[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.