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2018 Georgia Code 32-10-90.1 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 32-10-90.1 Case Law from Google Scholar Amendments to OCGA 32-10-90.1

TITLE 32 HIGHWAYS, BRIDGES, AND FERRIES

Section 10. Public Authorities, 32-10-1 through 32-10-133.

ARTICLE 2 STATE ROAD AND TOLLWAY AUTHORITY

32-10-90.1. Garvee bond provisions.

  1. As used in this Code section, the term "grant anticipation revenue vehicle" or "garvee bond" means any bond issued by the authority which is an eligible debt financing instrument within the scope of 23 U.S.C. Section 122 or which is otherwise to be repaid or reimbursed in whole or in part, directly or indirectly, from federal funds.
  2. With respect to garvee bonds and projects financed by garvee bonds, the provisions and limitations of this Code section shall control over any other conflicting provisions of this article, it being the intention of the General Assembly that grant anticipation revenue vehicles and projects funded thereby be fully subject to the terms expressed in this Code section.
  3. For the purpose of issuance and use of the proceeds of garvee bonds, the authority and the department shall give priority, as far as reasonably practicable in the judgment of the department, to the completion of those portions of the Developmental Highway System as set out in paragraphs (1) through (13) and paragraphs (15) and (16) of subsection (a) of Code Section 32-4-22 and such further paragraphs as may be added to such subsection from time to time, with due regard to the timely and economical completion of the portion set out in paragraph (14) thereof.
  4. Any project the cost of which is paid from the proceeds of garvee bonds shall be, pursuant to a contract or agreement between the authority and the department, planned, designed, and constructed by the Department of Transportation or a contractor contracting with the Department of Transportation.
  5. If during any state fiscal year the amount of federal reimbursement available to the State of Georgia under 23 U.S.C. Section 122 is or will be reduced below 90 percent of the amount available during Fiscal Year 2000-2001, the authority shall not thereafter issue any garvee bond.
  6. If cost effective as determined by the authority, garvee bonds shall be insured.

(Code 1981, §32-10-90.1, enacted by Ga. L. 2001, p. 1251, § 1-12.1.)

Code Commission notes.

- Pursuant to Code Section 28-9-5, in 2001, a comma was inserted following "garvee bonds" in subsection (c).

U.S. Code.

- Payments to states for bond and other debt instrument financing, 23 U.S.C. § 122.

JUDICIAL DECISIONS

Cited in Campbell v. State Rd. & Tollway Auth., 276 Ga. 714, 583 S.E.2d 32 (2003).

Cases Citing O.C.G.A. § 32-10-90.1

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Campbell v. State Road & Tollway Auth., 276 Ga. 714 (Ga. 2003).

Cited 1 times | Published | Supreme Court of Georgia | Jun 30, 2003 | 583 S.E.2d 32, 2003 Fulton County D. Rep. 2013

...1999) (holding transportation revenue anticipation notes constituted a “multiple-fiscal year direct or indirect district debt” requiring voter approval under the Colorado Constitution). Humberto Sanchez, Fitch Sees Amount of Outstanding Garuees Doubling by 2004, The Bond Buyer, April 30, 2002, at 3; see OCGA § 32-10-90.1 (2001) (defining “garvee bond” as any bond issued by SRTA that is an eligible debt financing instrument under 23 U.S.C....
...(2001) (designating DOT and SRTA as the proper state agencies to discharge all duties imposed on the state by any federal act allotting federal funds for public roads and other transportation purposes). See OCGA § 32-10-72 (7) (2001). See OCGA § 32-10-90.1 (d) (2001). See Trust Indenture §§ 203, 401 & 1302; see also OCGA § 32-10-99 (2001) (credit of state not pledged). Ga....