SB625: SB625 City of Decatur Public Facilities Authority; a referendum for issuing revenue bonds for certain projects requested by the City Schools of Decatur; require

26 LC 62 0493 Senate Bill 625 By: Senator Parent of the 44th AS PASSED A BILL TO BE ENTITLED AN ACT To amend an Act creating the City of Decatur Public Facilities Authority, approved1 March 17, 2017 (Ga. L. 2017, p. 3516), so as to require a refer endum for issuing revenue2 bonds for certain projects requested by the City Schools of Dec atur; to provide for related3 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 City of Decatur Public Facilities Authority, approved March 17, 20177 (Ga. L. 2017, p. 3516), is amended by revising Section 6 as follows:8 "SECTION 6.9 (a) The authority shall have power and is hereby authorized to provide by resolution for10 the issuance of revenue bonds for the purpose of paying all or any part of the costs of the11 project and for the purpose of refunding revenue bonds or other obligations previously12 issued. The principal of and interest on such revenue bonds shall be payable solely from13 the revenues and properties pledged to the payment of such revenue bonds. The revenue14 bonds issued by the authority shall contain such terms as the authority shall determine are15 S. B. 625 - 1 - 26 LC 62 0493 in the best interest of the authority; provided, however, that no revenue bonds shall have16 a maturity exceeding 40 years.17 (b) Before providing by resolution for the issuance of revenue bonds for any project18 requested by the City Schools of Decatur that costs $20 million or greater, the authority19 shall request the City of Decatur to request the election super intendent of the City of20 Decatur to submit to the qualified voters of the City Schools o f Decatur the question of21 approval for the issuance of revenue bonds for such project. T he authority shall not22 provide by resolution for the revenue bonds for the project unless the same is approved by23 a majority of those voting in such referendum."24 SECTION 2.25 All laws and parts of laws in conflict with this Act are repealed.26 S. B. 625 - 2 -