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Council briefed on intergovernmental contracts tied to Kenton Building Authority revenue bond
Summary
Staff updated council on intergovernmental agreements and assignment/assumption documents related to a proposed Kenton Building Authority revenue bond series 2025, including proposed transfers of a fire station from the DDA to the CBA; final documents and bond details are expected when financial adviser responses arrive and an action item will be on Oct. 16.
CANTON, Ga. — City staff briefed the council on Oct. 2 about the intergovernmental contracts and documents tied to the Kenton Building Authority revenue bond series 2025, a multi‑party financing the council previously authorized to begin work on.
Utilities/finance presenter Mister Ingram said the council previously adopted a resolution authorizing issuance activity and that bond counsel recommended transferring ownership and liabilities for a fire station from the Downtown Development Authority (DDA) to the CBA. Staff described a series of documents the council will be asked to authorize — an intergovernmental agreement between the city and the CBA, an assignment and assumption of contracts, a custodial agreement and a payment agreement — and noted the county and the DDA must also approve related actions. Financial adviser RFP responses were due Oct. 9, and staff plans to present completed documents and amounts when it returns to council for action on Oct. 16.
No action was requested Oct. 2; staff will schedule related meetings (including a special CBA meeting) and return with bond terms and the finalized intergovernmental documents for council consideration.
