HB1357: HB1357 Bulloch County Public Facilities Authority; revenue bonding authority; revise provisions

26 LC 47 4004/AP House Bill 1357 (AS PASSED HOUSE AND SENATE) By: Representatives Franklin of the 160th, Burns of the 159th, and Parrish of the 158th A BILL TO BE ENTITLED AN ACT To amend an Act creating the Bulloch County Public Facilities Authority and to provide for1 the appointment of members of the authority, approved June 30, 2020 (Ga. L. 2020, p. 3929),2 so as to revise provisions related to revenue bonding authority ; to revise definitions; to3 provide for related matters; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 An Act creating the Bulloch County Public Facilities Authority and to provide for the7 appointment of members of the authority, approved June 30, 2020 (Ga. L. 2020, p. 3929),8 is amended in Section 3 by revising paragraphs (3) and (5) as follows:9 "(3) 'Project' means any of the following self-liquidating projects:10 (A) All buildings, facilities, and equipment necessary or bene ficial for the efficient11 operation of the county or any department, agency, division, co mmission, or utility12 system thereof; and13 (B) Any 'undertaking' permitted by the Revenue Bond Law."14 "(5) 'Revenue bonds' means revenue bonds authorized to be issued pursuant to this Act."15 H. B. 1357 - 1 - 26 LC 47 4004/AP SECTION 2.16 Said Act is further amended by revising Section 5 as follows:17 "SECTION 5.18 Revenue bonds.19 The authority shall have power and is hereby authorized to prov ide by resolution for the20 issuance of revenue bonds for the purpose of paying all or any part of the costs of a project21 and for the purpose of refunding revenue bonds or other obligat ions previously issued;22 provided, however, that no such revenue bonds shall be issued t o finance a project for the23 Bulloch County School District or any other political subdivision or municipal corporation24 of the state located within Bulloch County other than Bulloch County. The principal of and25 interest on such revenue bonds shall be payable solely from the revenues and properties26 pledged to the payment of such revenue bonds. The revenue bonds issued by the authority27 shall contain such terms as the authority shall determine are i n the best interest of the28 authority; provided, however, that no revenue bonds shall have a maturity exceeding 4029 years."30 SECTION 3.31 All laws and parts of laws in conflict with this Act are repealed.32 H. B. 1357 - 2 -