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2018 Georgia Code 36-42-9 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 36-42-9 Case Law from Google Scholar Amendments to OCGA 36-42-9

TITLE 36 LOCAL GOVERNMENT

Chapter 42 information not found

ARTICLE 3 GRANTS FOR PURCHASE AND CONSTRUCTION OF CAPITAL OUTLAY ITEMS

36-42-9. Revenue bonds generally.

  1. Revenue bonds, notes, or other obligations issued by an authority shall be paid solely from the property (including, but not limited to, real property, fixtures, personal property, revenues, or other funds) pledged, mortgaged, conveyed, assigned, hypothecated, or otherwise encumbered to secure or to pay such bonds, notes, or other obligations.
  2. All revenue bonds, notes, and other obligations shall be authorized by resolution of the authority, adopted by a majority vote of the directors of the authority at a regular or special meeting.
  3. Reserved.
  4. Revenue bonds, notes, or other obligations shall bear such date or dates, shall mature at such time or times (not more than 40 years from their respective dates), shall bear interest at such rate or rates (which may be fixed or may fluctuate or otherwise change from time to time), shall be subject to redemption on such terms, and shall contain such other terms, provisions, covenants, assignments, and conditions as the resolution authorizing the issuance of such bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants, assignments, and conditions contained in or provided or permitted by any resolution of the authority authorizing the issuance of such revenue bonds, notes, or other obligations shall bind the directors of the authority then in office and their successors.
  5. The authority shall have power from time to time and whenever it deems it expedient to refund any bonds by the issuance of new bonds, whether or not the bonds to be refunded have matured, and may issue bonds partly to refund bonds then outstanding and partly for any other purpose permitted under this chapter. The refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may be agreed upon, or may be sold and the proceeds applied to the purchase or redemption of the bonds to be refunded.
  6. There shall be no limitation upon the amount of revenue bonds, notes, or other obligations which any authority may issue. Any limitations with respect to interest rates or any maximum interest rate or rates found in Article 3 of Chapter 82 of this title, the "Revenue Bond Law," the usury laws of this state, or any other laws of this state shall not apply to revenue bonds, notes, or other obligations of an authority.

(Ga. L. 1981, p. 1744, § 7; Ga. L. 1983, p. 1346, § 3; Ga. L. 1984, p. 941, § 2.)

Cases Citing O.C.G.A. § 36-42-9

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Hardaway Co. v. Rives, 422 S.E.2d 854 (Ga. 1992).

Cited 19 times | Published | Supreme Court of Georgia | Dec 1, 1992 | 262 Ga. 631, 92 Fulton County D. Rep. 3073

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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

..., museum, convention area, public park, pedestrian malls, terraces, streets, sidewalks, bridges and parking facilities. The Plan further contemplates that pursuant to its authority under 1983 Georgia Constitution, Art. IX, Sec. VI, Par. IV, and OCGA § 36-42-9 et seq., the DDA will issue $85,000,000 in revenue bonds, the proceeds of which will be used in part to reimburse the City for its costs in acquiring any property needed for the project, and, in part, to finance construction of the project....
...ity financing such as that described in Building Auth. of Fulton County, supra, and Frazer v. City of Albany, 245 Ga. 399 (265 SE2d 581) (1980). (b) Appellants contend § 5.4 (b) violates 1983 Georgia Constitution, Art. IX, Sec. VI, Par. I, and OCGA § 36-42-9 (a)....
...I permits counties, cities and other political subdivisions to issue revenue bonds but limits payment of the bond obligations to the proceeds of the project and specifically precludes the exercise of the *329 taxing power to pay principal or interest of the bonds. OCGA § 36-42-9 (a) provides that revenue bonds issued by an authority shall be paid solely from the property in question....
...If this is the case, states the argument, then the assignment of that covenant is without consideration and a mere gratuity to the bondholders. We have held the § 5.4 (b) covenant invalid on other grounds. This leaves the funds ultimately available to the bondholders limited to the project property, as authorized by OCGA § 36-42-9 (a)....