HR99: HR99 General Assembly; Baby Bond Savings Plan Trust Fund; authorize creation - CA

Currently Georgia's constitution limits how the state can spend public funds without getting something of equal value in return, and it restricts how public money can be set aside outside the state treasury. This resolution proposes a constitutional amendment that would let the General Assembly authorize spending public funds on baby bond savings programs, which are accounts set up for children that can later be used for things like college, buying a home, or other approved purposes. The amendment would create a Baby Bond Savings Plan Trust Fund, run by a board set up under future state law, and would specify that money in the fund is not state property, cannot be mixed with other state funds, and does not count against the state's constitutional debt limits. It also renumbers an existing part of the constitution dealing with highway employee indemnification. If passed by the legislature, the proposal would go to Georgia voters for final approval or rejection.

• Amends the Georgia Constitution to let the General Assembly spend public funds on baby bond savings programs without requiring something of equal value in return.
• Creates a Baby Bond Savings Plan Trust Fund that would be managed by a board set up through future general law.
• Specifies that trust fund money is not the state's property, cannot be mixed with general state funds, and is exempt from constitutional debt limits.
• Allows fund money to pay for higher education, buying a home, investments, or other purposes the board sets, especially once a beneficiary reaches a certain age.
• Renumbers an existing constitutional provision about indemnification for certain state highway employees to make room for the new language.
• Sends the proposed amendment to Georgia voters for a yes or no vote on ratification.

Georgia voters, who would decide the amendment's fate on a ballot; the General Assembly, which would gain new constitutional authority; any future board created to run the trust fund; and eventually children or beneficiaries who could receive baby bond savings for education, housing, or other approved uses.

If ratified, Georgia could set up a state-run savings program for children funded with public money, something the constitution currently restricts because of rules against spending without direct benefit and limits on public debt and fund segregation. The change would give lawmakers a new financial tool, but it takes effect only if voters approve it.

• Section 1 amends Article III, Section VI, Paragraph VI to authorize spending public funds on baby bond programs without needing a return benefit, and exempts such programs from constitutional debt limits.
• Section 1 also redesignates an existing subparagraph about indemnification for state highway employees to make room for the new provision.
• Section 2 amends Article III, Section IX, Paragraph VI to let the General Assembly create the Baby Bond Savings Plan Trust Fund by general law, administered by a board.
• Section 2 states trust fund money can be used for higher education, buying a home, investments, or other board-approved purposes once a beneficiary reaches a certain age.
• Section 2 provides that any appropriation from the fund other than as described is void, and that deposited money does not lapse or fall under general lapsing or appropriation limits.
• Section 3 sets the exact ballot language voters would see and requires the amendment to be published and submitted under Article X, Section I, Paragraph II of the Constitution.

1. 2025-02-03House Second Readers (House)
2. 2025-01-30House First Readers (House)
3. 2025-01-29House Hopper (House)

• Kim Schofield (D, HD-063)Primary sponsor
• Carolyn Hugley (D, HD-141)
• Viola Davis (D, HD-087)
• Park Cannon (D, HD-058)
• Sandra Scott (D, HD-076)

• baby bonds
• constitutional amendment
• child savings programs
• state trust funds
• education and housing savings