---
title: O.C.G.A. § 12-3-216. Revenue bonds — Protection of bondholders; part as constituting a contract with bondholders.
collection: code
id: 12-3-216
cite_as: O.C.G.A. § 12-3-216 (2025)
canonical_url: https://georgiacommons.org/code/12-3-216
md_url: https://georgiacommons.org/code/12-3-216.md
text_url: https://georgiacommons.org/code/12-3-216/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t12-(v10)-2021-pdf.pdf?sfvrsn=67595359_0#page=154
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/12-3.md
previous: https://georgiacommons.org/code/12-3-215.md
next: https://georgiacommons.org/code/12-3-217.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: CONSERVATION AND NATURAL RESOURCES / PARKS, HISTORIC AREAS, MEMORIALS, AND RECREATION / MEMORIALS / STONE MOUNTAIN MEMORIAL ASSOCIATION
---

# O.C.G.A. § 12-3-216. Revenue bonds — Protection of bondholders; part as constituting a contract with bondholders.

While any of the bonds issued by the association remain outstanding, the powers, duties, or existence of the association or of its officers, employees, or agents shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds; nor will the state itself in any way obstruct, prevent, impair, or render impossible the due and faithful performance of all project rental or lease contracts and all the covenants thereof entered into under this part. This part shall be for the benefit of the state, the association, and each and every holder of the association’s bonds and, upon and after the issuance of bonds under this part, shall constitute an irrevocable contract with the holders of such bonds.

## History

Ga. L. 1958, p. 61, § 29.