---
title: O.C.G.A. § 36-38-22. Issuance and exchange of bonds; contractual effect of ordinance.
collection: code
id: 36-38-22
cite_as: O.C.G.A. § 36-38-22 (2025)
canonical_url: https://georgiacommons.org/code/36-38-22
md_url: https://georgiacommons.org/code/36-38-22.md
text_url: https://georgiacommons.org/code/36-38-22/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=819
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/36-38-21.md
next: https://georgiacommons.org/code/36-38-23.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 / COMPROMISE OF BONDED DEBT
---

# O.C.G.A. § 36-38-22. Issuance and exchange of bonds; contractual effect of ordinance.

When the authorities of a municipal corporation desire to avail themselves of the benefit of Code Sections 36-38-20 and 36-38-21 and this Code section, they are authorized and empowered to pass any ordinance or ordinances to provide for the issuance and exchange of new bonds to stand in the place and stead of outstanding bonds and coupons, to determine the mode and method of such issuance and exchange, and to fix the length of time such new bonds shall run and the rate of interest they shall bear. Such ordinance or ordinances shall have the force and effect of contracts between the municipal corporation and those who may receive or hold such new bonds so issued and exchanged.

## History

Ga. L. 1878-79, p. 85, § 3; Code 1882, § 508m(4); Civil Code 1895, § 760; Civil Code 1910, § 907; Code 1933, § 87-503.