[0:03] Good morning everyone.

[0:07] Let's see where we are.

[0:14] So I'd like to welcome everyone to the August 12th,

[0:16] 2026 special call

[0:17] meeting of the City of Atlanta's Atlanta City Council.

[0:20] I am your president, Marcy Collier Overstreet.

[0:23] Madam clerk, please call the roll. Yes.

[0:25] Good morning, Madam President and members of council,

[0:27] we have council president Marci Overstreet, president.

[0:30] Council member Michael Julian Bond, post one at large

[0:33] council member Matt Westmoreland, post two at large.

[0:36] Council member Collins closed three at large.

[0:40] Council member Jason H.

[0:41] Winston. District one here.

[0:43] Council member Kelsey Bond. District

[0:44] two Council member Byron Amos, district three present.

[0:49] Council member Jason Dozier.

[0:50] District four Council member Liliana Bakhtiari.

[0:53] District five.

[0:55] Council member Alex Wan.

[0:56] District six.

[0:58] Councilmember Thomas Worthy.

[0:59] District seven.

[1:01] Council member Mary Norwood.

[1:02] District eight present.

[1:03] Council member Dustin Hills, district nine.

[1:07] Council member Andrew L bloom, district ten present.

[1:10] Council member Wayne Martin, district 11 present.

[1:12] Council member Antonio Lewis,

[1:14] district 12. Madam president,

[1:16] we have a quorum of eight members present.

[1:17] Thank you.

[1:19] I'm noticing channel 26.

[1:21] Does this mean that we're not live yet, or.

[1:23] Or is it okay to proceed?

[1:26] It's okay to proceed.

[1:27] I believe

[1:28] they're having intermittent issues,

[1:29] but it is available on YouTube and Facebook.

[1:32] Thank you.

[1:34] Okay. I'll entertain a motion to adopt the agenda.

[1:37] So moved by Winston.

[1:39] Second by Dozier. Madam clerk.

[1:45] Josie Amos.

[1:47] Okay.

[1:48] Second by Amos.

[1:50] Is there a

[1:52] we can do this by unanimous consent?

[1:54] Madam clerk. What's that? 8080 nays.

[1:58] The agenda is adopted in lieu of our invocation.

[2:01] Today, we'll just observe a moment

[2:03] of silence and silence and reflection.

[2:05] Does anyone have anything they'd like to

[2:09] ask for?

[2:10] A moment of silence.

[2:12] Okay. See you. None.

[2:13] Let's just observe this time.

[2:24] Thank you.

[2:27] All right. Well, everyone, please join me for the Pledge of Allegiance.

[2:33] I pledge allegiance

[2:34] to the flag of the United States of America.

[2:38] And to the Republic for which it stands.

[2:40] One nation under God, indivisible,

[2:43] with liberty and justice for all.

[2:47] Thank you.

[2:49] We have one communication item, Madam Clerk.

[2:52] Thank you, Madam President.

[2:53] The 26, 50, 72.

[2:56] This is a communication from Council President Marcy

[2:58] Color Overstreet calling a special called meeting

[3:01] of the Atlantic City Council

[3:02] on Wednesday, August 12th, 2026 at 9:30 a.m.

[3:05] to consider items 26, zero, 14, 22 and 26 zero 1423.

[3:10] Staff recommendation to accept and file

[3:12] Allen's attend a motion to accept the file.

[3:15] So moved by Martin. Is there a second?

[3:17] Second by Winston.

[3:21] Madam clerk, please repair the vote.

[3:24] The vote is open.

[3:32] Please vote.

[3:35] The vote. Close.

[3:36] 8080 nays.

[3:38] This item is accepted and file.

[3:41] This brings us to the remarks by the public.

[3:43] Do we have anyone signed up to speak?

[3:45] Madam clerk?

[3:48] Do not, Madam President. All right, then, let's get started with our legislation.

[3:50] Chair.

[3:51] Winston. Finances at committee.

[3:54] Thank you, Madam President.

[3:55] So, colleagues, we have two items today.

[3:57] The first is 2601 422.

[4:01] If you recall, we held this item in the rest of council.

[4:05] So I will make a motion to adopt.

[4:08] And after that we will make a subsequent motion

[4:10] to bring forth the substitute motion to adopt by Winston,

[4:13] second by Amos.

[4:17] Now we can do substitute.

[4:20] So at this time I will make a motion

[4:22] to bring forth the substitute motion

[4:24] to bring forth to substitute by Winston.

[4:26] Second by Martin.

[4:29] Madam clerk,

[4:32] please open the vote to bring forth the substitute.

[4:35] After the.

[4:37] The caption is read in.

[4:40] 2601 422

[4:44] the ordinance by Councilmember Alex one as substituted

[4:46] by the Atlantic City Council, supplementing that certain 39th

[4:50] Supplemental Bond Ordinance 2601 258,

[4:54] adopted by the Atlantic City Council on May 4th, 2026,

[4:58] and approved by the mayor

[4:59] on May 8th, 2026, to, among other things,

[5:02] set forth the terms of the City of Atlanta

[5:04] Airport General Revenue Bonds Series 2026 A and B airport

[5:09] General Revenue Bonds Series 2026

[5:11] be within certain parameters previously established

[5:14] by the city, including the original aggregate

[5:16] principal amounts, interest rates, maturity dates,

[5:19] redemption provisions, and debt service reserve requirements

[5:22] with respect thereto

[5:24] to a firm satisfaction of the Additional Bonds test

[5:28] with respect to the series 2026 bonds.

[5:30] To ratify certain prior actions of the City Council

[5:33] in certain officers and agents of the city

[5:35] with respect to the issuance of the series 2026 bonds.

[5:39] To ratify and approve

[5:40] the preparation, use and distribution

[5:42] of the preliminary official statement, and execution

[5:45] and delivery of a final official statement

[5:47] in connection with the offer and sale of said series

[5:50] 2026 bonds to approve the execution

[5:52] of the bond purchase Agreement and certain

[5:55] other agreements in connection with said

[5:57] series 2026 bonds to provide for incidental related actions

[6:01] to provide an effective date and for other related purposes.

[6:06] Okay, I will go ahead on.

[6:10] Adopt the substitute or accept a motion

[6:13] to adopt a substitute,

[6:14] and then we'll hear the presentation

[6:16] before adopting and substitute.

[6:17] So moved by Martin second second by Winston.

[6:21] Madam clerk, please prepare the vote on the substitute.

[6:24] The vote is open.

[6:32] Will everyone please vote?

[6:36] The votes cast eight

[6:37] is the item of substitute eight.

[6:40] Zero is the substitute is before us.

[6:44] Thank you. At this time, I'll ask CFO Muhammad Bala

[6:45] if he can do a presentation on this item.

[6:47] Thank you, thank you, thank you.

[6:50] Chair Winston Muhammad Bala, CFO, City of Atlanta.

[6:55] I'd like to just go over the transaction

[6:58] that's in front of you today.

[6:59] So on yesterday, August 11th, members of City of Atlanta,

[7:04] as well as our underwriters, we all met in New York.

[7:06] The price $1.058 billion of airport general revenue bonds.

[7:12] The bonds were issued under series

[7:16] 20 2026 A-1 bonds, and series 2026 B bonds were issued

[7:23] with secondary party opinion from Crystal as green bonds.

[7:28] The proceeds of the series 2026 bonds will be used

[7:31] to finance the following projects

[7:36] from the capital Plan, which include.

[7:37] Concourse D widening the parking deck.

[7:40] Phase two on the South domestic terminal,

[7:44] the plane train tunnel, West extension,

[7:47] the emergency generators,

[7:50] concourse E gate conversion, as well as history

[7:54] of Atlanta airport installation and other capital projects.

[7:58] The proceeds will also be used to pay capitalized interest

[8:03] fund, debt service reserve and pay cost of issuances

[8:06] related to series 2026 A and B bonds.

[8:09] The bonds were priced by Bank of America.

[8:12] Siebert. Williams. Shanks. Jefferies.

[8:14] Ramirez, Truist, Bancroft, Cabrera, Capital Markets,

[8:18] fidelity, Oppenheimer, and Security Capital brokerage.

[8:21] The next slide shows the sources and uses of all the issuances.

[8:28] You will see. They were broken up into 2026 A1 and A2, which were designated

[8:33] non Amt and 2026 B1 and B2 which were AMT.

[8:38] You will see the green issuances are highlighted in green.

[8:43] In total there was sources of 1.128 billion,

[8:49] which includes the Paramount as well as premium.

[8:53] If you look at the next set of columns under uses,

[8:57] you will see the breakdown between project fund

[9:00] interest, debt service reserve and cost of issuance.

[9:04] The final maturity date

[9:05] for the bonds is out to 2056, which 30 years?

[9:09] The average life is 17.3 years, with all in

[9:15] total cost of interest of 4.68%.

[9:19] Before I get to the acknowledging the transaction

[9:22] team, I really want to take time to thank Mayor Andre Dickens

[9:26] and his administration co, Berks and the entire team,

[9:30] as well as Chair Winston and the FEC committee.

[9:33] Atlanta airport general manager Rickey Smith,

[9:36] executive GM John Lennon, CFO Brian Benefield and the team.

[9:41] Our law department, led by City Attorney Brian

[9:43] and attorney ringer along Daniels,

[9:45] who helped on the transaction, and their team members as well.

[9:48] From the Treasury side, we have Courtney Knight

[9:52] and his entire team and of course,

[9:54] the rest of the Department of Finance team,

[9:56] including deputy CEO for car

[9:59] Controller Tiffany Jones, as well as Rob Moses,

[10:02] who played an instrumental roles in their team as well.

[10:06] For the transaction team, the Bond council

[10:09] was hunting Andrew's, Kurt and Johnson, Freeman and Koda's

[10:13] closure counsel Greenberg, Traurig, riddle and Schwartz

[10:16] financial advisors were Frasca and Associates,

[10:19] airport consultant Lee Fisher Cohen, writers

[10:23] counsel Squire Patton Boggs, Tiber Hudson, and trustee

[10:26] and paying agent is US Bank.

[10:29] National associations.

[10:31] The underwriters are categorized underneath the joint book

[10:35] runners were Bank of America and Siebert co-senior Jefferies.

[10:40] Ramirez, Truist and co managers Bancroft, Cabrera,

[10:44] fidelity, Oppenheimer, and Security Capital.

[10:47] The stars represent minority WB firms and double

[10:51] Stars represents a disabled American veterans firm.

[10:55] Again just wanted to thank the entire transaction team.

[10:58] We went into a market that was volatile

[11:03] given some global implications on the bond market.

[11:06] But again, the transaction was very well

[11:08] received by the market.

[11:09] We were over four times oversubscribed.

[11:12] The underwriting team that a fabulous job

[11:15] executing the strategy.

[11:16] And I think we're in a very good place to

[11:21] in favor of adopting the ordinance today.

[11:23] Thank you.

[11:26] Well, is there a motion to adopt on substitute motion

[11:29] to adopt a motion to adopt by Martin, second by Winston.

[11:31] Is there any discussion on this item?

[11:36] CNN madam clerk, please prepare the vote.

[11:39] The vote is open.

[11:49] Please vote.

[11:53] The most close.

[11:54] 8080 nays.

[11:56] This item is adopted on substitute.

[11:59] Is there a motion to move this item posthaste?

[12:02] Second. Motion to move posthaste.

[12:05] By Winston's.

[12:06] Second by Martin.

[12:09] This doesn't need to vote.

[12:11] It can be done by unanimous consent, madam clerk.

[12:13] What's that count? Eight. Yay! Serenades.

[12:15] Eight. Yay! Zero.

[12:16] This item is moved to the mayor's office post

[12:19] haste.

[12:22] We have another item.

[12:23] Yes, we do have a companion piece of legislation.

[12:28] It's 26 01423,

[12:32] an ordinance by Councilmember Alex one, authorizing the chief

[12:34] financial officer to amend the 2027 budget

[12:37] by adding to anticipations and appropriation bond proceeds

[12:41] in aggregate aggregate principal amount not to exceed

[12:45] an amount that will be given to us in

[12:47] today for the series 2026 General Airport Revenue Bonds

[12:51] to amend the funding for the contracts

[12:53] listed in exhibit A and for other purposes.

[12:56] Colleagues, I'll make a motion to refer this to FEC

[12:59] for a discussion today. Motion to refer by Winston.

[13:02] Second by Martin. Madam clerk, please prepare the vote for referral to

[13:05] the vote is open to FEC.

[13:12] The was closed.

[13:13] 8080 nays.

[13:16] Item 26 oh 1430 23.

[13:19] It's been referred to FEC. Thank you.

[13:21] That concludes my report. That concludes the report.

[13:24] We are at general remarks as any council members,

[13:27] do you all have any remarks?

[13:34] Council Member Martin, I just want to thank our

[13:37] thank you, Madam President, for allowing me to speak.

[13:39] Our CFO, Mr.

[13:40] Bala, and the treasurer, Mr.

[13:42] Knight, the entire team that's been assembled, it's

[13:45] like an Avengers.

[13:46] We got a new Spider-Man movie out.

[13:47] And so when I look out in the audience,

[13:49] this team of bond lawyers and underwriters is amazing.

[13:53] From our Bank of America team to Siebert Shanks

[13:56] all the way to our, you know, our Co.

[14:00] So I'm really grateful

[14:01] that we have this kind of talent in the city.

[14:03] And I'm looking forward to us continuing to make smart,

[14:06] you know, bonding decisions that keep that

[14:08] that bond rating high in that right Mr.

[14:10] CFO, and keep that bond rating high so that we can continue

[14:14] to be a shining example of how to properly engage

[14:18] with Wall Street.

[14:19] As Ambassador Young would say, to keep our city functioning.

[14:22] So thank you to the entire team. Thank you, Mr.

[14:24] Mayor, and everyone, and I'm looking forward

[14:26] to the next one of these.

[14:27] Thank you, Madam President. All right. Anyone else

[14:32] with that? Madam clerk, we're ready for our adjourning world call.

[14:36] Thank you, Madam President. We have council president Marcy Color Overstreet present.

[14:39] Council member Michael Julian Bond pose one at large.

[14:42] Council member.

[14:43] Westmorland post two at large.

[14:45] Council member, Collins post three at large.

[14:48] Council member Jason H. Winston. District one here.

[14:50] Councilmember Kelsey Bond, district

[14:52] two Councilmember Byron Amos.

[14:54] District three Councilmember Jason Dozers, district four.

[14:58] Councilmember Liliana Bakhtiari, district five.

[15:01] Councilmember Alex Wan, district six.

[15:03] Councilmember Thomas Worthy, district seven.

[15:05] Councilmember Mary Norwood, district eight.

[15:08] Councilmember Dustin Hills, district nine.

[15:10] Councilmember Andrea Boone, district ten.

[15:13] Councilmember Wayne Martin, district 11

[15:15] president Councilmember Antonio Lewis, district 12.

[15:20] All right. That concludes our special call meeting.

[15:23] Thank you everyone.

[15:24] Council members and our council staff.

[15:27] Thank you very much. This meeting is adjourned.

Special Called Meeting - Bond Pricing

Transcript