---
title: O.C.G.A. § 50-9-47. Interests and rights of bondholders not to be adversely affected; provisions constitute contract.
collection: code
id: 50-9-47
cite_as: O.C.G.A. § 50-9-47 (2025)
canonical_url: https://georgiacommons.org/code/50-9-47
md_url: https://georgiacommons.org/code/50-9-47.md
text_url: https://georgiacommons.org/code/50-9-47/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t49-t50-ch1-12-(v38)-2023-pdf.pdf?sfvrsn=60c992b5_0#page=830
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.
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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 / GEORGIA BUILDING AUTHORITY / REVENUE BONDS
---

# O.C.G.A. § 50-9-47. Interests and rights of bondholders not to be adversely affected; provisions constitute contract.

While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents or of any department, board, commission, or agency of the state shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds; and no other entity, department, agency, or authority will be created which will compete with the authority to such an extent as to affect adversely the interests and rights of the holders of the bonds, nor will the state itself so compete with the authority. This article and Article 1 of this chapter shall be for the benefit of the state, the authority, and the holders of any such bonds and, upon the issuance of bonds under the provisions hereof, shall constitute a contract with the holders of the bonds.

## History

Ga. L. 1951, p. 699, § 24.