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City of Bremen v. Regions Bank

The city could not avoid its responsibility under a valid loan and tax anticipation note based on its use and management of the loan proceeds in the months following the note's execution.

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The City of Bremen, Georgia “City”, appeals the trial court’s grant of summary judgment in favor of Regions Bank of Cedartown, Georgia, holding the City liable for the payment of a $1 million loan issued by Regions Bank, plus interest, penalties and attorney fees. Having reviewed the record and considered the parties’ arguments, we conclude that the loan was a valid exercise of the City’s temporary borrowing power under the Georgia Constitution, and that the tax anticipation note executed by the City as security for the loan was valid on its face and an enforceable obligation. We also conclude that Regions Bank satisfied its due diligence obligations in connection with its making of the loan. There being no disputed material facts regarding these issues and Regions Bank being entitled to recover on the note as a matter of law, we affirm the trial court’s grant of summary judgment.

In the latter half of 1998, the City, along with the Development Authority of Bremen, sought financing for the construction of the Turkey Creek Golf Course, a municipal golf course to be built in the existing Bremen Industrial Park. The 400 acres underlying the Industrial Park had been purchased in 1979, and because environmental regulations had made the acreage unsuitable for industrial development, it was decided that the property should be developed as a golf course. Funding for the golf course’s construction was to be generated by revenue bonds issued by the Development Authority.

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