O.C.G.A.
O.C.G.A.

O.C.G.A. § 12-3-261 (2019)

Revenue bonds - Status as constituting debt or pledge of faith and credit of state; effect of issuance on obligation of state to tax or make appropriation; recitals on face of bonds

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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Revenue bonds issued under this part shall not be deemed to constitute a debt of the State of Georgia or a pledge of the faith and credit of the state, but such bonds shall be payable solely from the fund provided for in Code Section 12-3-264, and the issuance of such revenue bonds shall not directly, indirectly, or contingently obligate the state to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. All such bonds shall contain recitals on their face covering substantially the foregoing provisions of this Code section. Notwithstanding any other provision of this Code section, such funds as may be received from state appropriations or from any other source are declared to be available and may be used by any department, board, commission, or agency of the State of Georgia for the performance of any lease contract entered into by the department, board, commission, or agency.

History

Ga. L. 1950, p. 152, § 16; Ga. L. 1960, p. 89, § 1.

Annotations

JUDICIAL DECISIONS Cited in Fouche v. Jekyll Island-State Park Auth., 713 F.2d 1518 (11th Cir. 1983). RESEARCH REFERENCES C.J.S. - 81A C.J.S., States, §§ 449, 455 et seq., 461, 462.

Notes of Decisions
Cited in 1 case, 1983–1983 · leading case: Diane FOUCHE, Plaintiff-Appellant, v. the JEKYLL ISLAND-STATE PARK Auth., Defendant-Appellee, 713 F.2d 1518 (11th Cir. 1983).
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Diane FOUCHE, Plaintiff-Appellant, v. the JEKYLL ISLAND-STATE PARK Auth., Defendant-Appellee, 713 F.2d 1518 (11th Cir. 1983). “Fouche also suggests that the state is not responsible for the Park Authority’s debts because the authorizing statute provides that its revenue bonds are not deemed to constitute a debt of the state of Georgia.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.