Definitions

As used in this article, the term: 1290 36-82-122 (1) ‘‘Bonds’’ means any bonds, notes, certificates, or obligations of any kind issued by any municipality to evidence any repayment obligation for money borrowed by such municipality, exclusive of general obligation bonds. (2) ‘‘General obligation bonds’’ means any bonds, notes, certificates, or obligations of any kind issued by any municipality which, under the Constitution of Georgia, may not be issued without the consent of a majority of the qualified voters of the municipality affected, voting in an election for that purpose, and also shall mean any bonds, notes, certificates, or obligations of any kind issued to refund outstanding general obligation bonds without an election as authorized under Article IX, Section V, Paragraph III of the Constitution of Georgia. (3) ‘‘Municipality’’ means any school district, county, municipal corporation, or political subdivision of the state or any authority or public corporation created by the Constitution of Georgia or any general, local, or special Act of the General Assembly which is as of March 16, 1981, or may thereafter be authorized by law to issue bonds. History. — Ga. L. 1981, p. 384, § 2; Ga. L. 1984, p. 1362, § 7; Ga. L. 1985, p. 149, § 36. Editor’s notes. — Ga. L. 1984, p. 1362, § 8, not codified by the General Assembly, provided as follows: ‘‘The provisions of this Act [which amended this Code section] shall be liberally construed to effect the purposes hereof, and insofar as the provisions of this Act may be inconsistent with the provisions of the Georgia Constitution under circumstances where the General Assembly has been granted the power by law to enlarge or restrict such provisions of the Constitution or the provisions of any law, including any general, local, or special Act of the General Assembly creating or activating any municipality, this Act shall control.’’ 36-82-122. Exemption of bonds from Constitution and laws of Georgia regulating interest rates; fixing of rates of interest by resolution or ordinance. (a) From and after March 16, 1981, any bonds issued by a municipality shall be exempt from: (1) All laws of this state governing usury or prescribing or limiting interest rates to be borne by bonds; and (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 1291 36-82-124 in the resolution or ordinance adopted by such governing body to authorize the issuance of any such bonds. History. — Ga. L. 1981, p. 384, § 3; Ga. L. 1982, p. 1603, §§ 1, 3.