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Danielsville City Council approves $650,000 Revenue Bond Series 2025 with United Community Bank
Summary
At a Jan. 27 work session the Danielsville City Council voted unanimously to approve a $650,000 Revenue Bond Series 2025 to renew financing with United Community Bank and authorized city officials to complete closing; the city will retain a financial advisor to guide next steps.
The Danielsville City Council voted unanimously on Jan. 27 to approve a $650,000 Revenue Bond Series 2025 to renew the city’s financing with United Community Bank. Mayor Michael Wideman called for the motion after a presentation from Stephen Swinson of GPW Law Firm explaining the bond terms and the bank’s requirements.
Stephen Swinson of GPW Law Firm outlined the bond and the conditions United Community Bank requested to renew the existing obligation. City Attorney Bubba Samuels told the council the city will hire a financial advisor to provide guidance on structuring and closing the renewal.
Council Member Dona Miller moved to approve the Revenue Bond Series 2025 in the amount of $650,000 and to authorize the Mayor, City Clerk and City Attorney to take the necessary steps for closing; Council Member Nancy Federico seconded the motion. The vote was recorded as unanimous among the members present: Mayor Michael Wideman, Council Members Steve Russum, Dona Miller, Nancy Federico and Cyle Cox.
The council’s approval authorizes the named city officials to complete the closing process with United Community Bank; the timeline for closing was not specified at the work session. The council also directed staff to engage a financial advisor before finalizing detailed financing arrangements.
The item will be reflected in the minutes of the Jan. 27 work session and in resolutions or closing documents prepared by the city attorney and finance advisors in the coming weeks.
