O.C.G.A.

O.C.G.A. § 36-80-14 (2019)

Annual sinking fund for unbonded debt

✓ 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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Any county, municipality, or political subdivision of this state which incurs an indebtedness under Code Sections 36-80-10 through 36-80-13 and this Code section shall, on or before so doing, or annually thereafter, provide, without incurring further debt thereby, an annual sum sufficient in amount to pay the principal and interest of the debt within 30 years from the date of the incurring of the indebtedness.

History

Ga. L. 1904, p. 85, § 5; Civil Code 1910, § 467; Code 1933, § 87-605; Ga. L. 1993, p. 91, § 36.

Annotations

JUDICIAL DECISIONS Cited in American Sur. Co. v. City of Thomasville, 73 F.2d 584 (5th Cir. 1934). RESEARCH REFERENCES Am. Jur. 2d. - 64 Am. Jur. 2d, Public Securities and Obligations, §§ 5, 323, 324. 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.