06 LC 18
4868
House
Bill 1569
By:
Representative Franklin of the
43rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 50 of the Official Code of Georgia Annotated, relating to state
government, so as to require the issuance by the state of silver medallions for
use in financial transactions in this state; to provide for issuance
requirements, conditions, and procedures; to provide for the legal and
transactional status of such medallions; to provide for conditions of subsequent
issuance; to provide for related matters; to provide an effective date; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
50 of the Official Code of Georgia Annotated, relating to state government, is
amended by adding a new chapter at the end thereof, to be designated Chapter 36,
to read as follows:
"CHAPTER
36
50-36-1.
The
State of Georgia shall, each calendar year, issue into circulation not fewer
than 1 million silver medallions of the State of Georgia. Each medallion shall
contain one troy ounce of fine silver and shall be alloyed to 90 percent silver
content and shall bear the Coat of Arms of the State of Georgia, the National
Motto, 'In God We Trust,' and the year of issue on one side. On the other side,
each such medallion shall bear the words 'Contains One Troy Ounce Fine Silver,'
'Georgia Silver Money,' the written and numeric value in dollars, the uniform
resource locator information for the official website of the state, and may also
bear other appropriate emblems or design features.
50-36-2.
The
initial value of each medallion issued pursuant to Code Section 50-36-1 shall be
$20.00. When the 30 day moving average price of an ounce of silver equals or
exceeds 75 percent of the face value of the current medallion, the State of
Georgia shall issue into circulation medallions in accordance with Code Section
50-36-1 that shall have a face value equal to the next highest denominated note
issued by the Federal Reserve.
50-36-3.
The
medallions so issued pursuant to Code Section 50-36-1 shall be used by the state
in paying its obligations and shall be accepted by the state as payment of
obligations owed to the state and may be used in all other transactions within
this state upon mutual consent of the parties of any such
transaction.
50-36-4.
The
medallions issued pursuant to Code Section 50-36-1 are neither coins nor are
they legal tender within the meaning of 31 U.S.C. Section 5103, as
amended.
50-36-5.
When
the medallions authorized by Code Section 50-36-1 are received back in the state
treasury, they shall be reissued. The medallions shall not be held as a
reserve.
50-36-6.
The
medallions issued pursuant to Code Section 50-36-1 shall be accepted for deposit
by any bank or lending institution serving as a depository for the state or any
department or agency of the state. Any such bank or lending institution may
offer such medallions to and accept them for deposit from other
customers.
50-36-7.
Nothing
in this chapter shall be construed as prohibiting or restricting the right of
the state to issue such medallions at a discount of up to 5 percent of the face
value of such
medallions."
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.