---
title: O.C.G.A. § 36-38-2. Sale of municipal bonds and use of proceeds for retirement of earlier bonds.
collection: code
id: 36-38-2
cite_as: O.C.G.A. § 36-38-2 (2025)
canonical_url: https://georgiacommons.org/code/36-38-2
md_url: https://georgiacommons.org/code/36-38-2.md
text_url: https://georgiacommons.org/code/36-38-2/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t35-t36-ch1-59-(v27)-2025-pdf.pdf?sfvrsn=66569db4_0#page=817
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/36-38.md
previous: https://georgiacommons.org/code/36-38-1.md
next: https://georgiacommons.org/code/36-38-3.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Session of the General Assembly of Georgia
heading_path: LOCAL GOVERNMENT / Provisions Applicable to Municipal Corporations Only / BONDS / GENERAL PROVISIONS
---

# O.C.G.A. § 36-38-2. Sale of municipal bonds and use of proceeds for retirement of earlier bonds.

Whenever a municipal corporation invests its sinking fund in bonds issued by itself, if such bonds mature at a date beyond the maturity of other bonds of such municipal corporation such later bonds may be sold by the municipal corporation or the sinking fund commission and the funds therefrom used to retire earlier municipal bonds as they mature.

## History

Ga. L. 1923, p. 123, § 3a; Code 1933, § 87-703; Ga. L. 1935, p. 417, § 2.

## Law Reviews

For note discussing and comparing the prudent man rule and the legal list rule in trustee investment, see 15 Mercer L. Rev. 530 (1964).