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South Fulton approves $96.285 million revenue bond for public safety facilities; sale awarded to Truist
Summary
The Public Facilities Authority and City Council approved a $96,285,000 revenue bond to fund a police headquarters and a fire training center, awarding the sale to Truist with a 4.63% interest rate and a negotiated prepayment option.
The City of South Fulton Public Facilities Authority and the City Council approved a $96,285,000 revenue bond Thursday to finance construction of a police headquarters and a fire training center, awarding the sale to Truist Commercial Equity Inc. and approving an intergovernmental agreement to back the debt.
City Manager Subadan read a memorandum into the public record saying the city and Regions Bank were unable to reach acceptable financing terms for the projects and that staff recommends moving forward with Truist as the next-best bidder. "The city of South Fulton and Regions Bank have been unsuccessful in reaching favorable or acceptable terms regarding funding for the forthcoming police headquarters and fire training center and headquarters," Subadan said.
Bond counsel Doug Selby told the authority and council the…
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