Pressure mounts on Georgia gov to down Eagles Landing cityhood plan
Gov. Nathan Deal has more back-up if he chooses to veto a measure that would cannibalize a section of Stockbridge and form a new city of Eagles Landing.
Capital One Public Funding wrote Deal a letter urging him to nix legislation that “sets a broad and dangerous precedent for all existing and prospective purchasers of Georgia municipal bonds.”
The financial powerhouse has more than a little skin in the game. It owns the majority of the more than $14 million in outstanding bonds owed by the city of Stockbridge. And it said the new city would impair those bonds and create “unprecedented risk” for other firms that hold municipal debt.
Deal recently met with Stockbridge’s mayor and Eagles Landing proponents to vet the legislation and was tight-lipped about whether he would sign it.
But faced with mounting questions about how it will impact the bond market -- Deal also was asked about the measure during a recent meeting with credit ratings analysts in New York -- signs point to a veto.
And check out our AJC colleague Leon Stafford's latest piece on the deal here.
About the Author
Greg Bluestein is the Atlanta Journal Constitution's chief political reporter. He is also an author, TV analyst and co-host of the Politically Georgia podcast.
