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Council approves RPFA revenue bond resolution for capital projects; staff recommended Webster Bank financing
Summary
The council authorized the Roswell Public Facilities Authority's 2026 revenue bond package (approx. $13.1M projects), including Green Street deck technology, roof replacements, public safety and Crab Apple facility improvements; staff recommended a 20‑year Webster Bank offer that reduced annual debt service though it had a higher nominal rate.
Mayor and Council approved a resolution authorizing the Roswell Public Facilities Authority (RPFA) to issue a revenue bond series 2026 to finance a suite of city capital needs, after staff presented bids and a staff recommendation.
Chief Financial Officer summarized the financing approach: RPFA revenue bonds issued under Georgia law require a revenue stream or lease structure that repays the bond; the city and RPFA enter an intergovernmental agreement (IGA) that routes payments. Staff described the court validation process that reduces legal risk and can lower interest costs for the issuer.
The project list included technology and access work for the Green Street parking deck (to support the pilot), roof replacements for City Hall and Bington Hall, public safety headquarters improvements, fire engine refurbishment to keep spare apparatus available, Crab Apple center upgrades (including flooring and program space), vehicle lift equipment for fleet maintenance, and a 911 range revitalization item. The bond sizing and project list were constrained to an offering that staff sized around $13.4 million (project totals ~ $13.1M) with $125,000 estimated in offering costs based on bids.
Staff issued an RFP to roughly 40 lenders and received nine banks with 17 offers. After evaluating interest rate, prepayment terms and annual debt service impacts, staff recommended the Webster Bank 20‑year structure: while the nominal rate (about 4.18%) was higher than some shorter‑term offers, the Webster structure produced lower annual debt service and thereby reduced near‑term pressure on the general fund (staff estimated roughly $173,000 less in annual payments compared with one other lead bid). Webster's proposal also included scaled prepayment penalties that decrease over time and a realistic prepayment schedule. The PFA voted earlier to forward the Webster recommendation; council adopted the RPFA bond resolution and authorized the IGA.
What happens next: staff will submit the project and bond documents for court validation (statutory process in Georgia), finalize closing documents and proceed to fund the projects; the IGA provides the flow‑of‑funds structure between the city and the RPFA.
