House Bill 1180
By: Representatives Crowe of the 118th, Camp of the 135th, Reeves of the 99th, Washburn of
the 144th, and Paris of the 142nd
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the
Georgia Housing and Finance Authority, so as to eliminate the outstanding bond limit; to
provide for a statement on bonds regarding the full faith and credit of the State; to provide
for related matters; to provide for an effective date; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Chapter 26 of Title 50 of the Official Code of Georgia Annotated, relating to the Georgia
Housing and Finance Authority, is amended in Code Section 50-26-10, relating to obligations
not subject to "Georgia Uniform Securities Act of 2008," payment of operating costs,
authority's revenue, bond anticipation notes, terms of bond, replacement of bond, validation,
and interest rates, by revising subsection (i) as follows:
"(i)(1) <del>The authority shall not have outstanding at any one time bonds and notes for its
single-family residential housing program in an aggregate amount exceeding $6 billion,
excluding bonds and notes issued to refund outstanding bonds and notes.
</del>
<del>(2) The authority shall not have outstanding at any one time bonds and notes for
financing of enterprises, other than enterprises contained in a health facility and other
than housing, exceeding $140 million and shall not issue any such bonds or notes after
June 30, 1995; provided, however, that such limitations shall not apply with respect to
bonds and notes issued to refund outstanding bonds and notes.
(3) The authority shall not have outstanding at any one time bonds and notes for the
financing of health care services exceeding $30 million; provided, however, that such
limitations shall not apply with respect to bonds and notes issued to refinance outstanding
bonds and notes.
(4)</del> Any limitations with respect to interest rates or any maximum interest rate or rates
found in Article 3 of Chapter 82 of Title 36, the 'Revenue Bond Law,' the usury laws of
this state, or any other laws of this state do not apply to bonds of the authority.
<ins>(2) All bonds issued by the authority pursuant to this chapter shall include on the face
of such bonds the following statement: 'The Bond(s) will not be deemed to constitute a
debt of the State or its agencies or a pledge of the faith and credit of the State or its
agencies.'"
</ins> SECTION 2.
This Act shall become effective upon its approval by the Governor or upon its becoming law
without such approval.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.