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| Georgia General Assembly |
HB75.html
01 HB 75/CSFA
House Bill 75 (COMMITTEE
SUBSTITUTE) (AM)
By: Representatives Stancil of the
16th, Walker of the 141st, Buck of the 135th,
Royal of the 164th and Pinholster of the 15th
A BILL TO BE
ENTITLED
AN ACT
To amend Chapter 82 of Title 36 of the Official Code of
Georgia Annotated, relating to bonds, so as to require the reporting of certain
information with respect to any bonds, notes, or other obligations of any
political subdivision; to provide for compilation and reporting; to provide for
enforcement; to provide for powers, duties, and authority of the Department of
Community Affairs with respect to the foregoing; to provide for an effective
date; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Chapter 82 of Title 36 of the Official Code of Georgia
Annotated, relating to bonds, is amended by adding a new Code section
immediately following Code Section 36-82-8, to be designated Code Section
36-82-9, to read as
follows:
"36-82-9.
(a)
As used in this Code section, the term 'political subdivision' means any
municipality, county, local government authority, board, or commission empowered
to enter into debt. Such term shall not include any state agency or state
authority.
(b) A political subdivision which issues
general obligation bonds, revenue bonds, or any other bonds, notes, certificates
of participation, or other such obligations of that political subdivision in an
amount exceeding $1 million, shall file a report with the Department of
Community Affairs which contains the following:
(1)
Name of issuer;
(2) Whether the issue is a new issue
or a refinancing or refunding;
(3) Total amount
issued;
(4) Term of
issue;
(5) Detailed description of purpose or
purposes;
(6) Name of
underwriter;
(7) Underwriting
costs;
(8) Name of bond
counsel;
(9) Interest rate;
and
(10) True or net interest
costs.
Such information shall be reported to the
Department of Community Affairs in accordance with Code Section
36-81-8."
SECTION 2.
Said chapter is further amended by striking Article 7,
relating to regulation of bonds and obligations issued by development
authorities, and inserting in its place the following:
"ARTICLE
7
36-82-160.
(a)
Any downtown development authority created pursuant to Chapter 42 of this title,
any development authority created pursuant to Chapter 62 of this title, any
resource recovery development authority created pursuant to Chapter 63 of this
title, and any other authority created by or pursuant to a local law or local
constitutional amendment for the purpose of developing or promoting trade,
commerce, industry, or employment opportunities or for other similar purposes
shall file with the Department of Community Affairs a statement with respect to
all bonds, notes, and other obligations which such authority issues, and such
statement shall contain with respect to each such issue of bonds, notes, or
other obligations:
(1) The name and
address of the authority;
(2) The
date of the issue and the face amount of the
issue;
(3) The name and address of
the principal user or principal users, determined based upon reasonable
expectations at the time of issuance, of any facilities provided with the
proceeds of the issue; and
(4) A
general description of the type of project financed with proceeds of the
issue.
Such filing shall be deemed to
be made upon mailing to the Department of Community Affairs in Atlanta, Georgia.
Failure to make such filing shall not affect the validity of any bonds, notes,
or other obligations. A statement shall be filed, with respect to all bonds,
notes, and other obligations issued by an authority during each calendar
quarter, not later than the fifteenth day of the second calendar month after the
close of the calendar quarter. Such statement may, at the authority´s
option, be filed separately with respect to each issue at the time of issuance
or at any time thereafter through the fifteenth day of the second calendar month
after the close of the calendar quarter during which such bonds, notes, or other
obligations were issued. The Department of Community Affairs may, for cause
shown, grant an extension of the time within which such filing is required. The
requirements of this subsection shall apply to bonds, notes, and other
obligations which are issued on or after July 1,
1984.
(b) The Department of Community
Affairs may prescribe or designate a form on which the information required by
subsection (a) of this Code section shall be filed. Any form required by the
federal government and requesting information similar to that required by
subsection (a) of this Code section may be so designated by the Department of
Community Affairs, notwithstanding any deviations in the type or amount of
information requested by such federal form from the type or amount of
information required by subsection (a) of this Code
section.
(c) Notwithstanding anything
therein to the contrary, the requirements of subsection (a) of this Code section
shall not apply to:
(1) Any hospital
authority created pursuant to Article 4 of Chapter 7 of Title
31;
(2) The Municipal Electric
Authority of Georgia, created pursuant to Article 3 of Chapter 3 of Title 46;
or
(3) The Metropolitan Atlanta Rapid
Transit Authority, created pursuant to Ga. L. 1965, p. 2243, as
amended.
The authorities listed above
are specifically excluded in order to make clear that subsection (a) of this
Code section does not apply to them, but such specific exclusion is not intended
to imply that these authorities would otherwise be covered by subsection (a) of
this Code section
Reserved."
SECTION 3.
This Act shall become effective upon its approval by the
Governor or upon its becoming law without such approval.
SECTION 4.
All laws and parts of laws in conflict with this Act are
repealed.