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Council forms Public Facilities Authority and appoints members as debate continues over millage-cap removal and bond plans
Summary
Council approved a resolution creating a Public Facilities Authority (PFA) to support planned bond financing for new public-safety facilities and appointed initial officers and members; the move prompted public comment and council debate about removing the city's charter millage-rate cap to secure more favorable bond terms.
The City of South Fulton council voted to establish a Public Facilities Authority and appointed initial members and officers in a 7-0 action during a special called meeting. City Manager Sharon D. Subudan and outside advisers said the PFA is a state-authorized conduit the city can use to issue bonds to finance public facilities.
Bond timing and rationale: financial advisers told the council that the city is seeking to borrow funds to pay for a new police headquarters and a new fire headquarters and related facilities. Counsel and advisers explained the financing structure: the authority would issue bonds and enter into an intergovernmental contract with the city, and the city's payments under that contract would secure bondholders. Bond counsel Doug Selby described the usual structure: “the authority would issue bonds,…
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