07 LC 18
6139
House
Bill 260
By:
Representatives Jacobs of the
80th,
Scott of the
2nd,
Lindsey of the
54th,
Millar of the
79th,
Chambers of the
81st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 3 of Chapter 82 of Title 36 of the Official Code of Georgia
Annotated, relating to revenue bonds, so as to require that certain authorities
of this state obtain the approval of the governing authority of certain counties
or municipalities prior to issuing revenue bonds or spending revenue from such
bond issue; to provide for a definition; to provide for an exception; to provide
for related matters; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
3 of Chapter 82 of Title 36 of the Official Code of Georgia Annotated, relating
to revenue bonds, is amended by revising Code Section 36-82-63, relating to the
adoption of resolution authorizing undertaking and issuance of revenue bonds, as
follows:
"36-82-63.
(a)
Except as provided in subsection (b) of this Code section,
the
The
acquisition, construction, reconstruction, improvement, betterment, or extension
of any undertaking and the issuance, in anticipation of the collection of the
revenues of such undertaking, of bonds to provide funds to pay the cost thereof,
may be authorized under this article by resolution or resolutions of the
governing body, which may be adopted at a regular or special meeting by a
majority of the members of the governing body. Unless otherwise provided
therein, such resolution or resolutions shall take effect immediately and need
not be laid over or published or posted. The governing body, in determining such
cost, may include all costs and estimated costs of the issuance of the bonds;
all engineering, inspection, fiscal, and legal expenses; interest estimated to
accrue during the construction period and for six months thereafter on money
borrowed or which it is estimated will be borrowed pursuant to this article; and
moneys not in excess of an amount equal to 15 percent of the total principal
amount of each such bond issue, to establish a debt service reserve with respect
to principal and interest requirements on the bonds.
(b)(1)
As used in this subsection, the term 'registered development authority' means a
local government authority, as defined in Code Section 36-80-16, that at the
time of issuance of such bonds is registered with the Department of Community
Affairs as required by Code Section 36-80-16, and that has purposes or powers
relating to trade, commerce, industry, agriculture, or employment
opportunities.
(2)
As a condition precedent to the issuance of revenue bonds or the expenditure of
proceeds from such bonds, a local authority shall comply with the requirements
of this subsection. With respect to revenue bonds to be issued by any authority
of this state whose jurisdiction is wholly within the boundaries of a single
county or municipality:
(A)
If the jurisdiction of the authority is wholly within the boundaries of a single
county, but not wholly within the boundaries of a single municipality, the
authority shall be required to obtain prior approval of the purposes for issuing
such revenue bonds through the adoption, by a majority vote of the governing
authority of the county, of a resolution approving such purposes.
(B)
If the jurisdiction of the authority is wholly within the boundaries of a single
municipality, whether or not the jurisdiction of the authority is wholly with
the boundaries of a single county, the authority shall be required to obtain
prior approval of the purposes for issuing such revenue bonds through the
adoption, by a majority vote of the governing authority of the municipality, of
a resolution approving such purposes.
(3)
This subsection shall not apply to registered development
authorities."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.