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Finance committee approves up to $1.3 billion in airport bonds and new short‑term note program
Summary
The committee authorized issuance of up to $1.3 billion in airport general revenue bonds (series 2025 A/B) and approved a short‑term revolving note program backed by revolving credit allocations from Bank of America, PNC and Wells Fargo.
The Finance Executive Committee approved ordinances authorizing the city to issue up to $1.3 billion in airport general revenue bonds and to establish a 2025 short‑term note program to support the Atlanta airport capital program, including Concourse D widening and to refinance outstanding commercial paper.
Courtney Knight, chief of treasury, debt and investments, told the committee that the bonds will fund ongoing capital projects under the ATL Next program and refinance existing short‑term commercial paper used for interim capital. "As we have in the past couple of years, we've come to market with new money for the airport's capital program," Knight said.
Short‑term note program and bank allocations - The ordinance establishes a 2025 airport short‑term note program designed to provide interim financing. The program authorizes three revolving credit facilities with the following allocations (as presented): Bank of America — $300,000,000; PNC Bank — $300,000,000; Wells Fargo — $150,000,000. - The short‑term notes will support the airport capital plan and may be converted to takeout bonds if necessary.
Votes and procedural outcome The committee voted to approve the bond ordinance on substitute and the short‑term note program; both measures passed by unanimous committee votes (7 ayes, 0 nays).
Why it matters The borrowing will fund large capital projects at Hartsfield‑Jackson Atlanta International Airport and refinance commercial paper, affecting the city’s capital financing plan. Committee members asked about market volatility; Knight replied that while market volatility is elevated, Atlanta’s credit remains attractive to investors.
What’s next The ordinances authorize the issuance and delegate final sizing, interest terms and certain approvals to city finance officers and airport managers, as permitted by the bond documents. The measures proceed to full council for final action and execution of financing documents as market conditions permit.
