HB159: HB159 Georgia Housing and Finance Authority; increase outstanding bond limit

25 LC 62 0158S/AP House Bill 159 (AS PASSED HOUSE AND SENATE) By: Representatives Crowe of the 118th, Reeves of the 99th, Camp of the 135th, and New of the 40th A BILL TO BE ENTITLED AN ACT To amend Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the1 Georgia Housing and Finance Authority, so as to increase the ou tstanding bond limit; to2 provide for related matters; to provide for an effective date; to repeal conflicting laws; and3 for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Chapter 26 of Title 50 of the Official Code of Georgia Annotate d, relating to the Georgia7 Housing and Finance Authority, is amended in Code Section 50-26-10, relating to obligations8 not subject to "Georgia Uniform Securities Act of 2008," paymen t of operating costs,9 authority's revenue, bond anticipation notes, terms of bond, replacement of bond, validation,10 and interest rates, by revising subsection (i) as follows:11 "(i)(1) The authority shall not have outstanding at any one time bonds and notes for its12 single-family residential housing program in an aggregate amount exceeding $3 billion13 $6 billion, excluding bonds and notes issued to refund outstanding bonds and notes.14 (2) The authority shall not have outstanding at any one time b onds and notes for15 financing of enterprises, other than enterprises contained in a health facility and other16 H. B. 159 - 1 - 25 LC 62 0158S/AP than housing, exceeding $140 million and shall not issue any such bonds or notes after17 June 30, 1995; provided, however, that such limitations shall n ot apply with respect to18 bonds and notes issued to refund outstanding bonds and notes.19 (3) The authority shall not have outstanding at any one time b onds and notes for the20 financing of health care services exceeding $30 million; provid ed, however, that such21 limitations shall not apply with respect to bonds and notes issued to refinance outstanding22 bonds and notes.23 (4) Any limitations with respect to interest rates or any maximum interest rate or rates24 found in Article 3 of Chapter 82 of Title 36, the 'Revenue Bond Law,' the usury laws of25 this state, or any other laws of this state do not apply to bonds of the authority."26 SECTION 2.27 This Act shall become effective upon its approval by the Governor or upon its becoming law28 without such approval.29 SECTION 3.30 All laws and parts of laws in conflict with this Act are repealed.31 H. B. 159 - 2 -