---
title: O.C.G.A. § 20-2-480. Notification of proposed issuance of bonded indebtedness; authorization to withhold appropriations to pay indebtedness.
collection: code
id: 20-2-480
cite_as: O.C.G.A. § 20-2-480 (2025)
canonical_url: https://georgiacommons.org/code/20-2-480
md_url: https://georgiacommons.org/code/20-2-480.md
text_url: https://georgiacommons.org/code/20-2-480/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=577
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.
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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 / Withholding Appropriations to Pay Indebtedness
---

# O.C.G.A. § 20-2-480. Notification of proposed issuance of bonded indebtedness; authorization to withhold appropriations to pay indebtedness.

(a) Prior to the issuance of any bonded indebtedness, the governing body of any county school district or system, any independent school district or system, or any area school district or system may notify the State Board of Education of the proposed issuance of such indebtedness and authorize and direct the State Board of Education to withhold from such school district or system sufficient moneys from any state appropriation to which such school district or system may be entitled and apply so much as shall be necessary to the payment of the principal of and interest on such indebtedness then due.

(b) The notice and authorization referred to in subsection (a) of this Code section shall set forth the following information:

(1) The proposed date of issuance of the bonded indebtedness;

(2) Each payment date with respect to such indebtedness and the principal of and interest on such indebtedness coming due on each such date; and

(3) The name and address of the financial institution serving as custodian, trustee, or paying agent for such indebtedness to whom any payment by the State Board of Education should be made.

## History

Code 1981, § 20-2-480, enacted by Ga. L. 1991, p. 1579, § 2.

## Code Commission Notes

Pursuant to Code Section 28-9-5, in 1991, “Code section” was substituted for “Code Section” in subsection (b).