SB 70: "Conyers Community Improvement Districts Act"; enact

Senate Bill 70

By: Senator Anderson of the 43rd

AS PASSED

A BILL TO BE ENTITLED

AN ACT

To provide for the creation of one or more community improvement districts within the City of Conyers, Georgia; to provide for a short title; to provide for the purpose of such districts; to provide for definitions; to provide for boards to administer such districts; to provide for appointment and election of members of such boards; to provide for taxes, fees, and assessments; to provide for the boundaries of such districts; to provide procedures for determining the specifications for projects to be undertaken by districts and the manner of levying taxes, fees, and assessments with respect thereto; to provide for the debt of such districts; to provide for cooperation with local governments; to provide for powers of such boards; to provide for general obligation bonds, notes, and other obligations of such districts; to provide for the form of bonds, provisions for exchange and transfer, certificates of validation, and specification of interest rates; to provide for definition of the terms "cost of the project" and "cost of any project" as used in bond resolutions and elsewhere; to provide for authorized contents of agreements and instruments of the boards generally; to provide for use of proceeds of sale of bonds, notes, and other obligations; to provide for subsequent issues thereof; to provide for construction; to provide that no notice, proceeding, publication, or referendum shall be required; to provide for procedures connected with all of the foregoing; to provide for the dissolution and reactivation of districts under certain conditions; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Short title.

This Act shall be known and may be cited as the "Conyers Community Improvement Districts Act."

SECTION 2.

Purpose.

The purpose of this Act shall be to provide for the creation of one or more community improvement districts within the City of Conyers, Georgia, and each such district shall be created for the provision of such of the following governmental services and facilities as may be provided for in the resolution activating each district created hereby. Such services and facilities shall be one or more of:

(1) Street and road construction and maintenance, including curbs, sidewalks, streetlights, and devices to control the flow of traffic on streets and roads;

(2) Parks and recreational areas and facilities;

(3) Stormwater and sewage collection and disposal systems;

(4) Development, storage, treatment, purification, and distribution of water;

(5) Public transportation;

(6) Terminal and dock facilities and parking facilities; and

(7) Such other services and facilities as may be provided for by general law.

SECTION 3.

Definitions.

As used in this Act, the term:

(1) "Agricultural" means the growing of crops for sale or raising of animals for sale or use, including the growing of field crops, fruit or nut trees, the raising of livestock or poultry, and the operation of dairies, horse boarding facilities, and riding stables.

(2) "Board" means the governing authority created for the governance of each community improvement district authorized by this Act.

(3) "Bonds" or "general obligation bonds" means any bonds of a district that are authorized to be issued under the Constitution and laws of Georgia, including refunding bonds, but not including notes or other obligations of a district.

(4) "Caucus of electors" means for each district, the meeting of electors provided for in this Act at which the elected board members of the district are elected.

(5) "Cost of the project" or "cost of any project" means and includes:

(A) All costs of acquisition by purchase or otherwise, construction, assembly, installation, modification, renovation or rehabilitation incurred in connection with any project or any part of any project;

(B) All costs of real property, fixtures, or personal property used in or in connection with or necessary for any project or for any facilities related thereto, including, but not limited to, the cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates; the cost of securing any such franchises, permits, approvals, licenses, or certificates; and the cost of preparation of any application therefor and the cost of all fixtures, machinery, equipment (including all transportation equipment and rolling stock), furniture, and other property used in or in connection with or necessary for any project;

(C) All interest and other financing charges and loan fees and all interest on bonds, notes, or other obligations of a district which accrue or are paid prior to and during the period of construction of a project and during such additional period as the board may reasonably determine to be necessary to place such project in operation;

(D) All costs of engineering, surveying, and architectural and legal services and all expenses incurred by engineers, surveyors, architects, and attorneys in connection with any project;

(E) All expenses for inspection of any project;

(F) All fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument or agreement; all expenses incurred by any such fiscal agents, paying agents, and trustees; and all other costs and expenses incurred relative to the issuance of any bonds, notes, or other obligations for any project;

(G) All expenses of or incidental to determining the feasibility of practicability of any project;

(H) All costs of plans and specifications for any project;

(I) All costs of title insurance and examinations of title with respect to any project;

(J) Repayment of any loans made for the advance payment of any part of any of the foregoing costs, including interest thereon and any other expenses of such loans;

(K) Administrative expenses of the board and such other expenses as may be necessary for or incidental to any project or the financing thereof or the placing of any project in operation;

(L) The establishment of a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves as the board may approve with respect to the financing and operation of any project and as may be authorized by any bond resolution, trust agreement, indenture of trust, or similar instrument or agreement pursuant to the provisions of which the issuance of any bonds, notes, or other obligations of the district may be authorized; and

(M) Any cost, obligation, or expense incurred for any of the foregoing purposes.

(6) "District" means the geographical area designated as such by the resolution of the governing body of the City of Conyers consenting to the creation of the community improvement district or as thereafter modified pursuant to subsection (b) of Section 7 of this Act.

(7) "Electors" means the owners of real property used nonresidentially within the district which is then subject to taxes, fees, and assessments levied by the board, as they appear on the most recent ad valorem real property tax return records of Rockdale County, or one officer or director of a corporate elector, one trustee of a trust which is an elector, one partner of a partnership elector, or one designated representative of an elector whose designation is made in writing. An owner of property subject to taxes, fees, or assessments levied by the board shall have one vote for an election based on numerical majority. An owner of multiple parcels has one vote, not one vote per parcel, for an election based on numerical majority. Multiple owners of one parcel have one vote for an election based on numerical majority.

(8) "Equitably apportioned among the properties subject to such taxes, fees, and assessments according to the need for governmental services and facilities created by the degree of density of development of each such property," with reference to taxes, fees, and assessments levied by the board, means that the burden of the taxes, fees, and assessments shall be apportioned among the properties subject thereto based upon the values established in the most recent ad valorem tax reassessment of such properties certified by the chairperson of the Rockdale County Board of Tax Assessors or may be apportioned among the properties subject thereto in direct or approximate proportion to the receipt of services or benefits derived from the improvements or other activities for which the taxes, fees, or assessments are to be expended or may be apportioned in any other manner or combination of manners deemed equitable by the board, including, but not limited to, the recognition of differential benefits which may reasonably be expected to accrue to new land development in contrast to lands and improvements already in existence at the time of creation of the community improvement district.

(9) "Forestry" means the planting and growing of trees for sale in a program that includes reforestation of harvested trees, regular underbrush and undesirable growth clearing, fertilizing, pruning, thinning, cruising, and marking which indicate an active tree farming operation; it does not include the casual growing of trees on land otherwise idle or held for investment, even though some harvesting of trees may occur thereon.

(10) "Majority" means 50 percent or more of the total number of individuals composing the group or classification at issue.

(11) "Project" means the acquisition, construction, installation, modification, renovation, rehabilitation or operation of land; interests in land, buildings, structures, facilities, or other improvements located or to be located within or otherwise providing service to the district, and the acquisition, installation, modification, renovation, rehabilitation, or furnishing of fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any such land, interest in land, building, structure, facility, or other improvement, all for the essential public purposes set forth in Section 2 of this Act.

(12) "Property owner" or "owner of real property" means any entity or person shown as a taxpayer for one or more parcels of real estate on the most recent ad valorem tax records of Rockdale County within the district. Ownership as shown by the most recent ad valorem tax records of Rockdale County shall serve as prima-facie proof of ownership. Multiple owners of one parcel shall constitute one property owner, and they shall designate in writing one of their number to represent the whole.

(13) "Property used nonresidentially" means property or any portion thereof used for neighborhood shopping, planned shopping centers, general commercial, transient lodging facilities, tourist services, office or institutional, office services, light industry, heavy industry, central business districts, parking, or other commercial or business use, as well as vacant land zoned or approved for any of the uses listed in this paragraph, which does not include residential use.

(14) "Residential" means a specific work or improvement undertaken primarily to provide single-family or multifamily dwelling accommodations for persons and families and such community facilities as may be incidental or appurtenant thereto.

(15) "Taxpayer" means any entity or person paying ad valorem taxes on real property, whether on one or more parcels of property within the district. Multiple owners of one parcel shall constitute one taxpayer, and they shall designate in writing one of their number to represent the whole.

SECTION 4.

Creation.

(a) Pursuant to Article IX, Section VII of the Constitution of the State of Georgia, there are hereby created one or more community improvement districts to be located in the City of Conyers, Georgia, wholly within the incorporated area thereof. Each community improvement district shall be activated upon compliance with the conditions provided in this Act. Each district shall be governed by a board as constituted pursuant to this Act. The conditions for such activation shall be:

(1) The adoption of a resolution consenting to the creation of each community improvement district by the Mayor and City Council of the City of Conyers; and

(2) Written consent to the creation of the community improvement district by:

(A) A majority of the owners of real property within the district which will be subject to taxes, fees, and assessments levied by the board of the district; and

(B) The owners of real property within the district which constitutes at least 75 percent by value of all real property within the district which will be subject to taxes, fees, and assessments levied by the board and for this purpose value shall be determined by the most recent approved county ad valorem tax digest.

(b) The written consents provided for in paragraph (2) of subsection (a) of this section shall be submitted to the Rockdale County Tax Commissioner, who shall certify whether paragraph (2) of subsection (a) of this section has been satisfied with respect to each such proposed district.

(c) No district or board created under this Act shall transact any business or exercise any powers under this Act until the foregoing conditions of this section are met. A copy of such resolutions shall be filed with the Georgia Secretary of State, who shall maintain a record of all districts activated under this Act, and a second copy shall be filed with the Georgia Department of Community Affairs.

SECTION 5.

Administration, appointment and election of board members.

(a) Each district created pursuant hereto shall be administered by a board composed of a minimum of five board members as follows: one board member shall be appointed by the Mayor and City Council of the City of Conyers and four board members shall be elected by the vote of electors. The members representing the electors shall be elected to serve in post positions 2 through 5, respectively. Each elected board member must receive a majority of the votes cast for the post for which he or she is a candidate. The initial term of office for the member representing Post 2 shall be one year, and the initial terms of office of the members serving on Posts 3 and 4 shall be two years. The initial term of office of the member representing Post 5 shall be three years. Thereafter, all terms of office shall be for two years, except the appointed board member for Post 1, who serve at the pleasure of the governing body who appointed him or her. Should a member cease to be an elector, such member's position on the board shall immediately become vacant and shall be filled for the remainder of the respective term as provided for by the initial appointment or election in this subsection.

(b) The initial board members to be elected as provided in subsection (a) of this section shall be elected in a caucus of electors, which shall be held within 90 days after the adoption of the resolutions and obtaining the written consents provided herein. The caucus shall be held at such time and place within the district as the governing body of the City of Conyers shall designate after notice is given to said electors by publishing notice in the legal organ of Rockdale County at least once each week for four weeks prior to such meeting. A quorum at such caucus shall consist of those electors present, and a majority of those present and voting is necessary to elect board members. No proxy votes may be cast. The Mayor of the City of Conyers or the Mayor's designee shall convene the initial caucus of electors. Thereafter, there shall be conducted annually, not later than 60 days following the last day for filing ad valorem real property tax returns in Rockdale County, a caucus of said electors at such time and place within the district as the board shall designate in such notice for the purpose of electing board members to Posts 2 through 5 for those positions which have terms expiring, or are vacant, as appropriate. If a vacancy occurs in an elected position on the board, the board shall, within 60 days thereafter, call a special election to fill the same. Said special election shall be held within 60 days of the call, unless such vacancy occurs within 180 days of the next regularly scheduled election, in which case a special election may, but need not, be called.

(c) Board members shall be subject to recall by the electors as any other elected public official.

(d) Board members shall receive no compensation for their services, but they shall be reimbursed for actual expenses incurred in the performance of their duties. They shall elect one of their members as chairperson, and another member as vice chairperson. They shall also elect either a secretary and a treasurer, or they shall elect a secretary-treasurer, either of whom may, but need not, be a member of the board.

(e) Chapter 2 of Title 21 of the O.C.G.A. (O.C.G.A. § 21-2-1, et seq.), the Election Code of Georgia, shall not apply to the election of district board members. The district board may adopt such bylaws not inconsistent herewith to provide for any matter concerning such elections.

SECTION 6.

Taxes, fees, and assessments.

(a) The board may levy taxes, fees, and assessments within the district only on real property used nonresidentially, specifically excluding all property exempt from ad valorem taxation under the Constitution or laws of the State of Georgia and all property used for residential, agricultural, or forestry purposes and specifically excluding tangible personal property and intangible property. Any tax, fee, or assessment so levied shall not exceed five mills of the aggregate assessed value of all such real property. The taxes, fees, and assessments levied by the board shall be equitably apportioned among the properties subject to such taxes, fees, and assessments according to the need for governmental services and facilities created by the degree of density of development of each such property. The proceeds of taxes, fees, and assessments levied by the board shall be used only for the purpose of providing governmental services and facilities that are specially required by the degree of density of development within the applicable district and not for the purpose of providing those governmental services and facilities provided to the municipality as a whole. Any tax, fee, or assessment so levied shall be collected by the City of Conyers in the same manner as taxes, fees, and assessments are levied by the City of Conyers. Delinquent taxes shall bear the same interest and penalties as City of Conyers ad valorem taxes, and may be enforced and collected in the same manner. The proceeds of taxes, fees, and assessments so levied, less a fee to cover the costs of collection of one percent thereof, but not more than $25,000.00 in any one calendar year, shall be transmitted by the City of Conyers to the board of said district and shall be expended by the board only for the purposes authorized by this Act.

(b) The board shall levy the taxes, fees and assessments provided for in subsection (a) of this section subsequent to the report of the assessed taxable values for the current calendar year and shall notify in writing the collecting governing bodies so they may include the levy on their regular ad valorem tax bills. The proceeds of taxes, fees and assessments so levied, less the fee to cover the costs of collection as specified in subsection (a) of this section, shall be transmitted by the collecting governing authority to the board and shall be expended by the board only for the purposes authorized by this Act.

(c) If, but for this provision, a parcel of real property is removed from a district or otherwise would become nontaxable, it shall continue to bear its tax millage then extant upon such event, for bonded indebtedness of the district then outstanding, until said bonded indebtedness then outstanding is paid or refunded.

SECTION 7.

Boundaries of districts.

(a) The boundaries of each district shall be as designated by the Mayor and City Council of the City of Conyers, as set forth in the resolution required by Section 4 of this Act, or as may thereafter be added as provided in this Act.

(b) The boundaries of a district may be increased after the initial creation of a district if all of the following requirements are met:

(1) Written consent of a majority of the owners of real property within the area sought to be annexed who will be subject to taxes, fees, and assessments levied by the board of the district is first obtained;

(2) Written consent of the owners of real property within the area sought to be annexed into the district which constitutes at least 75 percent by value of all real property sought to be annexed into the district which will be subject to taxes, fees, and assessments levied by the board. For this purpose, value shall be determined by the most recently approved county ad valorem tax digest;

(3) The adoption of a resolution consenting to the annexation by the board of the district; and

(4) The adoption of a resolution consenting to the annexation by the City of Conyers.

SECTION 8.

Debt.

Each community improvement district may incur debt without regard to the requirements of Section V of Article IX of the Constitution of Georgia, or any other provision of law prohibiting or restricting the borrowing of money or the creation of debt by political subdivisions of the State of Georgia, which debt shall be backed by the full faith, credit, and taxing power of the community improvement district, but said debt shall not be an obligation of the State of Georgia, the City of Conyers, or any other unit of government of the State of Georgia other than the district.

SECTION 9.

Cooperation with local governments.

The services and facilities provided pursuant to this Act shall be provided for in a cooperation agreement executed jointly by the board and the governing body of the City of Conyers. The provisions of this section shall in no way limit the authority of the City of Conyers to provide services or facilities within the district; and the City of Conyers shall retain full and complete authority and control over any of its facilities located within its respective areas of any district. Said control shall include but not be limited to the modification of, access to, and degree and type of services provided through or by facilities of the municipality. Nothing contained in this section shall be construed to limit or preempt the application of any governmental laws, ordinances, resolutions, or regulations to the district or the services or facilities provided therein.

SECTION 10.

Powers of district and board.

(a) Each district and its board created pursuant to this Act shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Act, including, without limiting the generality of the foregoing, the power:

(1) To bring and defend actions;

(2) To adopt and amend a corporate seal;

(3) To make and execute contracts, agreements, and other instruments necessary or convenient to exercise the powers of the board or to further the public purposes for which the district is created, including, but not limited to, contracts for construction of projects, leases of projects, contracts for sale of projects, agreements for loans to finance projects, contracts with respect to the use of projects, and agreements with other jurisdictions or community improvement districts regarding multijurisdictional projects or services or for other cooperative endeavors to further the public purposes of the district;

(4) To acquire by purchase, lease, or otherwise and to hold, lease, and dispose of real and personal property of every kind and character, or any interest therein, in furtherance of the public purposes of the district;

(5) To finance (by loan, grant, lease, or otherwise) and to construct, erect, assemble, purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the cost of any project from the proceeds of bonds, notes, or other obligations of the district or any other funds of the district, or from any contributions or loans by persons, corporations, partnerships (whether limited or general), or other entities, all of which the board is authorized to receive, accept, and use;

(6) To borrow money to further or carry out its public purposes and to execute bonds, notes, other obligations, leases, trust indentures, trust agreements, agreements for the sale of its bonds, notes, or other obligations, loan agreements, security agreements, assignments, and such other agreements or instruments as may be necessary or desirable, in the judgment of the board, to evidence and to provide security for such borrowing;

(7) To issue bonds, notes, or other obligations of the district and use the proceeds thereof for the purpose of paying or reimbursing all or any part of the cost of any project and to otherwise further or carry out the public purposes of the district and to pay all costs of the board incidental to, or necessary and appropriate to, furthering or carrying out such purposes;

(8) To make application directly or indirectly to any federal, state, county, or municipal government or agency or to any other source, whether public or private, for loans, grants, guarantees, or other financial assistance in furtherance of the district's public purposes and to accept and use the same upon such terms and conditions as are prescribed by such federal, state, county, or municipal government or agency or other source;

(9) To enter into agreements with the federal government or any agency thereof to use the facilities or services of the federal government or any agency thereof in order to further or carry out the public purposes of the district;

(10) To contract for any period not exceeding 50 years with the State of Georgia, state institutions, or any municipal corporation, county, or political subdivision of this State for the use by the district of any facilities or services of the State or any such State institution, municipal corporation, county, or political subdivision of this state, or for the use by any State institution or any municipal corporation, county, or political subdivision of the State of any facilities or services of the district, provided that such contracts shall deal with such activities and transactions as the district and any such political subdivision with which the district contracts are authorized by law to undertake;

(11) To receive and use the proceeds of any tax levied by any county or any municipal corporation to pay the costs of any project or for any other purpose for which the board may use its own funds pursuant to this Act;

(12) To receive and administer gifts, grants, and devises of money and property of any kind and to administer trusts;

(13) To use any real property, personal property, fixtures or any interest therein or to rent or lease such property to or from others or make contracts with respect to the use thereof or to sell, lease, exchange, transfer, assign, pledge, or otherwise dispose of or grant options for any such property in any manner as it deems to be the best advantage of the district and the public purposes thereof;

(14) To appoint, select, and employ engineers, surveyors, architects, urban or city planners, fiscal agents, attorneys, and others and to fix their compensation and pay their expenses;

(15) To encourage and promote the improvement and development of the district and to make, contract for, or otherwise cause to be made long range plans or proposals for the district in cooperation with the City of Conyers;

(16) To adopt bylaws governing the conduct of business by the board, the election and duties of officers of the board, and other matters which the board considers appropriate for the bylaws;

(17) To invest its funds, whether derived from the issuance of bonds or otherwise, in such manner as it may deem prudent and appropriate;

(18) To exercise any power granted by the laws of this State to public or private corporations which is not in conflict with the public purposes of the district; and

(19) To do all things necessary or convenient to carry out the powers conferred by this Act.

(b) The powers enumerated in this section are cumulative of and in addition to those powers enumerated herein and elsewhere in this Act, and no such power shall limit or restrict any other power of the board.

(c) The powers enumerated in this section are conferred for an essential governmental function for a public purpose, and the revenues and debt of any district are not subject to taxation.

SECTION 11.

Bonds generally.

(a) Notes or other obligations issued by a district other than general obligation bonds shall be paid solely from the property pledged to pay such notes or other obligations. General obligation bonds issued by any district shall constitute a general obligation of the district to the repayment of which the full faith, credit and taxing power of the district shall be pledged.

(b) All bonds, notes, and other obligations of any district shall be authorized by resolution of its board, adopted by a majority vote of the board members at a regular or special meeting.

(c) Bonds, notes, or other obligations shall bear such date or dates, shall mature at such time or times (not more than 30 years from their respective dates), shall bear interest at such rate or rates (which may be fixed or may fluctuate or otherwise change from time to time), shall be subject to redemption on such terms, and shall contain such other terms, provisions, covenants, assignments, and conditions as the resolution authorizing the issuance of such bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants, assignments, and conditions contained in or provided or permitted by any resolution of the board authorizing the issuance of such bonds, notes, or other obligations shall bind the board members of the district then in office and their successors.

(d) The board shall have power from time to time and whenever it deems it expedient to refund any bonds by the issuance of new bonds, whether or not the bonds to be refunded have matured, and may issue bonds partly to refund bonds then outstanding and partly for any other purpose permitted by this Act. The refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may be agreed upon, or may be sold and the proceeds applied to the purchase or redemption of the bonds to be refunded.

(e) There shall be no limitation upon the interest rates or any maximum interest rate or rates on any bonds, notes, or other obligations of the district; the usury laws of this State shall not apply to bonds, notes, or other obligations of these districts.

(f) Bonds issued by a district may be in such form, either coupon or fully registered, or both coupon and fully registered and may be subject to such exchangeability and transferability provisions as the bond resolution authorizing the issuance of such bonds or as any indenture or trust agreement may provide.

(g) Bonds issued by a district shall be validated and in accordance with Article 3 of Chapter 82 of Title 36 of the O.C.G.A., known as the "Revenue Bond Law," or in accordance with such other successor provision governing bond validation generally as may be provided by law. The signature of the Clerk of the Superior Court of Rockdale County shall be made on the certificate of validation of such bonds by facsimile or by manual execution, stating the date on which such bonds were validated; such entry shall be original evidence of the fact of judgment and shall be received as original evidence in any court in this State.

(h) In lieu of specifying the rate or rates of interest which such bonds are to bear, and the principal amount and maturities of such bonds, the notice to the district attorney or the attorney general, the notice to the public of the time, place, and date of the validation hearing, and the petition and complaint for validation may state that the bonds when issued will bear interest at a rate not exceeding a maximum per annum rate of interest (which may be fixed or may fluctuate or otherwise change from time to time) and that the principal amount will not exceed and the final maturity date will not be later than as specified in such notices and petition and complaint or may state that, in the event the bonds are to bear different rates of interest for different maturity dates, none of such rates will exceed the maximum rate (which may be fixed or may fluctuate or otherwise change from time to time) so specified; provided, however, that nothing in this section shall be construed as prohibiting or restricting the right of a board to sell such bonds at a discount, even if in doing so the effective interest cost resulting therefrom would exceed the maximum per annum interest rate specified in such notices and in the petition and complaint.

(i) The terms "cost of the project" and "cost of any project" shall have the meaning prescribed herein whenever those terms are referred to in bond resolutions of a board, in bonds, notes, or other obligations of the district, or in notices or proceedings to validate such bonds, notes, or other obligations of a district.

SECTION 12.

Authorized contents of agreements and instruments of board generally; use of proceeds of sale of bonds, notes and other obligations; subsequent issues thereof.

(a) Subject to the limitations and procedures provided by this section and by the immediately preceding section, the agreements or instruments executed by a board may contain such provisions not inconsistent with law as shall be determined by such board.

(b) The proceeds derived from the sale of all bonds, notes, and other obligations issued by a district shall be held and used for the ultimate purpose of paying, directly or indirectly as permitted by this Act, all or part of the cost of any project, or for the purpose of refunding any bonds, notes, or other obligations issued in accordance with this Act.

(c) Issuance by a board of one or more series of bonds, notes, or other obligations for one or more purposes shall not preclude it from issuing other bonds, notes, or obligations in connection with the same project or with any other projects; but the proceeding wherein any subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior loan agreement, security agreement, or other agreement or instrument made for any prior issuance of bonds, notes, or other obligations, unless in the resolution authorizing such prior issuance the right is expressly reserved to the board to issue subsequent bonds, notes, or other obligations on a parity with such prior issuance.

SECTION 13.

Construction; notice, proceeding, publication, referendum.

This Act shall be liberally construed to affect the purposes hereof. No notice, proceeding, or publication except those required hereby shall be necessary to the performance of any act authorized hereby, nor shall any such act be subject to referendum.

SECTION 14.

Dissolution.

(a)(1) Any district activated under the provisions of this Act may be dissolved.

(2) The conditions for such dissolution shall be:

(A) The adoption of a resolution approving of the dissolution of such community improvement district by the governing authority of the City of Conyers; and

(B) The written consent to the dissolution of the community improvement district by:

(i) A majority of the owners of real property within the district which are subject to taxes, fees, and assessments levied by the board of the district; and

(ii) The owners of real property constituting at least 75 percent by value of all real property within the district which are subject to taxes, fees, and assessments levied by the board. For this purpose, value shall be determined by the most recent approved county ad valorem tax digest.

(3) The written consents provided for in subparagraph (B) of paragraph (2) of this subsection shall be submitted to the Rockdale County Tax Commissioner, who shall certify whether subparagraph (B) of paragraph (2) of this subsection has been satisfied with respect to each proposed district dissolution.

(b) In the event that successful action is taken pursuant to this section to dissolve the district, the dissolution shall become effective at such time as all debt obligations of the district have been satisfied. Following a successful dissolution action and until the dissolution becomes effective, no new projects may be undertaken, obligations or debts incurred, or property acquired.

(c) Upon a successful dissolution action, all noncash assets of the district other than public facilities or land or easements to be used for such public facilities, as described in Section 2 of this Act, shall be reduced to cash and, along with all other cash on hand, shall be applied to the repayment of any debt obligation of the district. Any cash remaining after all outstanding obligations are satisfied shall be remitted to the City of Conyers.

(d) When a dissolution becomes effective, the City of Conyers shall take title to all property previously in the ownership of the district, and all taxes, fees, and assessments of the district shall cease to be levied and collected.

(e) A district may be reactivated in the same manner as an original activation.

(f) In the event that any district shall be dissolved in accordance with this section, the board shall serve until December 31 of the year in which dissolution was approved for the purpose of concluding any ongoing matters and projects. However, if such ongoing matters and projects cannot be concluded by December 31 of such year, then the governing authority of the City of Conyers shall assume the duties of the board and shall be expressly authorized to exercise the authority of the board of the dissolved district. In the alternative, the governing authority of the City of Conyers may, by resolution, assume all rights and obligations of the district, either bonds or otherwise, and the district shall cease to exist upon the adoption of such resolution.

SECTION 15.

Repealer.

All laws and parts of laws in conflict with this Act are repealed.