2007A Resolution of the Finance Authority, dated as of April 1, 2007, the Finance Authority issued its $35,000,000 Taxable Revenue Bonds (Housing Opportunity Program), Series 2007A (the “Series 2007A Bonds”), in order to make a loan (the “Initial Loan”) to the Housing Corporation to provide initial funding for an enlarged and extended Housing Opportunity Program; and

WHEREAS, pursuant to the Bond Resolution, as supplemented by that certain Series 2017A Resolution of the Finance Authority, dated as of April 1, 2017 (the “Series 2017A Resolution”), the Finance Authority issued its $63,685,000 Taxable Revenue Bonds (Housing Opportunity Program), Series 2017A (the “Series 2017A Bonds” and, together with the Series 2007A Bonds, the “Prior Bonds”), for the purpose of (i) refunding the Series 2007A Bonds and (ii) providing additional funding under an enlargement to the Initial Loan to implement the Housing Opportunity Program; and

WHEREAS, to accomplish the financing as contemplated in the Bond Resolution, the Finance Authority and the Housing Corporation entered into a Loan and Security Agreement dated as of April 1, 2007, as amended and restated by an Amended and Restated Loan and Security Agreement dated as of April 1, 2017 (as so amended, the “Amended and Restated Loan Agreement”), pursuant to the terms of which the Finance Authority funded the Loan (as defined herein) to the Housing Corporation from the proceeds of the sale of the Prior Bonds and pursuant to which the Housing Corporation agreed to repay the enlarged loan from the revenues it receives pursuant to the Amended and Restated Intergovernmental Agreement (as defined herein) at such times and in such amounts as will be required to enable the Finance Authority to pay the principal of, premium, if any, and interest on the Prior Bonds, as and when the same become due; and

WHEREAS, the Housing Corporation and the City entered into an Intergovernmental Housing Cooperation Agreement dated as of April 1, 2007, as amended and restated by an Amended and Restated Intergovernmental Housing Cooperation Agreement dated as of April 1, 2017 (as so amended, the “Amended and Restated Intergovernmental Agreement”), pursuant to the terms of which (i) the Housing Corporation agreed to establish and maintain the Housing Opportunity Program and (ii) the City agreed (a) to make payments to the Housing Corporation in amounts sufficient to enable the Housing Corporation to repay when due the Loan and to pay when due all costs, fees, and expenses of the Housing Corporation, the Finance Authority, or any program administrator associated with the administration of the Housing Opportunity Program, and (b) to levy an annual ad valorem tax on all taxable property located within the corporate limits of the City, without limitation as to rate or amount, as may be necessary to produce in each year revenues that are sufficient to fulfill the City’s obligations under the Amended and Restated Intergovernmental Agreement; and

WHEREAS, the City’s obligation to make the payments under the Amended and Restated Intergovernmental Agreement shall constitute a general obligation of the City pursuant to which its full faith and taxing power are pledged; and

WHEREAS, to facilitate the administration of the Housing Opportunity Program, and with the consent of the City, the Housing Corporation and the Finance Authority entered into a Program Administration Agreement dated as of April 1, 2007, as amended and restated by an Amended and Restated Program Administration Agreement dated as of April 1, 2017 (the “Amended and Restated Program Administration Agreement”), pursuant to which the Finance Authority agreed to serve as program administrator (in such capacity, the “Program Administrator”) and implement and administer the Housing Opportunity Program for and on behalf of the Housing Corporation and the City in accordance with the terms, conditions and guidelines set forth in the Amended and Restated Intergovernmental Agreement; and

WHEREAS, to secure its obligations under the Amended and Restated Loan Agreement, the Housing Corporation pledged and granted to the Finance Authority a first priority security interest in the payments to be received by the Housing Corporation from the City pursuant to the Amended and Restated Intergovernmental Agreement and the contract rights of the Housing Corporation contained in the Amended and Restated Intergovernmental Agreement (except for certain Reserved Rights); and

WHEREAS, pursuant to the Bond Resolution, the Loan (as defined herein) repayments to be received by the Finance Authority from the Housing Corporation pursuant to the Amended and Restated Loan Agreement and the contract rights of the Finance Authority contained in the Amended and Restated Loan Agreement are pledged to, and a first priority lien is created thereon as security for, the payment of principal of, premium, if any, and interest on any bonds issued pursuant to the Bond Resolution; and

WHEREAS, after extensive study and investigation, the City has requested that the Finance Authority authorize the issuance of its revenue bonds to be designated “Urban Residential Finance Authority of the City of Atlanta, Georgia Taxable Revenue Bonds (Housing Opportunity Program), Series 2020” (the “Series 2020 Bonds”), in the aggregate principal amount of not to exceed $200,000,000, for the purpose of providing additional funding under an enlarged loan (the “Loan”) to implement the Housing Opportunity Program as extended, modified and enlarged by the hereinafter defined Second Amended and Restated Intergovernmental Agreement and, as described on Exhibit A attached hereto (the “2020 Housing Opportunity Program Components”), including, but not limited to, costs and expenses associated with the issuance of the Series 2020 Bonds and the implementation of the 2020 Housing Opportunity Program Components of the Housing Opportunity Program; and

WHEREAS, pursuant to the Amended and Restated Intergovernmental Agreement, the application of the proceeds for each series of Bonds is subject to the approval of the City, acting through its legislative process; and

WHEREAS, the Series 2020 Bonds will be issued pursuant to a bond resolution to be adopted by the Finance Authority (the “Series 2020 Resolution”); and

WHEREAS, to further implement the Housing Opportunity Program, the Housing Corporation and the City propose to enter into a Second Amended and Restated Intergovernmental Housing Cooperation Agreement (the “Second Amended and Restated Intergovernmental Agreement”), in substantially the form attached hereto as Exhibit B; and

WHEREAS, in conjunction with the issuance of the Series 2020 Bonds, the Housing Corporation and the Finance Authority propose to enter into a Second Amended and Restated Loan and Security Agreement (the “Second Amended and Restated Loan Agreement”) and a Second Amended and Restated Program Administration Agreement (the “Second Amended and Restated Program Administration Agreement”); and

WHEREAS, the proceeds of the Series 2020 Bonds shall be used to fund a “program fund” and may be applied to make loans to finance multifamily, single family, owner occupied rehabilitation, non-profit affordable housing development organization, land and property assemblage and permanent supportive housing projects, all as specified in the Second Amended and Restated Intergovernmental Agreement, subject to and in consideration for, as applicable, the execution, delivery and performance by the parties of  promissory notes and deeds to secure debt and the recordation and filing, as applicable, of land use restriction agreements; and

WHEREAS, in order to accomplish the sale of the Series 2020 Bonds, the City proposes to acknowledge and agree to a Bond Purchase Agreement (the “Bond Purchase Agreement”) among the Finance Authority, the Housing Corporation and the initial purchaser(s) of the Series 2020 Bonds (collectively or singularly, the “Underwriter”); and

WHEREAS, to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12 (the “Rule”), it is necessary and desirable to authorize the execution and delivery by the City of a continuing disclosure agreement (the “Continuing Disclosure Agreement”) with respect to the Series 2020 Bonds, pursuant to which the City will agree to, among other things, provide notices of certain events and to submit annually certain financial information and operating data to specified information repositories; and

WHEREAS, the Finance Authority is expected to authorize the preparation, distribution and use of its preliminary official statement (the “Preliminary Official Statement”) and final official statement (the “Official Statement”) setting forth, among other things, the terms of the Series 2020 Bonds and the security therefor, including financial and other information about the City; and

WHEREAS, after careful study and investigation, the City desires to consent to the issuance of the Series 2020 Bonds, approve the application of the proceeds of the Series 2020 Bonds, authorize the preparation, distribution and use of the Preliminary Official Statement and the Official Statement, and approve the execution and delivery of the Second Amended and Restated Intergovernmental Agreement, the Bond Purchase Agreement and the Continuing Disclosure Agreement;

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

Section 1.              Authority for Ordinance; Recitals.  This ordinance is adopted pursuant to the provisions of the Constitution and the laws of the State of Georgia.  The foregoing recitals are, by this reference, incorporated into the body of this ordinance as if set forth herein in their entirety.   

Section 2.              Findings.  It is hereby ascertained, determined and declared that the extension, modification and enlargement of the City’s obligations as contained in the Second Amended and Restated Intergovernmental Agreement to provide additional funds under the Loan to implement the Housing Opportunity Program is in the best interest of the residents of the City.

Section 3.              Second Amended and Restated Intergovernmental Agreement.  The Mayor is hereby authorized to execute, deliver and cause the City to perform the obligations on its part contained in the Second Amended and Restated Intergovernmental Agreement by and between the Finance Authority and the City.  The Second Amended and Restated Intergovernmental Agreement shall be in substantially the form attached hereto as Exhibit B, subject to such changes, insertions or omissions as may be approved by the Mayor and Chief Financial Officer, and the execution of the Second Amended and Restated Intergovernmental Agreement by the Mayor as hereby authorized shall constitute conclusive evidence of any such approval.

Section 4.              Amended Approval of Housing Opportunity Program. The City hereby approves the proposed application of the proceeds of the Series 2020 Bonds for the implementation of the 2020 Housing Opportunity Program Components of the Housing Opportunity Program set forth in Exhibit A attached hereto, as further described in Article V of the Second Amended and Restated Intergovernmental Agreement.

Section 5.              Official Statement.  The Mayor, Chief Financial Officer and other staff of the City are hereby authorized and directed to assist the Finance Authority in the preparation of the Preliminary Official Statement and the Official Statement, and the City hereby approves the inclusion of information related to the City therein and to the use and distribution of the same.  The Chief Financial Officer of the City and/or his designee are authorized to “deem final” (within the meaning of the Rule) the information related to the City in the Preliminary Official Statement.  The Mayor or Chief Financial Officer are authorized to execute the Official Statement on behalf of the City and to certify as to information about the City contained in the Preliminary Official Statement and the Official Statement, and as to whether such information contains any untrue statement of a material act or omits to state any material fact necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading.

Section 6.              Bond Purchase Agreement.  The Mayor is hereby authorized to execute, deliver and cause the City to perform the obligations (if any) on its part contained in the Bond Purchase Agreement.  The provisions of the executed version of the Bond Purchase Agreement shall provide for a sale of Series 2020 Bonds within the maximum not to exceed principal amount referenced in the recitals, maturing not later than forty (40) years after the initial date of issuance thereof and at interest rates not to exceed five percent (5%) per annum.  The Bond Purchase Agreement shall be in a form acceptable to the Mayor and/or Chief Financial Officer of the City.

Section 7.              Continuing Disclosure Agreement.  The Mayor and/or Chief Financial Officer are hereby authorized to execute, delivery and cause the City to perform the obligations on its part contained in the Continuing Disclosure Agreement pursuant to which the City will agree to, among other things, provide notices of certain events and to submit annually certain financial information and operating data to specified information repositories.  The Continuing Disclosure Agreement shall be in form and substance approved by the Mayor and/or the Chief Financial Officer of the City, as advised by the City’s disclosure counsel and as required to permit the Underwriter to comply with the Rule.

Section 8.              Authorization to Issue Series 2020 Bonds. The City hereby authorizes and consents to the issuance of the Series 2020 Bonds by the Finance Authority.  The City hereby waives the provision of the Bond Resolution requiring the City Council of the City to acknowledge receipt of a certified copy of the Series 2020 Resolution.

Section 9.              Actions of the Mayor and Chief Financial Officer.  The Mayor, Chief Financial Officer and other appropriate officials of the City are hereby authorized to certify any documents and execute any receipts or other closing papers necessary to effect the purposes of the Second Amended and Restated Intergovernmental Agreement, the Preliminary Official Statement, the Official Statement, the Bond Purchase Agreement, the Continuing Disclosure Agreement and the Series 2020 Resolution.  All acts and doing of such officers of the City which are in conformity with the purposes and intents of this ordinance and in furtherance of the execution, delivery and performance of the Second Amended and Restated Intergovernmental Agreement, the Bond Purchase Agreement and the Continuing Disclosure Agreement, and the preparation and use of the Preliminary Official Statement and the Official Statement shall be, and the same hereby are, in all respects approved and confirmed.

Section 10.              Validation.  The Mayor is hereby authorized to acknowledge service on behalf of the City of the validation petition to be filed by the District Attorney for the Atlanta Judicial Circuit seeking the validation of the Series 2020 Bonds and to verify the allegations contained in an answer to be prepared by the City Attorney seeking the validation of the Series 2020 Bonds and the security to be provided therefor.

Section 11.              Obligations Absolute and Unconditional.  The obligation of the City to make payments under the Second Amended and Restated Intergovernmental Agreement and to perform its other obligations under the Second Amended and Restated Intergovernmental Agreement are absolute and unconditional and shall constitute a general obligation of the City and a pledge of the full faith and credit and taxing power of the City to provide the funds required to fulfill such obligations.  The City is hereby authorized to exercise its power of taxation to the extent necessary to fulfill its payment obligations under the Second Amended and Restated Intergovernmental Agreement and to make available and use for the payment of such obligations, all such taxes levied and collected for that purpose together with funds received from any sources.

Section 12.              Partial Invalidity.  In case any one or more of the provisions of this ordinance shall for any reason be held to be illegal or invalid by a court of competent jurisdiction, such illegality or invalidity shall not affect any other provisions hereof unless expressly so held, but this ordinance shall be construed and enforced as if such illegal or invalid provisions had not been contained herein, and this ordinance shall be construed to adopt, but not to enlarge upon, all applicable provisions of Georgia law, and, if any provisions hereof conflict with any applicable provision of such law, the latter as adopted by the legislature and as interpreted by the courts of this state shall prevail and shall be substituted for any provision hereof in conflict or not in harmony therewith.

Section 13.              Repealer.  Any and all ordinances or resolutions or parts of ordinances or resolutions in conflict with this ordinance shall be and the same hereby are superseded repealed, and this ordinance shall be in full force and effect from and after its adoption.

Section 14.              Effective Date.  This ordinance shall be in full force and effect immediately upon its adoption. 

 

Meeting History

Feb 17, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

REFERRED TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:REFERRED WITHOUT OBJECTION
Feb 25, 2020 12:00 PM Video Community Development/Human Services Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE [UNANIMOUS]
MOVER:Carla Smith, District 1
SECONDER:Natalyn Mosby Archibong, District 5
AYES:Matt Westmoreland, Michael Julian Bond, Carla Smith, Amir R Farokhi, Antonio Brown, Natalyn Mosby Archibong, Joyce M Sheperd
Feb 26, 2020 1:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Mar 2, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Mar 10, 2020 12:00 PM Video Community Development/Human Services Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Mar 11, 2020 1:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Mar 17, 2020 10:00 AM Video Atlanta City Council Remote Council Meeting
draft Draft

RETURNED AS HELD TO COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Mar 24, 2020 12:00 PM Video Community Development/Human Services Committee Regular Committee Meeting
draft Draft

FORWARDED TO FINANCE/EXECUTIVE COMMITTEE

RESULT:FAVORABLE/SUB/AMENDED [6 TO 0]
MOVER:Carla Smith, District 1
SECONDER:Antonio Brown, Vice-Chair, District 3
AYES:Matt Westmoreland, Michael Julian Bond, Carla Smith, Antonio Brown, Natalyn Mosby Archibong, Joyce M Sheperd
AWAY:Amir R Farokhi
Mar 25, 2020 1:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft

Terri Lee, Deputy Commissioner, DCP

Roosevelt Council, CFO, DOF

Council President Felicia A. Moore

Joshua Williams, COO

RESULT:FORWARDED WITH NO RECOMMENDATI [4 TO 1]
MOVER:Jennifer N. Ide, Chair
SECONDER:Matt Westmoreland, Post 2 At Large
AYES:Jennifer N. Ide, Matt Westmoreland, Andre Dickens, Joyce M Sheperd
NAYS:J. P. Matzigkeit
ABSTAIN:Natalyn Mosby Archibong, Howard Shook
Apr 20, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

Chairperson Ide made a Motion to Refer 20-O-1185 back to the Finance/Executive Committee. It was Seconded by Council Member Shook and discussion ensued, in which Council Member Winslow made a Substitute Motion to Table. It was Seconded by Council Member Boone and the Motion FAILED by a roll call vote of 7 yeas; 8 nays. Subsequently, the Motion to Refer was before Council. Following, the Motion CARRIED by a roll call vote of 15 yeas; 0 nays.

REFERRED ON SUBSTITUTE AS AMENDED TO FINANCE/EXECUTIVE COMMITTEE BY A ROLL CALL VOTE OF 15 YEAS; 0 NAYS

RESULT:REFERRED TO COMMITTEE [UNANIMOUS]
MOVER:Jennifer N. Ide, Councilmember, District 6
SECONDER:Howard Shook, Councilmember, District 7
AYES:Michael Julian Bond, Matt Westmoreland, Andre Dickens, Carla Smith, Amir R Farokhi, Antonio Brown, Cleta Winslow, Natalyn Mosby Archibong, Jennifer N. Ide, Howard Shook, J. P. Matzigkeit, Dustin Hillis, Andrea L. Boone, Marci Collier Overstreet, Joyce M Sheperd
Apr 29, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE [UNANIMOUS]
MOVER:Matt Westmoreland, Post 2 At Large
SECONDER:Howard Shook, District 7
AYES:Jennifer N. Ide, Matt Westmoreland, Andre Dickens, Natalyn Mosby Archibong, Howard Shook, J. P. Matzigkeit, Joyce M Sheperd
May 4, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

MEMBERS PRESENT: IDE, SHOOK, ARCHIBONG, SHEPERD, DICKENS, WESTMORELAND & MATZIGKEIT

RESULT:RETURNED AS HELD
May 13, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
May 18, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
May 27, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Jun 1, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Jun 10, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
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RESULT:HELD IN COMMITTEE
Jun 15, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Jun 24, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
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RESULT:HELD IN COMMITTEE
Jul 6, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Jul 15, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Aug 3, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Aug 12, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
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RESULT:HELD IN COMMITTEE
Aug 17, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Aug 26, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Sep 8, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Sep 16, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Sep 21, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Sep 30, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Oct 5, 2020 1:00 PM Video Atlanta City Council Regular Meeting
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RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Oct 14, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Oct 19, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Oct 28, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Nov 2, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Nov 9, 2020 4:00 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
Nov 16, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Dec 2, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Dec 7, 2020 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Dec 16, 2020 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Jan 4, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Jan 13, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Jan 19, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Jan 27, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE [UNANIMOUS]
AYES:Jennifer N. Ide, Matt Westmoreland, Andre Dickens, Natalyn Mosby Archibong, Howard Shook, J. P. Matzigkeit, Joyce M Sheperd
Feb 1, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Feb 10, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Feb 15, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Feb 24, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Mar 1, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Mar 10, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Mar 15, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Mar 24, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
RESULT:HELD IN COMMITTEE
Apr 19, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD
Apr 28, 2021 1:30 PM Video Finance/Executive Committee Regular Committee Meeting
draft Draft
May 3, 2021 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

RETURNED AS HELD TO FINANCE/EXECUTIVE COMMITTEE WITHOUT OBJECTION

RESULT:RETURNED AS HELD