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O.C.G.A. § 12-3-268 — Revenue bonds - Protection of bondholders; part as constituting a contract with bondholders | Georgia Code
O.C.G.A. § 12-3-268 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 12 CONSERVATION AND NATURAL RESOURCES

Section 3. Parks, Historic Areas, Memorials, and Recreation, 12-3-1 through 12-3-708.

ARTICLE 7 PUBLIC AUTHORITIES

12-3-268. Revenue bonds - Protection of bondholders; part as constituting a contract with bondholders.

While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority, or of its officers, employees, or agents, or of any department, board, commission, or agency of the state, shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds. No other entity, department, agency, or authority will be created which will compete with the authority to such an extent as to affect adversely the interests and rights of the holders of such bonds, nor will the state itself so compete with the authority. This part shall be for the benefit of the state, the authority, and the holders of any such bonds and, upon the issuance of bonds under the provisions of this part, shall constitute a contract with the holders of such bonds.

(Ga. L. 1950, p. 152, § 22; Ga. L. 1960, p. 89, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 64 Am. Jur. 2d, Public Securities and Obligations, § 27.

Cases Citing O.C.G.A. § 12-3-268

O.C.G.A. § 12-3-268 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

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This Georgia Code resource is curated by Graham W. Syfert, Esq., a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.