Limitation on issue of bonds

Nothing contained in this article shall permit the authority to issue bonds or revenue bonds at any time when the sum of: (1) The highest aggregate annual debt service requirements for the then current fiscal year or any subsequent fiscal year for outstanding authority bonds or revenue bonds, including the proposed bonds or revenue bonds; and (2) The highest annual debt service requirements for the then current fiscal year or any subsequent fiscal year on general obligation debt of the state issued for authority projects exceeds 1 percent of the total revenue receipts, less refunds, of the state treasury in the fiscal year immediately preceding the year in which any such bond or revenue bond is to be issued; provided, however, that unless the director of the Water Supply Division of the authority has issued the certification provided for by Code Section 12-5-480, the authority, with the approval of the Governor and the commission established by Article VII, Section IV, Paragraph VII of the Constitution, may issue bonds for the purposes of Article 6 of Chapter 5 of Title 12 notwithstanding such limitations. History. — Code 1981, § 50-23-19, enacted by Ga. L. 1986, p. 569, § 1; Ga. L. 1994, p. 1108, § 6; Ga. L. 2008, p. 644, § 2-5/SB 342. 50-23-20. Withholding state funds from local governments or nongovernmental entities failing to collect and remit amounts when due. (a) In the event of a failure of any local government or nongovernmental entity to collect and remit in full all amounts due to the authority and all amounts due to others, which involve the credit or guarantee of the authority or of the state, on the date such amounts are due under the terms of any bond, revenue bond, note, or other obligation of the local government or nongovernmental entity, it shall be the duty of the authority to notify the state treasurer who shall withhold all funds of the state and all funds administered by the state, its agencies, boards, and instrumentalities allotted to such local government or nongovernmental entity until such local government or nongovernmental entity has collected and remitted in full all sums due and cured or remedied all defaults on any such bond, revenue bond, note, or other obligation. (b) Nothing contained in this Code section shall mandate the withholding of funds allocated to a local government or nongovernmental entity which would violate contracts to which the state is a party, the 491 50-23-21 requirements of federal law imposed on the state, or judgments of any court binding the state. History. — Code 1981, § 50-23-20, enacted by Ga. L. 1986, p. 569, § 1; Ga. L. 1993, p. 1402, § 18; Ga. L. 1994, p. 1108, § 6; Ga. L. 2008, p. 90, § 3-4/HB 1176; Ga. L. 2010, p. 863, § 3/SB 296. 50-23-21. Grants for clean energy property; rules and regulations; annual report.