03 LC 18 2563T

House Bill 689
By: Representatives Epps of the 90^th and Brown of the 89^th

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 36-82-61 of the Official Code of Georgia Annotated, relating to definitions regarding Article 3 of Chapter 82 of Title 36, the "Revenue Bond Law," so as to change the definition of "undertaking"; to remove the referendum requirement with respect to revenue certificates issued for gas generation and distribution systems; to provide an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 36-82-61 of the Official Code of Georgia Annotated, relating to the definitions regarding Article 3 of Chapter 82 of Title 36, the "Revenue Bond Law," is amended by striking division (4)(C)(iv) and inserting in lieu thereof a new division (4)(C)(iv) to read as follows:
"(iv) Used or useful in connection with buying, constructing, extending, operating, and maintaining gas or electric generating and distribution systems together with all necessary appurtenances thereof; provided, further, any revenue certificates issued to buy, construct, extend, operate, and maintain gas or electric generating and distribution systems shall, before being undertaken, be authorized by a majority of those voting at an election held for the purpose in the county, municipal corporation, or political subdivision affected, the election for such to be held in the same manner as is used in issuing bonds of such county, municipal corporation, or political subdivision and the said elections shall be called and provided for by officers in charge of the fiscal affairs of said county, municipal corporation, or political subdivision affected;"

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.