---
title: O.C.G.A. § 20-2-472. Establishment of sinking fund for unsurrendered bonds.
collection: code
id: 20-2-472
cite_as: O.C.G.A. § 20-2-472 (2025)
canonical_url: https://georgiacommons.org/code/20-2-472
md_url: https://georgiacommons.org/code/20-2-472.md
text_url: https://georgiacommons.org/code/20-2-472/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t20-ch1-2a-(v17)-2022-pdf.pdf?sfvrsn=9db936c6_0#page=575
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/20-2.md
previous: https://georgiacommons.org/code/20-2-471.md
next: https://georgiacommons.org/code/20-2-473.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: EDUCATION / ELEMENTARY AND SECONDARY EDUCATION / LOCAL PUBLIC SCHOOL FINANCES / BOND ISSUES / Refunding Bonds
---

# O.C.G.A. § 20-2-472. Establishment of sinking fund for unsurrendered bonds.

Should the holder of any outstanding schoolhouse bonds be unwilling to surrender them for retirement, either in exchange for refunding bonds in a principal amount equal to the principal and interest accrued on the bonds under the authority of this subpart or upon tender to him of the par value of the bond or bonds held by him, plus accrued interest thereon, then and in that event, when any of the refunding schoolhouse bonds are sold, a sufficient amount of the proceeds derived from the sale of the refunding bonds shall be set aside and shall constitute a sinking fund for the eventual retirement of any such bond or bonds and the payment of interest thereon in accordance with the provisions of such bonds when they mature or are surrendered for retirement.

## History

Ga. L. 1937, p. 869, § 9.