HR6: HR6 General Assembly; more than one Seed-Capital Fund; provide by law - CA

25 LC 50 0942 House Resolution 6 By: Representative Kendrick of the 95th A RESOLUTION Proposing an amendment to the Constitution so as to authorize t he General Assembly to1 provide by law for more than one Seed-Capital Fund; to provide for the submission of this2 amendment for ratification or rejection; and for other purposes.3 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:4 SECTION 1.5 Article III, Section IX, Paragraph VI of the Constitution is am ended by revising6 subparagraph (g) as follows:7 "(g) The General Assembly is authorized to provide by law for the creation of a one or8 more Seed-Capital Fund Funds from which funds shall be disbursed at the direction of the9 Advanced Technology Development Center of the University System of Georgia to provide10 equity and other capital to small, young, entrepreneurial firms engaged in innovative work11 in the areas of technology, manufacturing, or agriculture. Funds shall be disbursed in the12 form of loans or investments which shall provide for repayment, rents, dividends, royalties,13 or other forms of return on investments as provided by law. Moneys received from returns14 on loans or investments shall be deposited in the applicable Seed-Capital Fund for further15 disbursement. The General Assembly is authorized to appropriate moneys to such fund or16 funds and such moneys paid into the fund or funds shall not be subject to the provisions of17 H. R. 6 - 1 - 25 LC 50 0942 Article III, Section IX, Paragraph IV(c) relative to the lapsin g of funds. The General18 Assembly shall be authorized to provide by law for any matters relating to the purpose or19 provisions of this subparagraph."20 SECTION 2.21 The above proposed amendment to the Constitution shall be publi shed and submitted as22 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the23 above proposed amendment shall have written or printed thereon the following:24 "( ) YES25 ( ) NO26 27 28 29 30 Shall the Constitution of Georgia be amended so as to authorize the General Assembly to provide by law for more than one Seed-Capital Fund from which funds shall be disbursed at the direction of the Advanced Technology Development Center of the University System of Georgia to provide equity and other capital to small, young, entrepreneurial firms engage d in innovative work in the areas of technology, manufacturing, or agriculture?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." 31 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If32 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall33 become a part of the Constitution of this state.34 H. R. 6 - 2 -