Official Code of Georgia Annotated
Title 32. HIGHWAYS, BRIDGES, AND FERRIES · Chapter 10. PUBLIC AUTHORITIES · Article 2. STATE ROAD AND TOLLWAY AUTHORITY · Part 2. REVENUE BONDS
32-10-99. Credit of state not pledged.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Revenue bonds issued under this article shall not be deemed to constitute a debt of the State of Georgia or a pledge of the faith and credit of the state, but such bonds shall be payable from the revenues and funds of the authority as provided for in the resolutions or trust indentures authorizing or securing such bond issues; and the issuance of such revenue bonds shall not directly, indirectly, or contingently obligate the state to levy or to pledge any form of taxation whatsoever therefor or to make any appropriation for the payment thereof; and all such bonds shall contain recitals on their face covering substantially the foregoing provisions of this Code section.
History
Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 21; Code 1933, § 95A-1258, enacted by Ga. L. 1973, p. 947, § 1; Ga. L. 1991, p. 94, § 32; Ga. L. 2001, p. 1251, § 1-13.2.
Read the official page (the state's PDF, opened at the page this text was read from).
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Text read from t32-(v23a)-2019-pdf.pdf, Volume V23A, 2019 edition, page 466; merge action: carried; file SHA-256 04a286a38b4e.