The following was released by The Georgia Chamber of Commerce in reference to the Georgia Supreme Court’s ruling on the necessary bonds for the new Braves Stadium in Cobb County. Read the original announcement here.
Georgia Supreme Court Upholds Local Ruling Authorizing Bonds for Braves Stadium
On June 29, the Supreme Court of Georgia unanimously upheld a Cobb County trial court’s validation of $397 million in revenue bonds which will be used to finance the Atlanta Braves’ new stadium. The Court found that the financial decisions made by those responsible for the project relied on and fell squarely within previous constitutional and statutory judicial precedent. In fact, the Court went a step further to acknowledge that most of the concerns raised by the plaintiffs were limited to matters of public policy made by locally elected officials. The Court revealed an obligation to defer to the decisions of local elected officials in these circumstances so long as the bond proposal is sound, feasible and reasonable.
The Georgia Chamber applauds the Court’s decision to show deference to local elected officials when structuring local infrastructure and economic development projects through the issuance of bonds to cover construction costs. By deferring to the judgment of elected officials to structure financing for large investment projects, the Court has waved a banner that indicates Georgia is open for business to all companies interested in moving to or expanding operations in the state of Georgia. In the future, a company will have the ability to negotiate and execute financing agreements involving the issuance of bonds without worrying whether courts will come in and second-guess the judgment of local officials with whom they have formed these agreements. With this decision, the judiciary in Georgia has sent a clear message: Georgia will have a transparent rule of law enforced in a predictable manner, as it is written, which places the state in a competitive economic position.