Official Code of Georgia Annotated

Title 36. LOCAL GOVERNMENT · Chapter 82. BONDS · Article 5. REGULATION OF INTEREST RATES FOR BONDS AND OBLIGATIONS OTHER THAN GENERAL OBLIGATION BONDS

36-82-122. Exemption of bonds from Constitution and laws of Georgia regulating interest rates; fixing of rates of interest by resolution or ordinance.

Active

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

(a)
From and after March 16, 1981, any bonds issued by a municipality shall be exempt from:#
1. (1)
  All laws of this state governing usury or prescribing or limiting interest rates to be borne by bonds; and#
2. (2)
  All provisions of the Constitution of Georgia prescribing or limiting interest rates to be borne by bonds to the extent that the Constitution of Georgia permits the General Assembly by law to define further the powers and duties of any such municipality and to enlarge or restrict the same.#
(b)
The interest rate or rates to be borne by any bonds issued by a municipality shall be fixed by the governing body of such municipality in the resolution or ordinance adopted by such governing body to authorize the issuance of any such bonds.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1981, p. 384, § 3; Ga. L. 1982, p. 1603, §§ 1, 3.

Editor's notes

Ga. L. 1982, p. 1603, § 2 ratified and reaffirmed all terms and provisions of Ga. L. 1981, p. 384, as amended by the 1982 Act, and declared that such terms and provisions were of full force and effect. Ga. L. 1982, p. 1603, § 2 stood repealed on November 1, 1982, as provided in § 5(b) of the 1982 Act.

Cross references

Usury, § 7-4-1 et seq.

Law reviews

For article surveying developments in Georgia local government law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 187 (1981).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

Text read from t36-ch60-92-(v27a)-2025-pdf.pdf, Volume V27A, 2025 edition, page 529; merge action: bound only; file SHA-256 5150ee8c60f7.

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