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

25 LC 59 0056 House Resolution 99 By: Representatives Schofield of the 63rd, Hugley of the 141st, Davis of the 87th, Cannon of the 58th, and Scott of the 76th A RESOLUTION Proposing an amendment to the Constitution so as to provide that the General Assembly shall1 be authorized to provide by law to expend or authorize the expenditure of public funds for2 baby bond savings programs without the need for benefit in return; to authorize the creation3 of the Baby Bond Savings Plan Trust Fund; to provide for the re designation of a current4 subparagraph of the Constitution; to provide for related matter s; to provide for the5 submission of this amendment for ratification or rejection; and for other purposes.6 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 Article III, Section VI, Paragraph VI of the Constitution is am ended by redesignating the9 second subparagraph (g), relating to a program of indemnification for certain state highway10 employees, as subparagraph (h) and by adding a new subparagraph to read as follows:11 "(i) The General Assembly is authorized to provide by law and may expend or authorize12 the expenditure of public funds for the state or any political subdivision or instrumentality13 thereof to institute baby bond savings programs, to provide that any such program shall not14 be subject to any limitations of debt provided for in this Cons titution, to provide that15 amounts on deposit in the trust fund shall not constitute prope rty of the state, to provide16 that it shall not be commingled with state funds, and to provide that the state shall not have17 H. R. 99 - 1 - 25 LC 59 0056 claim or interest in such funds other than for reasonable fees and charges assessed for18 administration costs."19 SECTION 2.20 Article III, Section IX, Paragraph VI of the Constitution is am ended by adding a new21 subparagraph to read as follows:22 "(s) The General Assembly is authorized to provide by general law for the creation of a23 Baby Bond Savings Plan Trust Fund to be administered by a board established by general24 law. Moneys from the fund shall be used for qualified expenses as provided by general law25 and may include paying for higher education, purchasing a home, investments, and other26 purposes provided by the board or once a beneficiary reaches a certain age. The General27 Assembly may provide by general law for the dedication and depo sit of revenues raised28 from specified sources for the purposes of the fund into the fund. Any other appropriation29 from the Baby Bond Savings Plan Trust Fund shall be void. Contributions and revenues30 deposited into the fund shall not lapse and shall not be subjec t to the limitations of31 subparagraph (a) of this Paragraph or of Article VII, Section III, Paragraph II."32 SECTION 3.33 The above proposed amendment to the Constitution shall be publi shed and submitted as34 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the35 above proposed amendment shall have written or printed thereon the following:36 "( ) YES37 38 ( ) NO39 40 41 Shall the Constitution of Georgia be amended so as to authorize the General Assembly to provide by law to expend or authorize the use of public funds to institute baby bond savings programs without the need for be nefit in return and provide by general law for the Baby Bond Savings Pla n Trust Fund?" H. R. 99 - 2 - 25 LC 59 0056 All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." 42 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If43 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall44 become a part of the Constitution of this state.45 H. R. 99 - 3 -