Title 36 — Title 36

(a) As used in this Code section, the term ‘‘political subdivision’’ means any municipality, county, local government authority, board, or commission empowered to enter into debt. Such term shall not include any state agency or state authority. (b) A political subdivision which i…

(a) As used in this Code section, the term ‘‘bonds’’ means any revenue or general obligation bonds issued under this chapter. (b) When bonds are issued by a county, municipality, or local authority in the amount of $5 million or more, the expenditure of bond proceeds shall be sub…

It is the purpose of this article to maintain the fiscal solvency of counties, municipal corporations, and political subdivisions of the state and authorities and public corporations created by the Constitution of Georgia or any general, local, or special Act of the General Assem…

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) ‘‘G…

This article shall be liberally construed to effect the purposes hereof; and insofar as the provisions of this article may be inconsistent with the provisions of the Constitution of Georgia, under circumstances where the General Assembly has been granted the power by law to enlar…

This article shall be liberally construed to effect the purposes hereof; and insofar as the provisions of this article may be inconsistent with the provisions of the Constitution of Georgia, under circumstances where the General Assembly has been granted the power by law to enlar…

Reserved. Repealed by Ga. L. 2001, p. 1033, § 2, effective April 27, 2001. 1295 Editor’s notes. — This article was based on Code 1981, § 36-82-160, enacted by Ga. L. 1984, p. 941, § 1; Ga. L. 1987, p. 36-82-181 3, § 36 and reserved by Ga. L. 2001, p. 1033, § 2. ARTICLE 8 GEORGIA …

This article shall be known and may be cited as the ‘‘Georgia Allocation System.’’ History. — Code 1981, § 36-82-180, enacted by Ga. L. 1987, p. 486, § 1; Ga. L. 1990, p. 817, § 1. 36-82-181. Legislative purpose.

The economic development and the availability of safe, sanitary, and affordable housing in the State of Georgia are of vital importance to the state and its citizens. Private activity bond financing has been an integral part of the state’s program for economic development and aff…

As used in this article, the term: (1) ‘‘Amount’’ means, when used with respect to bonds, notices of allocation, or portions of the state ceiling, an amount measured in terms of United States dollars. (2) ‘‘Application’’ means the application and amendments thereto for a notice o…

The department shall administer, operate, and manage the system. Action taken by the department, however, shall not constitute an opinion of the department on any legal matters with respect to the federal or state tax treatment of any bonds. Without limiting the generality of the…

(a) The amount of the state ceiling shall be determined by the department in accordance with the Federal Code. The amount of the state ceiling available at any time shall be the amount, determined by the department, which results from subtracting from the state ceiling: (1) The a…

(a) Commencing on April 1, 1990, the economic development share for 1990 is established in an amount equal to 40 percent of the state ceiling. The 1990 percentage shall include any allocations made from the competitive pool prior to April 1, 1990. The economic development share f…

(a) In order to qualify for a notice of allocation from the economic development share, a project must satisfy the employment tests as defined in this Code section. To satisfy the employment tests, a project must either: (1) Be reasonably expected to increase employment within th…

Commencing on April 1, 1990, the housing share for 1990 is established in an amount equal to 40 percent of the state ceiling. The 1990 percentage shall include any allocations made from the housing share made prior to April 1, 1990. The housing share for 1991 and each year therea…

(a) Commencing on April 1, 1990, and extending through June 30, 1990, and for 1991 and each year thereafter commencing on January 1 and extending through September 30, reservations from the housing share shall be as follows: (1) Sixty-two percent shall be reserved for the Georgia…

Commencing on April 1, 1990, the flexible share for 1990 is established in an amount equal to 20 percent of the state ceiling. The 1990 percentage shall include any allocations made from the flexible pool prior to April 1, 1990. The flexible share for 1991 and years thereafter sh…

(a) When the department is required to decide which applications should receive a notice of allocation, it shall compare the applications from which the selection is to be made, applying the policy guidelines set forth in this Code section. These policy guidelines are designed to…

When the department is required to apply the policy guidelines it may consider such factors, known as evaluation factors, in deciding which applications should receive a notice of allocation. The evaluation factors to be considered shall include, but are not limited to, the numbe…

The department may set aside and reserve from the flexible share amounts which may be treated as a carryforward for one or more carryforward purposes, within the meaning of Section 146 of the Federal Code. Section 146 of the Federal Code requires an election for the use of such c…

(a) Unless otherwise determined by the commissioner, carryforward election applications must be filed with the department no later than December 1 of each year. Carryforward election applications shall be filed, received, and acted upon by the department as set forth in this Code…

No issuer of single-family housing bonds may elect to exchange any part of a notice of allocation for mortgage credit certificates without the written authorization of the department. Such authorization shall be in the discretion of the commissioner, and no issuer shall have any …

If necessary or appropriate for complying with federal rules and regulations implementing the Federal Code, the state ceiling shall be deemed to be allocated to the state and the state’s allocation shall be deemed to be or have been assigned to the issuers to which notices of all…

The provisions of this article shall apply to all bonds issued on or after April 1, 1990. History. — Code 1981, § 36-82-209, enacted by Ga. L. 1987, p. 486, § 1; Ga. L. 1990, p. 817, § 1. Editor’s notes. — The former provi- sions of Code Section 36-82-202 are the present provisio…

Prior to the hearing provided for in Code Section 36-82-21, the clerk of the superior court of the county in which the hearing is to be held shall publish in a newspaper, once during each of the two successive weeks immediately preceding the week in which the hearing is to be hel…

As used in this article, the term: (1) ‘‘Governmental unit’’ means any county, municipal corporation, school district, or political subdivision of the state. (2) ‘‘Local authority’’ means any public corporation or authority created by or pursuant to a local or special Act of the …

No local authority shall issue or be a grantor of a trust which issues any obligations to finance or refinance any real or personal property to be owned, leased, or operated by any governmental unit which is not a sponsoring governmental unit of such local authority. 1322 36-82-2…

This article shall be liberally construed to effect the purposes hereof. Insofar as the provisions of this article may be inconsistent with the provisions of any local or special amendment to the Constitution, this article shall control and shall be deemed to be an exercise of th…

In the event that no appeal is filed within the time prescribed by law or, if an appeal is filed, that the judgment is affirmed on appeal, the judgment of the superior court confirming and validating the issuance of the bonds shall be forever conclusive upon the validity of the b…

As used in this article, the term: (1) ‘‘Governing body’’ means the board, commission, council, or other local legislative body of governmental entity. (2) ‘‘Governmental entity’’ means any school district, independent school system, county, municipal corporation, consolidated ci…

As used in this article, the term: (1) ‘‘Counterparty’’ means the party entering into a qualified interest rate management agreement with the local governmental entity. A counterparty must be a bank, insurance company, or other financial institution duly qualified to do business …

With respect to all or any portion of any debt or lease or installment purchase contract, either issued or anticipated to be issued by the local governmental entity, the local governmental entity may enter into, terminate, amend, or otherwise modify a qualified interest rate mana…

(a) Prior to executing and delivering a qualified interest rate management agreement, the local governmental entity shall have adopted an interest rate management plan that includes: (1) An analysis of the interest rate risk, basis risk, termination risk, credit risk, market-acce…

The local governmental entity that has entered into a qualified interest rate management agreement shall include in its annual 1331 36-82-256 financial statements information with respect to each qualified interest rate management agreement it has authorized or entered into, incl…

When entering into any qualified interest rate management agreement authorized under this article, the agreement shall be governed by the laws of the State of Georgia, and jurisdiction over the local governmental entity in any matter concerning a qualified interest rate managemen…

Any contract which has been duly authorized and executed by a local governmental entity before May 2, 2005, shall not be rendered invalid or improper by the provisions of this article; provided, however, that this article shall apply to any renewal of such a contract after May 2,…

The costs of the proceedings shall be paid in any event by the county, municipality, or political subdivision desiring to issue the bonds. History. — Ga. L. 1897, p. 82, § 7; Civil Code 1910, § 451; Code 1933, § 87-307.

When the bonds become due, the owners thereof, if necessary, may enforce their collection by action in the proper court. History. — Ga. L. 1878-79, p. 40, § 5; Code 1882, § 508m; Civil Code 1895, § 381; Civil Code 1910, § 444; Code 1933, § 87-205.

The holder of any outstanding bond or bonds of any county, municipality, or political subdivision in this state issued subsequently to the adoption of the Constitution of 1877, the validating of which is not otherwise provided for by Code Sections 36-82-1 through 36-82-6 and Part…

The holder of any bond or bonds described in Code Section 36-82-40 who desires to have the same validated shall first enter into an obligation with sufficient security to indemnify the county, municipality, or political subdivision issuing the bond or bonds desired to be validate…

Within the time prescribed in the order or such further time as he may fix, the judge of the superior court shall proceed to hear and determine all questions of law and fact in the case and shall render judgment thereon. Any citizen of this state who is resident in the county, mu…

If no appeal is filed within the time prescribed by law or if an appeal is filed and the judgment is affirmed on appeal, the judgment of the superior court confirming and validating the bonds shall be forever conclusive upon the validity of the bonds against the county, municipal…

Code Sections 36-82-22 and 36-82-25, providing for a notice of proceeding to validate and proof of validation, are made applicable in all proceedings to validate bonds under Code Sections 36-82-40 through 36-82-45. History.

All the costs of the proceedings shall be paid by the holder or holders requesting the validation of the bonds. History. — Ga. L. 1908, p. 72, § 8; Civil Code 1910, § 460; Code 1933, § 87-408.

When any county, municipality, or political subdivision of this state has issued bonds under the authority of Article IX, Section V, Paragraph I, II, or III of the Constitution of Georgia and laws passed in pursuance thereof and when, after the bond issue is authorized and the bo…

This article may be cited as the ‘‘Revenue Bond Law.’’ History. — Ga. L. 1937, p. 761, § 1; Ga. L. 1957, p. 36, § 1.

As used in this article, the term: (1) ‘‘Governing body’’ means the board, commission, council, or other local legislative body of a governmental body. 1258 36-82-61 (2)(A) ‘‘Governmental body’’ means any school district, county, or municipal corporation of this state. (B) The te…

Revenue bonds issued under this article shall not be payable from or charged upon any funds other than the revenue pledged to the payment thereof, nor shall the governmental body issuing the same be subject to any pecuniary liability thereon. No holder or holders of any such bond…

(a) The receiver appointed under Code Section 36-82-67, directly or by his agents and attorneys, shall forthwith enter into and upon and take possession of the undertaking and each and every part thereof. If the court so directs, the receiver may exclude the governmental body, it…

The proceeds of any bonds issued by any county, municipal corporation, school district, or other political subdivision of this state or any portion thereof or any authority or other public body corporate and politic created under the Constitution or laws of this state may, from t…