The McDonough City Council voted at its Feb. 4 regular meeting to approve a $36 million bond issue by the McDonough Housing Authority. The city government has no financial or other obligation whatsoever, according to its legal counsel, but federal law requires that a publicly financed residential development get the official approval of the city. The revenue bonds are intended to finance a 288-unit workforce housing development on South Zack Hinton Parkway.
The action was made necessary by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), approved during the Reagan administration. The vote to approve was 5-1.
Information: mcdonoughga.org.
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