Tuesday, December 08, 2009
ATLANTA
ACTION/MINUTES
DECEMBER 02, 2009
The Atlanta City Council held a Special Called Meeting on
Wednesday, December 02, 2009. The
Meeting convened at 12:49 p.m. in the Council Chambers at City Hall.
The roll was called and a quorum was declared.
PRESIDER:
The Honorable Council President
Lisa M. Borders presided.
Attendance:
The following (12) voting members were present at the
Meeting:
|
The Honorable Carla Smith |
The Honorable Felicia A.
Moore |
|
The Honorable Kwanza Hall |
The Honorable C. T. Martin |
|
The Honorable Cleta Winslow
*1:01 |
The Honorable Jim Maddox |
|
The Honorable Natalyn
Archibong *1:01 |
The Honorable Joyce Sheperd |
|
The Honorable Anne Fauver |
The Honorable Ceasar Mitchell
*1:05 |
|
The Honorable Howard Shook |
The Honorable Mary Norwood |
|
|
The Honorable Lamar Willis
*1:01 |
Councilmembers Ivory Lee Young, Jr. and Clair Muller were
absent.
*Arrival Time – indicates
arrival after convening roll call.
INVOCATION: Reverend
Michael Jones of Greater Mount Carmel African Methodist Episcopal
Church gave the invocation.
PLEDGE
OF ALLEGIANCE: In unison, lead by
Councilmember Jim Maddox, the Council recited the Pledge of Allegiance to the flag of the United
States of America.
THE
ADOPTION OF THE AGENDA: The Agenda for the December
02, 2009 Special Called meeting was ADOPTED
without objection.
COMMUNICATION
Council President Lisa M.
Borders Presided
COMMUNICATION
09-C-2186
( 1) A
Communication by Council President Lisa
M. Borders calling for a Special Called Meeting of the Atlanta City Council
on Wednesday, December 02, 2009 at 12:30 p.m. to act on the following:
09-O-1918, 09-O-1919, 09-O-1378, 09-O-1379.
FILED WITHOUT
OBJECTION
COMMITTEE
REPORT
Council
President Lisa M. Borders Presided
COMMITTEE REPORT
FINANCE/EXECUTIVE COMMITTEE
(1)
HOWARD SHOOK, CHAIR
ORDINANCES
Chairperson
Shook made a Motion to remove all four (4) ordinances (09-O-1918, 09-O-1919,
09-O-1378 and 09-O-1379) from the Table. It
was Seconded by Councilmember Moore and the Motion CARRIED by roll call vote of
12 yeas; 0 nays. All four (4)
ordinances were then before Council.
09-O-1918
( 1) An Ordinance by Councilmember
Howard Shook as Substituted by Full Council to authorize (1) the purchase in
lieu of redemption of City of Atlanta Tax Allocation Bonds (BeltLine Project),
Series 2008A/B/C Bonds (the “Series 2008 Bonds”) in the Outstanding
Aggregate Principal Amount of $64,500,000.00 which have been tendered for
purchase by their holders, (2) the execution and delivery of an Amended and
Restated First Supplemental Indenture of Trust in order to establish, among
other things, a Fixed Rate Mode and a Debt Service Reserve Fund (3) ratification
of the preparation, use and distribution of a Preliminary Limited Offering
Memorandum in connection with the reoffering of Series 2008 Bonds (4) paying
expenses incident to accomplishing all of the forgoing, (5) certain other
related actions, all in connection with the Reoffering of the foregoing
described Series 2008 Bonds; and for other purposes.
Chairperson
Shook made a Motion to Adopt 09-O-1918. Following,
an extensive discussion ensued, during which Chairperson shook made a Motion to
bring forth a Substitute It was
properly Seconded and the Motion CARRIED by a roll call vote of 11 yeas; 1 nay.
The Substitute was before the Council.
Chairperson Shook then made a Motion to Adopt on Substitute.
It was properly Seconded and the Motion CARRIED by a roll call vote of 11
yeas; 1 nay.
ADOPTED
SUBSTITUTE BY A ROLL CALL VOTE OF 11 YEAS; 1 NAY
Council
President Lisa M. Borders Presided
COMMITTEE REPORT
(CONT’D)
FINANCE/EXECUTIVE COMMITTEE
(2)
HOWARD SHOOK, CHAIR
ORDINANCES
(CONT’D)
09-O-1919 ( 2)
An Ordinance by Councilmember
Howard Shook as Substituted by Full Council to authorize (1) the issuance
and sale of $ 12,590,000 City of Atlanta Tax Allocation Bonds (BeltLine
Project), Series 2009B (the “Series 2009B Bonds”) and $1,030,000 City of
Atlanta Tax Allocation Bonds (BeltLine Project), Series 2009C (the “Series
2009C Bonds”) and together with the Series2009B Bonds, the Series 2009
Bonds”) in order to provide funds to be applied towards (A) refinancing the
City’s previously issued Tax Allocation Bonds (BeltLine Project) Series
2008A/B/C Bonds (the “Series 2008 Bonds”) outstanding in the Aggregate
Principal amount of $64,500,000, (B) establishing certain accounts in respect of
the Series 2008 Bonds and the Series 2009 Bonds, including a Debt Service
Reserve Account, Capitalized Interest Account and Costs of Issuance Account (B)
to pay other related expenses, including the costs of issuing the Series 2009
Bonds; (2) the execution of a Second Supplemental Indenture of Trust providing
for the issuance of the Series 2009 Bonds; (3) the preparation, use and
distribution of a Preliminary Limited Offering Memorandum in connection with the
issuance and sale of the Series 2009 Bonds; (4) the execution and delivery of a
purchase contract; (5) certain related actions all in connection with the
issuance of the Series 2009 Bonds; and for other purposes.
Chairperson
Shook made a Motion to bring forth a Substitute for Ordinance 09-O-1919.
It was properly Seconded and the Motion CARRIED by a roll call vote of 11
yeas; 1 nay. The Substitute was
before the Council. Chairperson
Shook then made a Motion to Adopt on Substitute.
It was properly Seconded and an extensive discussion ensued.
After which, the Motion to Adopt on Substitute CARRIED by a roll call
vote of 11 yeas; 1 nay.
ADOPTED
SUBSTITUTE BY A ROLL CALL VOTE OF 11 YEAS; 1 NAY
Council
President Lisa M. Borders Presided
COMMITTEE REPORT
(CONT’D)
FINANCE/EXECUTIVE COMMITTEE
(3)
HOWARD SHOOK, CHAIR
ORDINANCES
(CONT’D)
The
following ordinances (09-O-1378 and 09-O-1379) were taken as a collective vote.
09-O-1378 ( 3)
An Ordinance by Councilmembers
Howard Shook and Clair Muller for the Series 2009B/C/D/E Supplemental Bond
Ordinance Supplementing and Amending that certain Fourteenth Supplemental Bond
Ordinance of the City of Atlanta Adopted on July 6, 2009, to, among other
things, set forth the terms of (1) the Airport General Revenue Bonds, Series
2009B and Series 2009C (The “Series 2009B/C Bonds”) and (2) the Airport
Passenger Facility Charge and Subordinate Lien General Revenue Bonds, Series
2009D and Series 2009E (The “Series 2009D/E Bonds”, together with the Series
2009B/C Bonds, the “Series 2009B/C/D/E Bonds”) within certain parameters
previously established by the City including the Original Aggregate Principal
Amount, Interest Rates, Maturity Amounts, Maturity Dates, Redemption Provisions
and Debt Service Reserve Requirement with respect thereto; ratify certain prior
actions of the City Council and certain officers and agents of the City with
respect to the issuance and sale of the Series 2009B/C/D/E Bonds; designate the
Underwriters and Bond Counsel with respect to said Series 2009B/C/D/E Bonds;
approve the form and authorizing the execution of a Bond Purchase Agreement and
certain other Agreements in connection with said Series 2009B/C/D/E Bonds;
authorize and approve the preparation, use and distribution of a Final Official
Statement in connection with the offer and sale of said Series 2009B/C/D/E
Bonds; [set forth the terms and covenants associated with a Municipal Bond
Insurance Policy related to said Series 2009B/C/D/E Bonds]; provide an effective
date; and for other related purposes.
Chairperson
Shook made a Motion to File ordinances 09-O-1378 and 09-O-1379.
It was properly Seconded and an extensive discussion ensued, during
which, Councilmember Maddox Called the Question.
It was properly Seconded and the Motion CARRIED by a roll call vote of 10
yeas; 3 nays. Subsequently, the
Motion to File CARRIED by a roll call vote of 11 yeas; 2 nays.
FILED
BY A ROLL CALL VOTE OF 11 YEAS; 2 NAYS
Council
President Lisa M. Borders Presided
COMMITTEE REPORT
(CONT’D)
FINANCE/EXECUTIVE COMMITTEE
(4)
HOWARD SHOOK, CHAIR
ORDINANCES
(CONT’D)
09-O-1379 ( 4) An Ordinance by Councilmembers
Howard Shook and Clair Muller for the Series 2009A Supplemental Bond
Ordinance Supplementing and Amending that certain Thirteenth Supplemental Bond
Ordinance of the City of Atlanta Adopted on July 6, 2009, to, among other
things, set forth the terms of the Airport General Revenue Bonds, Series 2009A,
including the Aggregate Principal Amount, Interest Rates, Maturity Amounts,
Maturity Dates, Redemption Provisions and Debt Service Reserve Requirement with
respect thereto; ratify certain prior actions of the City Council and certain
officers and agents of the City with respect to the issuance and sale of the
Series 2009A Bonds; designate the Underwriters and Bond Counsel with respect to
said Series 2009A Bonds; approve the form and authorizing the execution of a
Bond Purchase Agreement and certain other Agreements in connection with said
Series 2009A Bonds; authorize and approve the preparation, use and distribution
of a Final Official Statement in connection with the offer and sale of said
Series 2009A Bonds; [set forth the terms and covenants associated with a
Municipal Bond Insurance Policy related to said Series 2009A Bonds]; provide an
effective date; and for other related purposes.
Chairperson
Shook made a Motion to File ordinances 09-O-1378 and 09-O-1379.
It was properly Seconded and an extensive discussion ensued, during
which, Councilmember Maddox Called the Question.
It was properly Seconded and the Motion CARRIED by a roll call vote of 10
yeas; 3 nays. Subsequently, the
Motion to File CARRIED by a roll call vote of 11 yeas; 2 nays.
FILED
BY A ROLL CALL VOTE OF 11 YEAS; 2 NAYS
ADJOURNMENT
Council
President Lisa M. Borders Presided