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Avondale Estates City Commission, Urban Redevelopment Agency to consider issuing bonds for Town Green

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Avondale Estates City Commission, Urban Redevelopment Agency to consider issuing bonds for Town Green

People line up at the pretzel stand on the Town Green during Goethe Frühlingsfest in Avondale Estates on Saturday, March 18, 2023. Photo by Dean Hesse

Avondale Estates, GA — The Avondale Estates City Commission will hold a special called meeting on Wednesday, Nov. 15, following the Urban Redevelopment Agency’s meeting at 5:30 p.m. The meetings will be held at Avondale Estates City Hall, 21 N. Avondale Plaza, and via Zoom.

To join the meeting via Zoom, click here. To call in, dial +1-301-715-8592. The webinar ID is 851 2881 8606.

To view the meeting agendas, click here.

Public comments can be made either by attending the meeting in-person or through Zoom.

The URA board members are the mayor and city commissioners. During the URA meeting, the board will consider a resolution authorizing the issuance of revenue bonds and reaffirming its intergovernmental agreements with the city.

The city commission will consider a similar resolution that approves and authorizes the execution of documents related to the issuance of the revenue bonds, approves the terms of the bonds, and also reaffirms the IGA with the URA.

The city is getting ready to borrow $8.4 million by issuing the bonds to pay for the Town Green, market pavilion and part of the North Woods project. .

The city commission issued the bond anticipation note in 2019, which acted as a line of credit the city could borrow from, City Manager Patrick Bryant previously said. Now it’s time for the city to borrow money to pay for the project.

“The bond anticipation note lasts for a three-year period. After that period, once we’re finished borrowing funds through that bond anticipation note, then we have to come back and issue an actual bond to pay off the bond anticipation note,” Bryant said at a city commission meeting in September 2022.

A spokesperson for the city previously said Avondale Estates currently doesn’t have any bond debt and has never had bond debt in its history.

The city has also announced its credit ratings. The city received an initial Aa1 general obligation unlimited tax rating from Moody’s and Standard & Poor’s has assigned the city an initial rating of AA+ with a stable outlook. Both Moody’s and Standard & Poor’s cited the city’s strong economic outlook, sound budget management and financial policies among the reasons for these prestigious ratings, according to a press release.

Avondale Estates is the highest-rated small city, with a population 5,000 or less, in Georgia by Moody’s and in the top 10% of ratings for small cities nationwide. Avondale Estates has the smallest tax digest and fifth-smallest budget of all cities, rated Aaa/Aa1 by Moody’s.

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