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Official Code of Georgia Annotated

Title 36. LOCAL GOVERNMENT · Chapter 82. BONDS · Article 3. REVENUE BONDS

36-82-66. Governmental liability for payment of bonds; recitation on bond.

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

  1. Revenue bonds issued under this article shall not be payable from or charged upon any funds other than the revenue pledged to the payment thereof, nor shall the governmental body issuing the same be subject to any pecuniary liability thereon. No holder or holders of any such bonds shall ever have the right to compel any exercise of the taxing power of the governmental body to pay any such bonds or the interest thereon, nor to enforce payment thereof against any property of the governmental body; nor shall any such bonds constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the governmental body. Every bond issued under this article shall contain a recital setting forth the substance of this Code section.

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. 1937, p. 761, § 7.

Law reviews

For note, “If You (Pay To) Build It, They Will Come: Rethinking Publicly-Financed Professional Sports Stadiums after the Atlanta Braves Deal with Cobb County,” see 53 Ga. L. Rev. 409 (2018).

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, pages 508 to 509; merge action: bound only; file SHA-256 5150ee8c60f7.