---
title: O.C.G.A. § 50-39-40. Calculating debt limitations.
collection: code
id: 50-39-40
cite_as: O.C.G.A. § 50-39-40 (2025)
canonical_url: https://georgiacommons.org/code/50-39-40
md_url: https://georgiacommons.org/code/50-39-40.md
text_url: https://georgiacommons.org/code/50-39-40/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t50-ch13-40-(v38a)-2021-pdf.pdf?sfvrsn=1209d23f_0#page=826
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/50-39.md
previous: https://georgiacommons.org/code/50-39-39.md
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index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: STATE GOVERNMENT / ATLANTA-REGION TRANSIT LINK ‘‘ATL’’ AUTHORITY / FUNDING
---

# O.C.G.A. § 50-39-40. Calculating debt limitations.

No bonded indebtedness of any kind shall be incurred by the authority or on behalf of the authority by the Georgia Environmental Finance Authority at any time when the highest aggregate annual debt service requirements of the state for the then current fiscal year or any subsequent fiscal year for outstanding general obligation debt and guaranteed revenue debt, including the proposed debt and treating it as state general obligation debt or guaranteed revenue debt for purposes of calculating debt limitations under this Code section, and the highest aggregate annual payments for the then current fiscal year or any subsequent fiscal year of the state under all contracts then in force to which the provisions of the second paragraph of Article IX, Section VI, Paragraph I(a) of the Constitution of 1976 are applicable, exceed 7.5 percent of the total revenue receipts, less refunds of the state treasury in the fiscal year immediately preceding the fiscal year in which any such debt is to be incurred.

## History

Code 1981, § 50-39-40, enacted by Ga. L. 2018, p. 377, § 2-1/HB 930.