O.C.G.A. § 36-38-23 (2019)
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.
History
Ga. L. 1878-79, p. 85, § 4; Code 1882, § 508m(5); Civil Code 1895,
§ 761; Civil Code 1910, § 908; Code 1933, § 87-504.
Annotations
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 ap-
plied 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.
CHAPTER 39 STREET IMPROVEMENTS Sec.
Definitions. Adoption of chapter; election; effect of adoption of chapter generally. Procedure for improvements; adoption and publication of resolution; filing of petition by landowners; objections to improvements. Basis of assessments for improvements; municipal corporation owner of intersecting streets fronting improvement; payment of assessments on frontage. Improvements when county owns abutting property. Paving by railroad having tracks in street. Payment for street improvements and construction of water, gas, and sewer connections; payment of costs of connections. Resolution letting contract for improvements following time for protests or filing of petition. Work performed by municipal corporation; property owners’ objections to performance of work by municipal corporation. Publication and contents of notice of contract proposals. Examination of bids and award of contract; readvertisement for bids. Appointment of board of appraisers to appraise and apportion cost. Filing of board of appraisers’ report. Hearing upon board of appraisers’ report; review of report and objections; ordinance fixing assessments; taxation of interest.
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