Georgia General Assembly · Full text

HR 99: General Assembly; Baby Bond Savings Plan Trust Fund; authorize creation - CA

Introduced version, the latest LegiScan holds · Last action February 3, 2025 · Introduced

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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 shall be authorized to provide by law to expend or authorize the expenditure of public funds for baby bond savings programs without the need for benefit in return; to authorize the creation of the Baby Bond Savings Plan Trust Fund; to provide for the redesignation of a current subparagraph of the Constitution; to provide for related matters; to provide for the submission of this amendment for ratification or rejection; and for other purposes.

BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article III, Section VI, Paragraph VI of the Constitution is amended by redesignating the second subparagraph (g), relating to a program of indemnification for certain state highway employees, as subparagraph (h) and by adding a new subparagraph to read as follows: "(i) The General Assembly is authorized to provide by law and may expend or authorize the expenditure of public funds for the state or any political subdivision or instrumentality thereof to institute baby bond savings programs, to provide that any such program shall not be subject to any limitations of debt provided for in this Constitution, to provide that amounts on deposit in the trust fund shall not constitute property of the state, to provide that it shall not be commingled with state funds, and to provide that the state shall not have claim or interest in such funds other than for reasonable fees and charges assessed for administration costs."

SECTION 2.

Article III, Section IX, Paragraph VI of the Constitution is amended by adding a new subparagraph to read as follows:

"(s) The General Assembly is authorized to provide by general law for the creation of a Baby Bond Savings Plan Trust Fund to be administered by a board established by general law. Moneys from the fund shall be used for qualified expenses as provided by general law and may include paying for higher education, purchasing a home, investments, and other purposes provided by the board or once a beneficiary reaches a certain age. The General Assembly may provide by general law for the dedication and deposit of revenues raised from specified sources for the purposes of the fund into the fund. Any other appropriation from the Baby Bond Savings Plan Trust Fund shall be void. Contributions and revenues deposited into the fund shall not lapse and shall not be subject to the limitations of subparagraph (a) of this Paragraph or of Article VII, Section III, Paragraph II."

SECTION 3.

The above proposed amendment to the Constitution shall be published and submitted as provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the above proposed amendment shall have written or printed thereon the following: "( ) YES 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 ( ) NO to institute baby bond savings programs without the need for benefit in return and provide by general law for the Baby Bond Savings Plan Trust Fund?"

All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." All persons desiring to vote against ratifying the proposed amendment shall vote "No." If such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall become a part of the Constitution of this state.