City of Bremen v. Regions Bank

Sears, Presiding Justice.

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…