HB 803 - Local govt; certain authorities; prohibit certain activities

First Reader Summary

A BILL to amend Chapter 82 of Title 36 of the Official Code of Georgia Annotated, relating to local government bonds and financing, so as to prohibit certain authorities from carrying on certain activities outside of the political subdivisions for or within which they are created to function; and for other purposes.

Page Numbers - 1/ 2

Code Sections - 36-82-220/ 36-82-221/ 36-82-222

Recorded Votes

• Vote # 401 PASS 03/17/97

HB 803                                            LC 18 8285S 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Chapter 82 of Title 36 of the Official Code of 
  1- 2  Georgia Annotated, relating to local government bonds and 
  1- 3  financing, so as to prohibit certain authorities from 
  1- 4  issuing certain obligations; to provide for definitions; to 
  1- 5  provide for conditions and limitations; to provide for 
  1- 6  construction; to provide for related matters; to provide an 
  1- 7  effective date; to repeal conflicting laws; and for other 
  1- 8  purposes. 
 
  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-10                           SECTION 1. 
 
  1-11  Chapter 82 of Title 36 of the Official Code of Georgia 
  1-12  Annotated, relating to local government bonds and financing, 
  1-13  is amended by adding at its end a new Article 9 to read as 
  1-14  follows: 
 
 
 
  1-15    36-82-220. 
 
  1-16    As used in this article, the term: 
 
  1-17      (1) 'Governmental unit' means any county, municipal 
  1-18      corporation, school district, or political subdivision 
  1-19      of the state. 
 
  1-20      (2) 'Local authority' means any public corporation or 
  1-21      authority created by or pursuant to a local or special 
  1-22      Act of the General Assembly or a local or special 
  1-23      amendment to the Constitution. 
 
  1-24      (3) 'Obligations' means any bonds, notes, certificates, 
  1-25      or obligations of any kind to evidence any repayment 
  1-26      obligation for money borrowed or to evidence any divided 
  1-27      or undivided interest in any lease or installment 
  1-28      purchase contract or other obligation. 
 
  1-29      (4) 'Sponsoring governmental unit' means: 
 
 
 
 
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  2- 1        (A) Any governmental unit the governing body of which, 
  2- 2        or any member thereof which, is authorized by law or 
  2- 3        constitutional amendment to appoint or elect any 
  2- 4        member of the governing body of a local authority; 
 
  2- 5        (B) Any governmental unit within the territorial or 
  2- 6        corporate limits of which any member of the governing 
  2- 7        body of a local authority is required by law or 
  2- 8        constitutional amendment to reside; 
 
  2- 9        (C) Any governmental unit an elected or appointed 
  2-10        official of which is required by law or constitutional 
  2-11        amendment to be a member of the governing body of a 
  2-12        local authority; or 
 
  2-13        (D) Any governmental unit any part of the territorial 
  2-14        or corporate limits of which are located within the 
  2-15        territorial or corporate limits of a governmental unit 
  2-16        described in subparagraph (A), (B), or (C) of this 
  2-17        paragraph. 
 
  2-18    36-82-221. 
 
  2-19    No local authority shall issue or be a grantor of a trust 
  2-20    which issues any obligations to finance or refinance any 
  2-21    real or personal property to be owned, leased, or operated 
  2-22    by any governmental unit which is not a sponsoring 
  2-23    governmental unit of such local authority. 
 
  2-24    36-82-222. 
 
  2-25    This article shall be liberally construed to effect the 
  2-26    purposes hereof.  Insofar as the provisions of this 
  2-27    article may be inconsistent with the provisions of any 
  2-28    local or special amendment to the Constitution, this 
  2-29    article shall control and shall be deemed to be an 
  2-30    exercise of the power to enlarge or restrict the 
  2-31    provisions of such local or special constitutional 
  2-32    amendment." 
 
  2-33                           SECTION 2. 
 
  2-34  This Act shall become effective upon its approval by the 
  2-35  Governor or upon its becoming law without such approval. 
 
  2-36                           SECTION 3. 
 
  2-37  All laws and parts of laws in conflict with this Act are 
  2-38  repealed. 
 
 
 
 
 
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