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2018 Georgia Code 36-42-12 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 36-42-12 Case Law from Google Scholar Amendments to OCGA 36-42-12

TITLE 36 LOCAL GOVERNMENT

Chapter 42 information not found

ARTICLE 3 GRANTS FOR PURCHASE AND CONSTRUCTION OF CAPITAL OUTLAY ITEMS

36-42-12. Obligations of authorities not public debt of state or political subdivision thereof.

No bonds, notes, or other obligations of, and no indebtedness incurred by, an authority shall constitute an indebtedness or obligation of the State of Georgia or any county, municipal corporation, or political subdivision thereof, nor shall any act of any authority in any manner constitute or result in the creation of an indebtedness of this state or any county, municipal corporation, or political subdivision thereof. No holder or holders of any such bonds, notes, or other obligations shall ever have the right to compel any exercise of the taxing power of the state or any county, municipal corporation, or political subdivision thereof, nor to enforce the payment thereof against the state or any such county, municipal corporation, or political subdivision.

(Ga. L. 1981, p. 1744, § 11.)

Cases Citing O.C.G.A. § 36-42-12

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Nations v. Downtown Dev. Auth., 338 S.E.2d 240 (Ga. 1985).

Cited 17 times | Published | Supreme Court of Georgia | Dec 11, 1985 | 255 Ga. 324

...[6] It might be argued that the city is lending its credit to the authority, not to the private developer. Such an argument would be full of holes, holes big enough for city funds to run through. Unlike a private business, the city is not authorized to insure the authority's bonds. Moreover, OCGA § 36-42-12 provides that no holder of downtown development authority bonds "shall ever have the right to compel any exercise of the taxing power of the state or any county, municipal corporation, or political subdivision thereof, nor to enforce the...