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2018 Georgia Code 36-38-23 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 36-38-23 Case Law from Google Scholar Amendments to OCGA 36-38-23

TITLE 36 LOCAL GOVERNMENT

Chapter 38 information not found

ARTICLE 2 COMPROMISE OF BONDED DEBT

36-38-23. Sinking funds for redemption of new bonds; appointment of commission to manage fund; contractual effect of ordinance.

If any municipal corporation availing itself of this article desires to provide a sinking fund for the redemption of such new bonds, the authorities may pass all ordinances necessary for that purpose and create a commission for the management of such sinking fund and its proper use and application. The commission shall be composed of not less than three nor more than five residents of the municipal corporation. The ordinance or ordinances providing for the sinking fund and for the commission, along with its management and application, the mode of appointing the members thereof, and its duties, shall have the force and effect of law and shall be held and considered as part of the contract between the municipal corporation and the acceptors or holders of the new bonds.

(Ga. L. 1878-79, p. 85, § 4; Code 1882, § 508m(5); Civil Code 1895, § 761; Civil Code 1910, § 908; Code 1933, § 87-504.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 64 Am. Jur. 2d, Public Securities and Obligations, §§ 5, 305.

C.J.S.

- 64A C.J.S., Municipal Corporations, § 2181 et seq.

ALR.

- Liability of officer for loss of sinking fund through failure of bank, 25 A.L.R. 1358.

Constitutional provisions against impairment of obligations of contract as applied to sinking funds for retirement of municipal or other public bonds, 115 A.L.R. 220.

Existing sinking fund as a factor in determining whether indebtedness or proposed indebtedness of municipality or other political subdivision exceeds constitutional or statutory limit, 125 A.L.R. 1393.

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