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03 LC 28 1043/AP
House Bill 519 (AS PASSED HOUSE
AND SENATE)
By: Representatives Rogers of the 20th, Reece of the 21st, Mills of the 67th, Post 2, Amerson of the 9th, Murphy of the 14th, Post 2, and others
By: Representatives Rogers of the 20th, Reece of the 21st, Mills of the 67th, Post 2, Amerson of the 9th, Murphy of the 14th, Post 2, and others
A BILL TO BE
ENTITLED
AN ACT
AN ACT
To amend Code Section 12-3-318 of the Official Code of
Georgia Annotated, relating to purposes for which income, gifts, grants,
appropriations, bonds, or loans may be used by the Lake Lanier Islands
Development Authority, so as to require certain allocation of certain funds
received by the authority; to provide for related matters; to repeal conflicting
laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Code Section 12-3-318 of the Official Code of Georgia
Annotated, relating to purposes for which income, gifts, grants, appropriations,
bonds, or loans may be used by the Lake Lanier Islands Development Authority, is
amended by adding a new subsection (c) to read as
follows:
"(c) Notwithstanding any provision of law to the contrary, with regard to revenues received by the authority from property management contracts or agreements or leases of real property by the authority, 75 percent of all such revenues shall be retained by the authority for use in projects in the Lake Lanier Watershed area."
"(c) Notwithstanding any provision of law to the contrary, with regard to revenues received by the authority from property management contracts or agreements or leases of real property by the authority, 75 percent of all such revenues shall be retained by the authority for use in projects in the Lake Lanier Watershed area."
SECTION 2.
All laws and parts of laws in conflict with this Act are
repealed.