O.C.G.A. § 20-2-480 (2019)
Notification of proposed issuance of bonded indebtedness; authorization to withhold appropriations to pay indebtedness
(a) Prior to the issuance of any bonded indebtedness, the governing body of any county school district or system, any independent school district or system, or any area school district or system may notify the State Board of Education of the proposed issuance of such indebtedness and authorize and direct the State Board of Education to withhold from such school district or system sufficient moneys from any state appropriation to which such school district or system may be entitled and apply so much as shall be necessary to the payment of the principal of and interest on such indebtedness then due.
(b) The notice and authorization referred to in subsection (a) of this Code section shall set forth the following information:
(1) The proposed date of issuance of the bonded indebtedness;
(2) Each payment date with respect to such indebtedness and the principal of and interest on such indebtedness coming due on each such date; and
(3) The name and address of the financial institution serving as custodian, trustee, or paying agent for such indebtedness to whom any payment by the State Board of Education should be made.
History
Code 1981, § 20-2-480, enacted by Ga. L. 1991, p. 1579, § 2.
Annotations
Code Commission notes. Pursuant to Code Section 28-9-5, in
1991, “Code section” was substituted for “Code Section” in subsection (b).
PART 4 TAXATION Editor’s notes. Former Chapter 32-11 of Code 1933, from which this part originated, allowed
counties to maintain public schools by local taxation.
JUDICIAL DECISIONS General school fund of county was obtained by the method set out in former Code 1933, Ch. 32-11 and represented the voluntary action of the people
of the local districts and belonged exclusively to those districts. Downer v. Stevens, 194 Ga. 598, 22 S.E.2d 139, 1942 Ga. LEXIS 622 (1942).
OPINIONS OF THE ATTORNEY GENERAL When city discontinued independent system prior to 1945. - If a city’s discontinuance of the city’s independent school system was accomplished under the provisions of this part prior to 1945, then the city would not have an existing independent school system as contem-
plated by Ga. Const. 1945, Art. VIII, Sec. VII, Para. I (see now Ga. Const. 1983, Art. VIII, Sec. V, Para. I), and thus would not be able to reactivate, maintain, or preserve a city system. 1950-51 Ga. Op. Att’y Gen. 49.
RESEARCH REFERENCES ALR. What is common or public school within contemplation of constitutional or statutory provisions, 113 A.L.R. 697.
Discretion of administrative officers as to changing boundaries of school district, 135 A.L.R. 1096.