City of Atlanta Airport
General Revenue Refunding Bonds
Series 2010C

City Of Atlanta Department Of Aviation

Invest in the Hartsfield-Jackson Atlanta International Airport today. Bond proceeds are being used to refund a 2003 issuance to save money on future debt service costs.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The Series 2010C Bonds are being issued to provide funds to: (a) refund and redeem all of the outstanding principal amount of the City's Variable Rate Airport General Revenue Refunding Bonds, Series 2003RF-B and the City's Variable Rate Airport General Revenue Refunding Bonds, Series 2003RF-C (together, the "Series 2003RF-B/C Bonds"), (b) reimbursethe City for all of the Termination Payments (as defined herein), (c) pay redemption premiums, if any, and accrued interest with respect to Series 2003RF-B/C Bonds, (d) fund the increase in the Debt Service Reserve Requirement for Senior Lien General Revenue Bonds (as defined herein) resulting from the issuance of the Series 2010C Bonds and (e) pay certain costs of issuance with respect to the Series 2010C Bonds, including but not limited to the premium for a municipal bond insurance policy insuring a portion of the Series 2010C Bonds all as further described under "PLAN OF REFUNDING" herein.

  • Obligor

    City of Atlanta Department of Aviation

  • Issuer

    City of Atlanta Department of Aviation

  • Authority

    The Series 2010C Bonds are being issued pursuant to: (a) that certain Restated and Amended Master Bond Ordinance No. 99-O-1896, adopted by the Council of the City (the "City Council") on March 20, 2000, as previously amended and supplemented (the "Master Bond Ordinance"), (b) that certain Thirteenth Supplemental Bond Ordinance adopted by the City Council on July 6, 2009 and approved by the Mayor on July 7, 2009, as supplemented and amended by that certain Series 2010C Supplemental Bond Ordinance adopted by the CityCouncil and approved by the Mayor on December 16, 2010 (collectively, the "Thirteenth Supplemental Bond Ordinance"), (c) the Constitution and laws of the State of Georgia (the"State"), including the Revenue Bond Law of Georgia, as amended, O.C.G.A. 36-82-60 et seq., and (d) the Charter of the City (1996 GA. Laws, p. 4469). The Master Bond Ordinance as supplemented and amended, particularly as supplemented in respect of the Series 2010C Bonds by the Thirteenth Supplemental Bond Ordinance is hereinafter referred to as the "BondOrdinance."

  • Security

    The Series 2010C Bonds are being issued as Senior Lien General Revenue Bonds under the Bond Ordinance and, as such, are limited obligations of the City payable solely from and secured by a pledge of and senior lien on the General Revenues of the Hartsfield-Jackson Atlanta International Airport (the "Airport") on a parity with the Outstanding Senior Lien General Revenue Bonds (as defined herein). See "SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2010C BONDS - Pledge of General Revenues" herein.

    The City has previously issued various series of Senior Lien General Revenue Bonds secured by and pursuant to the Bond Ordinance (as defined herein), $1,721,497,000 aggregate principal amount of which were outstanding as of December 1, 2010, including the outstanding Series 2003RF-B/C Bonds and $104,343,000 currently drawn on the Series 2010A/B Commercial Paper Program (collectively, the "Outstanding Senior Lien General Revenue 2 Bonds"). The City has also previously issued various series of PFC Revenue Bonds secured by and pursuant to the Bond Ordinance, $965,290,000 aggregate principal amount of which were outstanding as of December 1, 2010 (collectively, the "Outstanding PFC Revenue Hybrid Bonds"). The Series 2010C Bonds will be secured under the Bond Ordinance on a parity with the Outstanding Senior Lien General Revenue Bonds as to the pledge of, lien on and source of payment from General Revenues. Subject to certain conditions as set forth in the Bond Ordinance, Additional Bonds may be issued under the Bond Ordinance on a parity with the Series 2010C Bonds, the Outstanding Senior Lien General Revenue Bonds, the Outstanding PFC Revenue Hybrid Bonds and/or the Subordinate Lien General Revenue Bonds, in addition to other notes, commercial paper and/or other obligations. See "SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2010C BONDS - Additional Bonds" herein. The Outstanding Senior Lien General Revenue Bonds, the Series 2010C Bonds and any Additional Bonds hereafter issued on a parity with the Outstanding Senior Lien General Revenue Bonds are collectively referred to as the "Senior Lien General Revenue Bonds."

Ratings

Ratings

S&P

Aa3

Moody's

AA-

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.