O.C.G.A.

O.C.G.A. § 36-38-22 (2019)

Issuance and exchange of bonds; contractual effect of ordinance

✓ 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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When the authorities of a municipal corporation desire to avail themselves of the benefit of Code Sections 36-38-20 and 36-38-21 and this Code section, they are authorized and empowered to pass any ordinance or ordinances to provide for the issuance and exchange of new bonds to stand in the place and stead of outstanding bonds and coupons, to determine the mode and method of such issuance and exchange, and to fix the length of time such new bonds shall run and the rate of interest they shall bear. Such ordinance or ordinances shall have the force and effect of contracts between the municipal corporation and those who may receive or hold such new bonds so issued and exchanged.

History

Ga. L. 1878-79, p. 85, § 3; Code 1882, § 508m(4); Civil Code 1895,

§ 760; Civil Code 1910, § 907; Code 1933, § 87-503.

Annotations

RESEARCH REFERENCES ALR. - Estoppel to deny validity of municipal bonds issued under an unconstitutional statute, 37 A.L.R. 1310.