HB1180: HB1180 Georgia Housing and Finance Authority; eliminate outstanding bond limit

26 LC 62 0301 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 the1 Georgia Housing and Finance Authority, so as to eliminate the o utstanding bond limit; to2 provide for a statement on bonds regarding the full faith and credit of the State; to provide3 for related matters; to provide for an effective date; to repeal conflicting laws; and for other4 purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Chapter 26 of Title 50 of the Official Code of Georgia Annotate d, relating to the Georgia8 Housing and Finance Authority, is amended in Code Section 50-26-10, relating to obligations9 not subject to "Georgia Uniform Securities Act of 2008," paymen t of operating costs,10 authority's revenue, bond anticipation notes, terms of bond, replacement of bond, validation,11 and interest rates, by revising subsection (i) as follows:12 "(i)(1) The authority shall not have outstanding at any one time bonds and notes for its13 single-family residential housing program in an aggregate amount exceeding $6 billion,14 excluding bonds and notes issued to refund outstanding bonds and notes.15 H. B. 1180 - 1 - 26 LC 62 0301 (2) The authority shall not have outstanding at any one time b onds and notes for16 financing of enterprises, other than enterprises contained in a health facility and other17 than housing, exceeding $140 million and shall not issue any such bonds or notes after18 June 30, 1995; provided, however, that such limitations shall n ot apply with respect to19 bonds and notes issued to refund outstanding bonds and notes.20 (3) The authority shall not have outstanding at any one time b onds and notes for the21 financing of health care services exceeding $30 million; provid ed, however, that such22 limitations shall not apply with respect to bonds and notes issued to refinance outstanding23 bonds and notes.24 (4) Any limitations with respect to interest rates or any maximum interest rate or rates25 found in Article 3 of Chapter 82 of Title 36, the 'Revenue Bond Law,' the usury laws of26 this state, or any other laws of this state do not apply to bonds of the authority.27 (2) All bonds issued by the authority pursuant to this chapter shall include on the face28 of such bonds the following statement: 'The Bond(s) will not be deemed to constitute a29 debt of the State or its agencies or a pledge of the faith and credit of the State or its30 agencies.'"31 SECTION 2.32 This Act shall become effective upon its approval by the Governor or upon its becoming law33 without such approval.34 SECTION 3.35 All laws and parts of laws in conflict with this Act are repealed. 36 H. B. 1180 - 2 -