Georgia CommonsHB 159: Georgia Housing and Finance Authority; increase outstanding bond limit
Enrolled version, the latest LegiScan holds · Last action May 13, 2025 · Passed
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
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 the Georgia Housing and Finance Authority, so as to increase the outstanding bond limit; 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) 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 $3 billion $6 billion, excluding bonds and notes issued to refund outstanding bonds and notes.
(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) 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."
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.