Asamblea General de Georgia · Texto completo

SB 625: City of Decatur Public Facilities Authority; a referendum for issuing revenue bonds for certain projects requested by the City Schools of Decatur; require

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Senate Bill 625

By: Senator Parent of the 44th

AS PASSED

A BILL TO BE ENTITLED

AN ACT

To amend an Act creating the City of Decatur Public Facilities Authority, approved March 17, 2017 (Ga. L. 2017, p. 3516), so as to require a referendum for issuing revenue bonds for certain projects requested by the City Schools of Decatur; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

An Act creating the City of Decatur Public Facilities Authority, approved March 17, 2017 (Ga. L. 2017, p. 3516), is amended by revising Section 6 as follows: "SECTION 6.

(a) The authority shall have power and is hereby authorized to provide by resolution for the issuance of revenue bonds for the purpose of paying all or any part of the costs of the project and for the purpose of refunding revenue bonds or other obligations previously issued. The principal of and interest on such revenue bonds shall be payable solely from the revenues and properties pledged to the payment of such revenue bonds. The revenue bonds issued by the authority shall contain such terms as the authority shall determine are in the best interest of the authority; provided, however, that no revenue bonds shall have a maturity exceeding 40 years.

(b) Before providing by resolution for the issuance of revenue bonds for any project requested by the City Schools of Decatur that costs $20 million or greater, the authority shall request the City of Decatur to request the election superintendent of the City of Decatur to submit to the qualified voters of the City Schools of Decatur the question of approval for the issuance of revenue bonds for such project. The authority shall not provide by resolution for the revenue bonds for the project unless the same is approved by a majority of those voting in such referendum."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.