---
title: O.C.G.A. § 36-38-23. Sinking funds for redemption of new bonds; appointment of commission to manage fund; contractual effect of ordinance.
collection: code
id: 36-38-23
cite_as: O.C.G.A. § 36-38-23 (2025)
canonical_url: https://georgiacommons.org/code/36-38-23
md_url: https://georgiacommons.org/code/36-38-23.md
text_url: https://georgiacommons.org/code/36-38-23/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=820
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/36-38-22.md
next: https://georgiacommons.org/code/36-39-1.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. § 36-38-23. Sinking funds for redemption of new bonds; appointment of commission to manage fund; contractual effect of ordinance.

If any municipal corporation availing itself of this article desires to provide a sinking fund for the redemption of such new bonds, the authorities may pass all ordinances necessary for that purpose and create a commission for the management of such sinking fund and its proper use and application. The commission shall be composed of not less than three nor more than five residents of the municipal corporation. The ordinance or ordinances providing for the sinking fund and for the commission, along with its management and application, the mode of appointing the members thereof, and its duties, shall have the force and effect of law and shall be held and considered as part of the contract between the municipal corporation and the acceptors or holders of the new bonds.

## History

Ga. L. 1878-79, p. 85, § 4; Code 1882, § 508m(5); Civil Code 1895, § 761; Civil Code 1910, § 908; Code 1933, § 87-504.